Ghana is transforming its mining sector with new regulations, promoting sustainable growth and economic development.
Nigeria’s economy has been upgraded by nearly 30% after the country recalibrated how it calculates GDP for the first time in over a decade. The country’s National Bureau of Statistics recalculated GDP by updating the base year from 2010 to 2019, aiming to account for booming sectors like digital services, pension funds, and the informal economy. With the update, Nigeria’s 2024 GDP stands at $244 billion, up from the World Bank’s estimation of $187.76 billion. Despite the rebasing, Nigeria remains the fourth-largest economy in Africa. While the rebasing also lowered the country’s debt-to-GDP ratio from 52% to 40%, economists warn that the rebasing may offer a false sense of fiscal health and encourage the government to be lax with debt sustainability.
Financial Times