ON APRIL 6 this year, about 61% of Nigerians were surviving on $1 (R10.50) a day. On April 7, the Nigerian economy was revalued to reflect present-day economic realities.
On April 8, as a result of this so-called rebasing, the Nigerian economy — as measured by GDP — was estimated to be worth $510-billion. That’s almost twice the $264-billion it had been valued at two days earlier. This boosted GDP per capita to $3 000, which is equivalent to just more than $8 a day for all 170 million Nigerians.
That’s what the economists told us.
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