Nigerian Economy Is 24th Largest In the World (GDP by PPP)

Wait a minute how many times did you ever hear that Nigerian economy is one of the top world economies. If you listen to Nigerians too much you might even come to the conclusion that Nigeria is the worse place with the world’s worse economy.

Yes, our per capital income is still nothing to write home about but you need to build the economy before the economy could produce for you a higher GDP per capita. Right now Nigeria’s GDP per purchasing power parity is number 24 in the world. By nominal GDP we are number 27th economy in the world. Yes some platform will put Nigeria only as 27th position GDP(PPP), and 31st position GDP nominal. Whatever the true figures are, my point remains that Nigeria must be credited for the progress we have made as a nation.

I strongly believe in the next 10 years we will emerge as a top 20 economy in the world. Bear in mind that there are close to 200 countries in the world and Nigeria is in number 24, in my opinion it isn’t the worst of place to be. We also stand a good chance to become one of the top 10 economies of the world in 20 years. This will mean that by the time we are a 100 years after independence we as a country will be one of the 10 richest countries in the whole world. Friends, believe me this is not bad when we speak in terms of age of countries. The next few paragraphs you’ll be reading next is copied straight out of Wikipedia under the caption “Economy Of Nigeria”

“The Economy of Nigeria is a middle-income, mixed economy and emerging market with expanding manufacturing, financial, service, communications, technology, and entertainment sectors.It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 24th-largest in terms of purchasing power parity and the largest Sub Saharan Africa’s.

Economy. Nigeria has the largest economy in Africa. The country’s re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the region of West Africa. In addition, the debt-to-GDP ratio.

Nigerian GDP at purchasing power parity (PPP) has almost tripled from $170 billion in 2000 to $451 billion in 2012 ,though estimates of the size of the informal sector (which is not included in official figures) put the actual numbers closer to $630 billion. Subsequently, the GDP per capita doubled from $1400 per person in 2000 to an estimated $2,800 per person in 2012. Again, with the inclusion of the informal sector, it is estimated that GDP per capita hovers around $3,900 per person. The country’s population increased from 120 million in 2000 to 160 million in 2010. The GDP figures were to be revised upwards by as much as 80% when metrics were to be recalculated after the rebasing of its economy in April 2014.

Although oil revenues contributed two-thirds of state revenues, oil only contributes about 9% to the GDP. Nigeria produces only about 2.7% of the world’s oil supply. Although the petroleum sector is important, as government revenues still heavily rely on this sector, it remains a small part of the country’s overall economy.

The largely subsistence agricultural sector has not kept up with the country’s rapid population growth. Nigeria was once a large net exporter of food, but currently imports some of its food products. Mechanization has led to a resurgence in the manufacturing and exporting of food products, and there was consequently a move towards food sufficiency. In 2006, Nigeria came to an agreement with the Paris Club to buy back the bulk of its owed debts from them, in exchange for a cash payment of roughly US$12 billion.

According to a Citigroup report published in February 2011, “Nigeria would have the highest average GDP growth in the world between 2010 and 2050. Nigeria is one of two countries from Africa among the 11 Global Growth Generators countries.”

Nigeria Is the Youngest Most Successful Country In the World

Nigeria is the youngest Most Successful Nation in the world. What that means is of the 23 countries that are ahead of us in economic growth of the GDP none is younger than Nigeria. As a matter of fact Nigeria is actually doing better than many countries which have long been independent before her. Nigerian Economy Bigger Than That Of: Ireland, Israel, Norway, UAE, Denmark, Malaysia, Singapore, Hong Kong, Finland, Romania, Ukraine, New Zealand, Greece, Hungary, Austria, Argentina etc

Check this out, the age of most successful countries in our world. I’m bringing these statistics here so Nigerians will stop judging their country so harshly. Nations are never built overnight. Years, decades and centuries are needed to build great nations. Compare to most nations in our world our country is not doing badly at all. In fact we are the most successful youngest country in the world. Please compare the age of these nations below to that of Nigeria.

World’s Largest Economies and their Age.

1. United States: 246 years
2. China: over 5,000 years.
3. Japan: 30,000 years
4. Germany: since 962 AD.
5. India: 30,000 years
6. United Kingdom: 9,000 years
7. France: 1,035 years
8. Italy: 3,000 years
9. Brazil: 200 years
10. Canada: 161 years old
11. Russia: 1160 years
12. South Korea: 78 years
13. Australia: 120 years
14. Spain: 555 years
15. Mexico: over 200 years
16. Indonesia: over 50,000 years
17. Netherlands: 37,000 years
18. Saudi Arabia: 89 years
19. Turkey: over 4,000 years
20. Switzerland: 173 years
21. Poland: 994 years
22. Thailand: 20,000 years
23. Sweden: 1000 years
24. Belgium: 191 years
25. Nigeria: 62 years

Sunday Adelaja is a Nigeria born leader, transformation strategist, pastor and innovator. He was based in Kiev, Ukraine.