Business Nigeria rebasing enriches an elite - BDLive

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ON APRIL 6 this year, about 61% of Nigerians were surviving on $1 (R10.50) a day. On April 7, the Nigerian economy was revalued to reflect present-day economic realities.

On April 8, as a result of this so-called rebasing, the Nigerian economy — as measured by GDP — was estimated to be worth $510-billion. That’s almost twice the $264-billion it had been valued at two days earlier. This boosted GDP per capita to $3 000, which is equivalent to just more than $8 a day for all 170 million Nigerians.

That’s what the economists told us.

But it’s safe to assume that the roughly 104 million Nigerians who had been living on $1 a day on April 6 did not suddenly find themselves immensely richer on April 8. Instead, what has probably happened is that since 2000 — when Nigeria should have done the rebasing exercise — a comparatively small group of individuals have managed to become exceedingly wealthy as a result of previously untracked activity in the cellphone and movie industries.

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Source: BDLive

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