The Nigeria GDP; Gross Domestic Product at current prices is what this post is all about. The source of indicators in this post is from World Bank Data Bank.
It shows the data for this indicator over a period of 60 years (i.e. Nigeria GDP from 1960 to 2019 in nominal values).
To start with, what is GDP?
GDP is the final value of the goods and services produced within the geographic boundaries of a country during a specified period of time, normally a year. GDP growth rate is an important indicator of the economic performance of a country.
In economics, there are three ways to arrive at the gross domestic product (GDP). These are output, expenditure and income methods of measuring GDP.
In Nigeria, the oil and gas sector has the highest contribution to GDP. Though earlier measures of GDP in Nigeria shown agriculture as the highest contributor. However, from the late 1970s till now, the oil and gas sector ranks first in terms of contribution.
The Table shows Nigeria GDP at current prices for a period of 60 years. Current Prices measures GDP/ inflation/asset prices using the actual prices notice in an economy. Current prices make no adjustment for inflation.
On the other hand, constant prices adjust to the effects of inflation. Using constant prices enables us to measure the actual change in output. And not just an increase due to the effects of inflation. A subsequent post will dwell more on GDP at Constant Prices.
Sustainable Nigeria is aware of the difficulty encounter by students, academics and other data users on access to development data. However, this post includes Naira variation of the country’s GDP at current prices. Nigeria GDP at current prices peaked at $568,498,615.66 (N90,137,008,343,655.90) in 2014.
Despite the usefulness of this indicator in measuring the growth of an economy, less importance is made on it. This is a result of growth in the practice of sustainability among nations of the world.
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