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The National Bureau of Statistics (NBS) has announced that the long-anticipated rebased Gross Domestic Product (GDP) figures will be officially unveiled by the end of January.
This announcement was made during a sensitization workshop on GDP and Consumer Price Index (CPI) rebasing, organized by the Nigerian Economic Summit Group in collaboration with the NBS, held on Thursday in Lagos.
The GDP rebasing, initially announced in October, is intended to reflect current economic realities and structural changes. The base year for this exercise has been established as 2019.
During the workshop, Moses Waniko, Technical Assistant to the Statistician General, provided updates on the progress of the project. He disclosed that the validation of gathered data is underway, paving the way for a formal launch.
“We are in the final stages of the rebasing process,” Waniko stated. “Once the results are validated, we will proceed to launch and disseminate the updated figures. This launch is scheduled for the end of January, followed by post-rebasing activities.”
Waniko emphasized that the rebased GDP figures would bring significant implications for Nigeria’s economy.
“It’s essential to examine the rebased figures not just as aggregate numbers but in terms of their distributions, contributions, and weights,” he explained.
He further highlighted the broader economic impact of the exercise, noting:
- The rebasing will aid in the development of a more accurate Economic and Development Plan.
- It will provide a clearer trajectory for the nation’s economic growth.
- Structural changes in the economy are anticipated, including an increase in the GDP size.
He added, “Key indicators such as the tax-to-GDP ratio and debt-to-GDP ratio, currently at 18.5% as of September 2019, are likely to reflect improvements with the expanded GDP size. Additionally, per-capita income is expected to increase post-rebasing.”
The rebasing exercise is expected to provide policymakers and stakeholders with updated insights into Nigeria’s economic structure, setting the stage for more informed decision-making and strategic planning.
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