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BUSINESS & ECONOMY

Nigeria’s Rebased Economy Spurs Investors Interest

The recent rebasing of Nigeria’s Gross Domestic Product (GDP), which makes Nigeria the largest economy in Africa and 26th in the world, has generated increased interest in trade in the country, the Lagos Chamber of Commerce and Industry (LCCI) has disclosed.

“We have been receiving requests for participation from both regular and new foreign exhibitors since the rebasing outcome was made public. The exhibitors expressed the desire to take advantage of the benefits offered by Africa’s biggest economy,’’ said Michael Olawale-Cole, vice president of the chamber and chairman, Trade Promotion Board, organiser of the Lagos trade fair.

Nigeria’s GDP was recently rebased by the National Bureau of Statistics (NBS), an exercise that increased GDP to $510 billion, from previous $263 billion. So far, there has not been official data on the number of recent investments or new entrants, but analysts say there will likely be new investments.

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