Nigeria to include 'illegal' activities calculating GDP
The Peninsula
Lagos: Nigeria s statistical agency on Thursday said it will add illegal and hidden economic activities while calculating the GDP of an African powerh...
Lagos: Nigeria's statistical agency on Thursday said it will add illegal and hidden economic activities while calculating the GDP of an African powerhouse where corruption and black marketeering are rampant.
Gross domestic product estimates the size of an economy by calculating the value of goods and services produced.
Nigeria is currently the fourth largest African economy, according to International Monetary Fund figures, after occupying top spot until 2022. It has been replaced by South Africa, Egypt and Algeria.
Moses Waniko, a senior official at the National Bureau of Statistics (NBS), said the new exercise could show that Nigeria has a bigger economy than currently estimated.
"There are economic activities that have no legal backing," he said, citing prostitution. "The practitioners earn income from them and sometimes live bigger than those in the formal seector. At the end of the day, the income earned impacts the formal economy," Waniko said.
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