The National Bureau of Statistics (NBS) will this month release the rebased Gross Domestic Product (GDP) figures.
The rebased GDP figures expected within two weeks will incorporate sectors like information and communication technology (ICT), e-commerce, digital finance, the blue economy, and the creative industry. This is in addition to capturing activities in the informal sector.
The rebased GDP will update the economic statistics to reflect current realities and structural changes in the Nigerian economy. A development capable of making Nigeria to reclaim top spot as Africa’s largest economy.
The rebased GDP will redefine how among others the nation’s economic managers and investors view and take decisions about the economy.
Rebasing can lead to a more accurate representation of the Nigerian economy, potentially influencing economic indicators like the debt-to-GDP ratio and tax revenue.
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Rebasing is a routine statistical activity to ensure that national account statistics accurately reflect the economy, said Adeyemi Adeniran, Statistician-General of the Federation/CEO of National Bureau of Statistics.
Nigeria has since been in the process of rebasing its Gross Domestic Product (GDP), with 2019 selected as the new base year, up to 2024.
The National Bureau of Statistics (NBS) is leading the rebasing exercise, which includes updating the base year for the Consumer Price Index (CPI) as well.
The rebasing aims to capture new products, industries, and reforms that may not have been adequately represented in previous GDP calculations.
The NBS is in the final stages of validating data collected for the rebasing, and the rebased figures are expected to be released before the end of July 2025.
After the release of the rebased GDP figures this month, it will be followed by the release of first quarter (Q1) 2025 GDP figures. The first quarter (Q1) Gross Domestic Product is typically released about 45 days after the end of the quarter.
Though the specific release date can vary slightly, but the general timeline is within 45-50 days. The Q1’25 couldn’t have been out because the rebased GDP up to 2024 isn’t out yet.
In Nigeria, the last rebasing in 2014 significantly altered the perception of the country’s economy, showing that sectors such as telecommunications, entertainment, and financial services had grown far beyond previous estimates.
With the upcoming rebasing, the economy’s structure will again be reassessed, incorporating new industries that have become vital drivers of growth in recent years. The expected increase in GDP size is likely to influence key economic indicators such as the debt-to-GDP ratio, tax revenue as a share of output, and fiscal planning.
