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The National Bureau of Statistics (NBS) has announced that its planned rebasing of Nigeria’s Gross Domestic Product (GDP) will provide a more accurate representation of the country’s economic landscape. During a sensitization program, Statistician-General of the Federation and Chief Executive Officer Prince Adedeji Adeniran highlighted that the rebasing exercise, scheduled for this year, aims to update the GDP calculations, with the last rebase having been conducted in 2020.
Prince Adeniran explained that the existing methodology does not fully capture the economy’s current scale and structure, emphasizing that the rebase will help align the data with today’s economic realities. “Economies undergo structural changes over time, such as the rise of the tech sector and shifts in traditional industries. The rebasing exercise allows these changes to be reflected, providing a more accurate picture of the economy’s composition,” he stated.
The NBS also noted that GDP rebasing offers several benefits, including enhancing data accuracy, supporting more effective policy-making, and improving the credibility of Nigeria’s economic data both domestically and internationally.
In addition to GDP rebasing, the bureau plans to introduce a new methodology for the Nigerian Living Standard Survey (NLSS) to capture up-to-date data on poverty levels in Nigeria. “The NLSS generates the national poverty headline rate along with other vital indicators of household welfare, consumption, and expenditure. This survey is conducted every four to five years, with the last round completed in 2018/2019 and published in 2020, reporting a national poverty rate of 40.1 percent,” Prince Adeniran said.
He further explained that Consumer Price Index (CPI) rebasing, another critical component, will update the weight and price reference periods to reflect current consumption patterns. This update is expected to be conducted every five years, ensuring that inflation and other economic indicators remain relevant to evolving market conditions.
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