Nigeria has retained its economic status as the 26th biggest in the world and the largest in Africa based on a report.
The report estimated the value of the economy at about N80trn (about $510bn).
Nigeria’s National Bureau of Statistics (NBS) noted in a statement on Thursday that the report is based on the final rebased Gross Domestic Product (GDP), Report (Expenditure Approach) 2010-2013, which raised the size of the economy marginally to about N81.009trn (about $540bn)
According to the report, the final consumption of Household Items Expenditure accounted for the largest chunk of the rebased GDP profile, standing at about N58trn (about $320bn) in 2013, up from the N42trn (about $280bn) of the preceding year.
The report also indicated that Expenditure on Export Goods and Services stood at N14.6trn (about $97bn) as against N22.8trn (about $120bn) recorded in 2012.
It noted that the amounts spent on Gross Fixed Capital Formation in 2013 year were recorded at N11.7trn (about $78bn, up from the N10.6trn (about $70bn) expended in 2012.
The Bureau also reported that overall Gross Final Consumption Expenditure of General Government as amounting to N6.5trn (about $43bn), rising marginally from the N5.9trn (about $32bn) expended in the preceding year.
The final Consumption Expenditure of Non-Profit Institutions Serving Household amounted to N302bn (about $2bn) in 2013 as against the N248.5bn (about $1.6bn) recorded in 2012.
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Reporting by Babatunde Akinsola in Lagos, Nigeria.
