The National Bureau of Statistics (NBS) will on Monday launch Nigeria’s long-anticipated rebased Gross Domestic Product (GDP) report, using 2019 as the new base year.
The updated GDP framework, which covers up to 2024, is expected to offer a more accurate and comprehensive picture of the country’s economic structure, incorporating new and emerging sectors, as well as technological developments that have reshaped the Nigerian economy in recent years.
Rebasing the GDP is a routine statistical exercise designed to ensure that national accounts reflect current realities.
The new report could significantly affect key economic indicators such as the debt-to-GDP ratio, tax revenue projections, and overall macroeconomic policy planning.
“The exercise is a standard international best practice to maintain the relevance of economic data,” said Adeyemi Adeniran, Statistician-General of the Federation and CEO of the NBS.
The rebasing is also expected to improve comparability with other economies and enhance Nigeria’s ability to attract foreign investment through more transparent and updated economic data.
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