Nigeria economy 30% bigger after GDP recalculation

[Neptune]

Nigeria’s economy 30% bigger after GDP recalculation

First statistical rejig in more than a decade makes debt ratios appear healthier

www.ft.com

 

[Neptune]

This would be a nightmare scenario for politicians in Somalia. It would reduce the amount of aid received.

 

[Barkhadle1520]

Their GDP per capita is now around twice that of Somalia, they complained a lot last year because their gdp capita was the same as somalia

 

[Barkhadle1520]

Can someone explain this, I thought they were a big oil exporting nation

 

[Medeea]

Their GDP per capita is now around twice that of Somalia, they complained a lot last year because their gdp capita was the same as somalia

Nah, it just got recalculated. Doesn’t mean the actual GDP per capita will suddenly stop dropping. It’s been declining since 2014 and it looks like the trend isn’t changing overnight.
Wish them luck tho

Can someone explain this, I thought they were a big oil exporting nation
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Not too familiar with Nigeria but I’m guessing UK companies grapes them + mass corruption = most of the oil money gets siphoned off and parked in Western banks instead of circulating in the local economy.