Nigerian National Income Accounting & Central Bank Monetary Tools 🏛️

SSS 1 - 3

National Income and Monetary Policy•Module 1 • Lesson 2•Est. 25 mins

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Section 1 of 3

Measuring Nigeria’s National Income 🇳🇬

### The Wealth of the Nation: * **Gross Domestic Product (GDP)**: The total monetary value of all final goods and services produced **within the geographical borders** of Nigeria over one year. * **Gross National Product (GNP)**: GDP plus Net Factor Income from Abroad (earnings by Nigerian citizens living abroad minus foreigners' earnings repatriated out of Nigeria): $$\text{GNP} = \text{GDP} + \text{NFIA}$$ * **Net National Product (NNP)**: $$\text{NNP} = \text{GNP} - \text{Depreciation}$$

Core Takeaway: GDP measures domestic geographic production; GNP measures national citizens’ output worldwide.

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