AKIPRESS.COM - Nigeria has moved up 11 steps to 26th largest economy globally ahead of South Africa, following the outcome of the reclassification of the based year of the Gross Domestic Product (GDP) from 1990 to 2010, Leadership reported.

The country’s GDP increased by 75.58 percent from $258.55 billion to $453.96 billion.

The new GDP places Nigeria ahead of countries like Austria with $394.7 billion; Venezuela with $381.26 billion as well as Columbia, Thailand, Denmark, Malaysia and Singapore among others which has $369.6 billion, $365.96 billion, $314.88 billion, $274.7 billion and $269.86 billion respectively.

On the continent, Nigeria now ranks number one ahead of South Africa which currently has a GDP of $384.3 billion.

Statistician General of the Federation Yemi Kale who announced the new GDP figures in Abuja noted that the results reveal better diversification of the Nigerian economy than earlier reported.

According to Kale, even though agriculture is growing in terms of total value and jobs created, the rise in the contribution of services sector such as the telecommunications has led to the reduction of its contribution as a proportion of total GDP. The implication of this, he said, is that Nigeria is moving towards a more service-oriented economy. Under the new service industry structure, information and communication rank high, next to wholesale and retail trade.