Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result

Why The Increase In GDP Does Not Translate To Being A Rich Country

Nairametrics by Nairametrics
April 7, 2014
in Uncategorized
Share on FacebookShare on TwitterShare on Linkedin

Economic and financial analysts said the nation’s rebased GDP figure of $510bn did not make Nigerians richer in any way.

They said the new GDP figure was only good for the purpose of standardisation and served as a basis for comparing the nation’s economy with other countries’.

According to the Chief Executive Officer, Financial Derivatives Limited, Mr. Bismark Rewane, the GDP is an output measure and should not be misconstrued as a revenue measure in view of the way some analysts have been commenting on it.

RelatedPosts

Nigeria’s PZ Cussons fights off inflation to post 277% rise in profits

NCC reveals 83.3 million Nigerians connected to broadband as of May 2022

He said there was really nothing much to be excited about because it had not in any way improved the live of the common man.

Rewane, however, noted that the rebased GDP figure would help foreign investors to better understand the size and components of the nation’s economy.

He said, “The new GDP figure had not increased the amount of money in people’s accounts; the prices of goods have not changed; the value of the currency has not changed; and there has not been more jobs.

“The new $510bn is far away from the $900bn target we have for our Vision 2020, which is just six years away.”

He said the new GDP figures would reduce the nation’s economic growth from the current average of seven per cent to about 4.5 per cent by the next quarter.

A professor of Economics at the Olabisi Onabanjo University, Ago Iwoye, Ogun State, Sharafadeen Tella, said the new figure did not impact on the lives of the people directly.

He, however, said if the government could work on sectors lagging behind, it could help to improve the economy in the future.

Tella said the fact that Nigeria’s per capita income was still the 121st in the world meant that the country was far away from development.

The Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, pointed out that the rebased GDP figure would help to attract foreign direct investors into the country as they would see that the size of the economy had increased tremendously.

He, however, said the government needed to address infrastructure deficit to enable the country to grow at the rate it should.

Mr. Femi Ademola of the Research Intelligence Unit of BGL Plc said the new GDP figure had increased Nigeria’s per capita income from $1,500 in 2012 to $2,999.41, and this had classified the nation as a lower middle class income country.

“There is no direct impact on Nigerian individually, especially the man on the street. On the long run, however, the economic benefits of improved national statistics would be felt by everybody through increase in job creation, wages and working conditions, and in tax revenue from increased economic activities,” he said.

Source: Punch

Related

Tags: News Review

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Hot forex
Cornerstone
Mega Millions
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Nigeria’s PZ Cussons fights off inflation to post 277% rise in profits
    • NCC reveals 83.3 million Nigerians connected to broadband as of May 2022
    • Fuel scarcity: FG to sanction Fuel stations selling fuel above N165 

    Follow us on social media:

    Recent News

    Alexander Goma resigns from PZ Cussons as Executive Director , PZ Cussons announces the retirement of CEO, appoints new one, PZ defies COVID-19 as revenue increased by 18.3% between June and August 2020

    Nigeria’s PZ Cussons fights off inflation to post 277% rise in profits

    June 28, 2022
    DIGITAL REPORTS FOR 2021

    NCC reveals 83.3 million Nigerians connected to broadband as of May 2022

    June 28, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com