https://en.sputniknews.africa/20250110/nigeria-to-include-illegal-activities-calculating-gdp-1070119196.html
Nigeria to Include 'Illegal' Activities Calculating GDP
Nigeria to Include 'Illegal' Activities Calculating GDP
Sputnik Africa
According to the International Monetary Fund, Nigeria is currently the fourth largest economy in Africa, after holding the top spot until 2022. 10.01.2025, Sputnik Africa
2025-01-10T17:01+0100
2025-01-10T17:01+0100
2025-01-10T17:26+0100
sub-saharan africa
nigeria
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west africa
money laundering
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gdp
illegal activity
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Nigeria will add illegal and hidden economic activities while calculating the GDP of an African powerhouse where corruption and black marketeering are rampant, according to Nigeria's statistical agency.Nigeria's upcoming economic recalculation could reveal a larger economy than currently estimated, Madu said.Nigeria last revised its GDP in 2014.
https://en.sputniknews.africa/20250109/nigeria-urges-un-to-launch-investigation-into-funding--training-of-boko-haram-terrorists-1070101758.html
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nigeria, africa, economy, west africa, money laundering, finance, gdp, illegal activity, international monetary fund (imf)
nigeria, africa, economy, west africa, money laundering, finance, gdp, illegal activity, international monetary fund (imf)
Nigeria to Include 'Illegal' Activities Calculating GDP
17:01 10.01.2025 (Updated: 17:26 10.01.2025) Ekaterina Shilova
Writer / Editor
According to the International Monetary Fund, Nigeria is currently the fourth largest economy in Africa, after holding the top spot until 2022.
Nigeria will add illegal and hidden economic activities while calculating the GDP of an African powerhouse where corruption and black marketeering are rampant, according to Nigeria's statistical agency.
"There are economic activities that have no legal backing. The practitioners earn income from them and sometimes live bigger than those in the formal sector. At the end of the day, the income earned impacts the formal economy," Baba Madu, the head of the national accounts division at the National Bureau of Statistics, said.
Nigeria's upcoming economic recalculation could reveal a larger economy than currently estimated, Madu said.
Nigeria last revised its
GDP in 2014.
