Give Yourself An 89% Raise Nigeria; Economy Now Largest In Africa

0
Give Yourself An 89% Raise Nigeria; Economy Now Largest In Africa
lalabell68 / Pixabay

Prior to the much-needed and long overdue “rebasing,” (the last occurred in 1990) industries such as IT, telecom, music, online sales, music, airlines, as well as its growing film industry (Nollywood), will finally be counted amongst the country’s other industries and resources. To illustrate the difference that 25 years makes, Nigeria now produces more Guinness Stout that any country in the world. Presently the country has 100 million mobile phone users – in 1990 when the economy was last “rebased,” the West African nation had 300,000 landlines.

Inclusion and “rebasing”

The “rebasing” not only rockets Nigeria’s economy into the African lead, it dwarfs the continent’s second largest economy, South Africa. South Africa will likely have company now on the table of G-20 nations; South Africa’s GDP of $353 billion made it the sole African nation to count itself a member of the group. Every Nigerian, on paper, has just received a $1200 per capita increase in their salaries, shame most markets don’t except GDP as a form of payment.

Bonhoeffer Fund July 2022 Performance Update