The announcement follows a protracted process to "rebase" Nigeria's economic data and include information from sectors such as telecommunications and the film industry. The rebasing exercise has pushed the country's GDP from 42.3tn naira in 2013 to 80.3tn naira ($509.9bn) – a jump of 89%.The revision pushes Nigeria up 12 places to become the 24th largest economy in the world – on par with Poland and Belgium and ahead of Argentina, Austria and Iran.Nigeria's new GDP estimates - by sector


ACTIVITY SECTOR 2011 2012 2013 (forecast) Sector share in 2013
Note: figures in millions of naira

Source: Nigeria Bureau of Statistics
AGRICULTURE 14,421,928.95 15,918,631.70 17,625,142.90 21.97%
1. Crop Production 12,884,849.19 14,191,235.47 14,902,324.87 19.52%
2. Livestock 1,099,705.03 1,234,565.54 1,405,490.84 1.75%
3. Forestry 153,045.31 170,159.66 190,533.96 0.24%
4. Fishing 284,329.42 322,671.03 366,793.23 0.46%
MINING AND QUARRYING 11,140,408.09 11,382,587.74 11,631,349.02 14.50%
5. Crude Petroleum and Natural Gas 11,080,794.65 11,315,033.28 11,554,223.51 14.40%
6. Coal Mining 3,927.62 4,678.59 5,641.51 0.01%
7. Metal Ores 2,714.44 3,273.02 3,859.69 0.00%
8. Quarrying and Other Minerals 52,971.37 59,602.85 67,624.31 0.08%
MANUFACTURING 4,085,393.24 4,744,699.37 5,476,303.11 6.83%
9. Oil Refining 294,748.21 332,090.85 378,889.70 0.47%
10. Cement 254,653.27 300,680.54 350,678.37 0.44%
11. Food, Beverage and Tobacco 2,667,543.92 3,158,989.33 3,703,565.04 4.62%
12. Textile, Apparel and Footwear 359,428.71 371,114.42 380,771.02 0.47%
13. Wood and Wood Products 139,411.15 158,520.82 179,680.96 0.22%
14. Pulp, Paper and Paper Products 28,529.11 33,098.64 38,585.51 0.05%
15. Chemical and Pharmaceutical Products 29,373.94 34,143.46 39,769.04 0.05%
16. Non-Metallic Products 65,293.55 71,657.11 78,605.67 0.10%
17. Plastic and Rubber products 41,255.15 51,896.35 64,256.93 0.08%
18. Electrical and Electronics 2,816.48 3,192.90 3,603.65 0.00%
19. Basic metal , Iron and Steel 53,216.42 64,183.87 77,106.01 0.10%
20. Motor vehicles & assembly 25,220.23 29,156.99 33,649.94 0.04%
21. Other Manufacturing 123,903.10 135,974.10 147,141.27 0.18%
22. ELECTRICITY, GAS ,STEAM AND AIR CONDITIONING SUPPLY 486,162.80 654,380.92 844,802.53 1.18%
23. WATER SUPPLY,SEWERAGE, WASTE MANAGEMENT AND REMEDIATION 83,770.57 99,900.67 116,914.39 0.15%
24. CONSTRUCTION 1,819,802.66 2,142,753.54 2,502,582.39 3.12%
25. TRADE 10,325,565.30 11,843,529.17 13,354,685.03 17.02%
26. ACCOMMODATION AND FOOD SERVICES 282,439.47 327,404.73 377,898.66 0.47%
TRANSPORTATION AND STORAGE 754,079.44 881,296.69 993,303.97 1.24%
27. Road Transport 670,804.09 784,810.74 884,248.47 1.10%
28. Rail Transport & Pipelines 116.90 135.01 151.20 0.00%
29. Water Transport 4,705.73 5,418.30 6,136.25 0.01%
30. Air Transport 36,668.85 42,732.74 48,878.49 0.06%
31. Transport Services 24,775.87 29,000.43 32,836.45 0.04%
32. Post and Courier Services 17,008.00 19,199.46 21,053.12 0.03%
INFORMATION AND COMMUNICA TION 6,754,904.07 7,692,089.42 8,780,137.74 10.94%
33. Telecommunications and Information Services 5,530,155.05 6,213,794.01 6,974,681.34 8.69%
34. Publishing, 16,720.63 19,072.87 21,754.10 0.03%
34. Motion Pictures, Sound recording and Music production 639,245.40 853,937.18 1,139,942.91 1.42%
36. Broadcasting 568,783.00 605,285.36 643,759.39 0.80%
37.ARTS, ENTERTAINMENT AND RECREA TION 39,358.21 50,075.79 63,711.40 0.08%
FINANCIAL AND INSURANCE 1,580,492.35 2,050,043.19 2,645,195.98 3.30%
38. Financial Institutions 1,242,138.08 1,656,341.84 2,191,719.44 2.73%
39. Insurance 338,354.26 393,701.35 453,476.53 0.57%
40. REAL ESTATE 4,633,587.99 5,544,996.12 6,429,913.45 8.02%
41. PROFESSIONAL, SCIENTIFIC AND TECHNICAL SERVICES 1,950,982.89 2,236,209.76 2,555,976.99 3.19%
42. ADMINISTRATIVE & SUPPORT SERVICES 14,911.69 16,922.18 19,203.68 0.02%
43. PUBLIC ADMINISTRA TION 2,258,293.77 2,566,981.58 2,909,290.60 3.63%
44. EDUCATION 965,125.17 1,133,391.18 1,327,104.42 1.65%
45. HUMAN HEALTH AND SOCIAL SERVICES 639,370.18 722,346.00 820,373.01 1.02%
46. OTHER SERVICES 1,022,002.17 1,178,295.12 1,348,239.05 1.68%

Nigeria had not recalculated its GDP since 1990, something which many other governments do every few years. New sectors have been added to the country's output list include e-commerce, telecommunications, music and Nollywood, which is estimated to be worth billions of dollars, or 1.4% of the economy.

Shortly before the GDP announcement, the information minister, Labaran Maku, said: "For the first time in 15 years, we will know, scientifically, what the GDP figure is and what the contributions of every sector to the economy are. We will also be able to know the sectors that have made the most progress and which ones are lagging behind.The data is likely to make Nigeria more attractive to foreign investors, with its economy appearing not only larger but more diverse than previously thought. Economic analysts had forecasted a jump closer to 40-60%.Several other African countries have recalculated their economic data recently, producing sharp rises in GDP estimates. A rebasing exercise in Ghana four years ago triggered a 60% increase.But Nigeria's GDP figures will not on their own produce dramatic changes in living conditions. The rebasing excercise has almost doubled GDP per capita, placing it among middle-income countries. However, at just $3,000, per capita income is low – and well below South Africa's at $7,336. Nigerians continue to struggle with poverty, inequality and electricity shortages.Yemi Kale of the National Bureau of Statistics said: "While it [GDP] depicts how rich a nation is, this is not necessarily the same as showing how rich the individuals in the nation are, due to the problem of unequal distribution of wealth. Similarly, growth in GDP is not synonymous with job creation."It is expected that as the economy grows, people's income rise and their demand for goods and services increase. As a result, producers increase output and employ more people so that employment increases. However, though jobs are being created, the jobs may not enough to reduce unemployment or poverty."