Nigeria’s Economic Ranking in Africa Delights DHL

Nigeria overtook South Africa as Africa’s largest economy on April 6,  after a  rebasing calculation almost doubled its gross domestic product (GDP) and  DHL, in a statement said that it had seen the potential in Nigeria’s economy since launching its first Africa office in Nigeria in 1978.

Nigeria Bureau of Statistics reported that the GDP for 2013 was 80.22 trillion naira, or $509.9 billion, up from the 42.3 trillion estimated before the rebased calculation.

This makes the Nigerian economy approximately 60% bigger than South Africa’s and the 26th biggest economy in the world, up from 33rd before the rebasing.

According to Charles Brewer, managing director for DHL Express Sub-Saharan Africa, the company has long seen the potential in Nigeria’s economy since launching its first Africa office in Nigeria in 1978.

“The growing global interest in Africa as a destination for investment is well documented, due to Africa being home to some of the world’s fastest-growing economies. Investor interest in Nigeria has particularly peaked over the years as sectors in the country have diversified due to the growing consumer market and rising middle class,” Brewer said.

The rebasing GDP data calculation, which hadn’t been amended since 1990, now factor in industry sectors such oil and gas, finance, retail, telecommunications, as well as its rapidly growing film industry, Nollywood.

“For example, Nigeria’s Information Communication Technology (ICT) sector has grown exponentially over the past five years and with the recent implementation of its five-year National Broadband Plan, Nigeria’s broadband internet penetration is set to increase by 80% by the end of 2018.

“This on-going technological growth has resulted in online shopping becoming a way of life for many citizens, and due to the lack of customs challenges and high import tax present within the region, the sector is likely to continue expanding and aiding the country’s GDP growth,” Brewer added.

DHL is the global market leader in the logistics industry and “The Logistics company for the world”.

DHL commits its expertise in international express, air and ocean freight, road and rail transportation, contract logistics and international mail services to its customers.

A global network composed of more than 220 countries and territories and about 285,000 employees worldwide offers customers superior service quality and local knowledge to satisfy their supply chain requirements.

DHL accepts its social responsibility by supporting environmental protection, disaster management and education.

DHL is part of Deutsche Post DHL. The Group generated revenue of more than 55 billion euros in 2013.