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Nigeria moves 8 steps up in latest GDP ranking

By on June 25, 2013

Nigeria’s Minister of National Planning, Dr Shamsuddeen Usman, says the country has moved eight steps in global ranking on Gross Domestic Product,GDP,basis in the last three years.

Speaking on Monday in Abuja at a ministerial platform, Usman said Nigeria moved from 44th position in 2010 to 36th position in 2012 and that it also recorded the highest Foreign Direct Investment inflow (FDI) of $7.01 billion in 2012, overtaking South Africa for the first time.

He said: “Our move towards the vision 2020 is on course. Nigeria moved eight positions in the past three years in global Gross Domestic Product,GDP, ranking.

“We moved from number 44 in 2010 to number 36 in 2012. Again, that is boldly positive. We are moving in the right direction. Eight steps in three years. Sincerely, it is an indication.

“Most of the deliberations of the International Investors Council that have just concluded last week and the report from the index say from agriculture and all, indicators are moving positively towards our target of 2020″.

The Minister added that “we recorded the highest foreign direct investment inflow of about $7 billion in 2012, overtaking South Africa for the first time. This was followed by a remarkable rise of $8.9 billion in 2011.

“This performance is expected to be sustained in the medium term given the massive reform measures being implemented. Whichever sector you look at, reforms are taking place and these are beginning to yield results.’’

Commenting on the price level, he said the inflation rate was coming down over the reviewed period as it has decelerated to 12.0 per cent in 2012 from 12.4 per cent in May 2011.

2 Comments

  1. abraham lawrence

    June 25, 2013 at 9:34 am

    In a country suffering from 90% unemployment ,95% power failure, 95% insecurity, 99% hunger, yet all these shameless political idiots are here talking about 8 step up in latest GDP ranking, I believe you are indirectly telling Nigerians that you now have 8 step up of the Amount u have in your private bank accounts, because the impact of your GDP ranking is not visible in Nigeria economy. gang of robbers

    • AlpaCINO

      June 25, 2013 at 10:24 am

      You think other counties don’t have their own problems? Travel out and see and stop being in Nigeria and condemning things. Even in Qatar that’s number one in GDP, things aren’t easy, things are very expensive and the salary rate is same with nigeria. So we should appreciate growth no matter how little it is. I live and work in Qatar, but sincerely if I get the kind of my job in Nigeria, I’ll save more.