Nigeria’s National Bureau of Statistics Set to Launch Rebased GDP Report
Oru Leonard
The National Bureau of Statistics (NBS), has announced the completion of the rebasing process for Nigeria’s Gross Domestic Product (GDP), and is set to launch the report by the end of January 2025. This exercise aims to provide a more accurate reflection of the country’s current economic realities.
Why Rebasing is Necessary
Rebasing the GDP is crucial due to the dynamic nature of the economy, which experiences growth and recession. The process helps capture these changes, providing insights into the economic situation. Additionally, the introduction of new products and technological innovations necessitates rebasing to give a realistic picture of the economy.
Key Benefits of GDP Rebasing
The rebasing exercise will enable policymakers and analysts to obtain accurate economic statistics, facilitating evidence-based decision-making. It will also provide a more accurate estimate of the economy’s size and structure, incorporating new economic activities.
New Frameworks and Classifications
The current rebasing will utilize the latest international frameworks, including the International Standard Classification of All Economic Activities (ISIC Rev. 4.0) and the 2008 System of National Accounts (2008 SNA).
Previous Rebasing Experience
In 2014, Nigeria’s GDP rebasing resulted in an 89% increase in the estimated size of the economy, making it the largest in Africa at the time. This previous exercise highlighted the importance of rebasing in accurately capturing economic growth and structural changes.
