Nigeria hits N10trn GDP in 2011, world's 3rd fastest growing economy.

Nigeria’s economy recorded an unprecedented 10 trillion Naira in Gross Domestic Product (GDP) as at December, 2011.

The growth rate in GDP made the country the third fastest growing economy in the world behind China and Mongolia.

“Our income per capita also grew from 1,200 U.S dollars to 1,400 U.S. dollars and this actually moved us from low income country, to lower middle income, as per World Bank classification”, minister of State for Finance, Yerima Ngama said Wednesday at the Presidential Villa,Abuja.

Ngama cited the report submitted by the country at the 37th Islamic Development Bank (IDB) meeting which took place recently in the Sudan, to buttress his claim.

The minister noted that the previous year, 2010, the GDP growth was 8.4 percent but last year, it dropped to 7.68 percent because of a negative growth in the oil sector.

“So,it means that the none oil sector is actually resilient and strong enough to carry the economy forward with or without the oil sector”

According to him, “This actually placed us as the third fastest growing economy in the world. The first being Mongolia with 14.9 percent real growth rate; China with 8.4 percent real GDP growth rate, followed by Nigeria with 7.68 percent.

“But the more important story out of it is that as a nation, we have our vision 20:2020 we have the objective of having one of the world strongest economies by the year 202020. All the other countries apart from China that are ahead of Nigeria are growing at a slower rate than Nigeria. When those ahead of you are growing slower, it means that in the next 8 years, we will achieve our objective of being one of the strongest economies in the world”, he said.

Ngama noted that the IDB has 56 member countries with each country expected at annual general meetings to present a report on the economic development in their countries.

According to him the rating is a significant development as it shows growing investors’ confidence in Nigeria, and is indicative of Nigeria being on track to achieving Vision 2020 in the next eight years, with Nigeria being among the top 20 economies in the world by then.

“The aim is to educate ourselves about what is  happening in our countries. In the case of Nigeria, our report was actually the best. For the year, for the quarter which ended on December 31, 2011, only about 46 countries have actually submitted their data and Nigeria was third  in terms of GDP growth. We recorded a GDP growth of 7.68 percent in real terms and this is largely due to growth in the none oil sector” he said .

“We are lucky to get a board seat in the Islamic Corporation for the Development of the private sector, which is like the private sector arm of the IDB and Nigeria will be representing Africa on that board.

This means most of our private sector will benefit from their finances.

On the impact of the growth on Nigerians, he noted that the standard of living in Nigeria has improved as a result of the growth, as at December, 2011.