President Goodluck Jonathan in reaction to the rebased Gross Domestic Product which has seen Nigeria overtake South Africa as Africa’s biggest economy, has noted that he will not celebrate the remarkable achievement because a lot still needs to be down to address the abject poverty in the land.
Jonathan in a Facebook post on Monday said, “Yesterday (Sunday) our Gross Domestic Product was rebased to give an accurate picture of where we are as a nation. I am glad to report to you that Nigeria is officially the largest economy in Africa with a Gross Domestic Product of $510bn which also places us as the 26th largest economy in the world.
“This feat is a collective achievement of all Nigerians particularly when you take into account the fact that our Per Capita Income had increased by over 60 per cent from $1091 in 2009 to $1700 in 2013, prior to the rebasing.
“While this calls for celebration, I personally cannot celebrate until all Nigerians can feel the positive impact of our growth. There are still too many of our citizens living in poverty. Regardless of our present challenges, our place as a nation at the table of greatness is assured.”
There are however some Nigerians who allege that the decision to rebase the economy is a political move by the Jonathan-led government. Notable among them is the National Chairman of the Peoples Democratic Movement, Bashir Yusuf, who took to the social media noting that the “The economy isn’t getting better at all. Poverty, unemployment and corruption are on the rise. Besides, insecurity is high, capacity utilisation is low, power supply has declined, and infrastructure hasn’t improved. Our economy can’t improve overnight.
“I know election year is nigh but, no matter how hard you try, you can’t use revised data and make a people richer and better overnight. This rebasing of GDP trick only goes to show what Bretton Woods economics has become. A silly act of data review has made Nigeria’s economy grow.”
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