NBS to release rebased GDP figures next week, offer clearer picture of Nigeria’s economy

The National Bureau of Statistics (NBS) is set to unveil Nigeria’s newly rebased Gross Domestic Product (GDP) figures, a move expected to provide a more accurate and comprehensive reflection of the country’s economic structure and performance.

THE CONCLAVE reports that the rebasing exercise, which updates the base year from 2010 to 2019, comes more than a decade after the last re-benchmarking in 2014.

Naira depreciates by 0.17% against dollar

Authoritative NBS sources said the new GDP estimates, set to be announced on July 11th, would capture emerging sectors and technological advancements that had transformed Nigeria’s economy in recent years.

Advertisement

The rebasing is also expected to disclose shifts in the contributions of various sectors, including the digital economy, creative industries, and informal markets, many of which were previously underreported or overlooked.

According to officials, the updated figures would give policymakers a stronger foundation for economic planning and poverty reduction efforts.

NNPC reduces pump price of petrol

“Rebasing helps us to understand where the economy is today, what sectors are driving growth, and where interventions are needed most,” an NBS source stated.

He said that “it enables better-targeted policies and more responsive governance.”

While GDP growth is a key indicator of economic activity, the NBS clarified that “growth alone does not equate to development.”

The new GDP figures, officials emphasised, were not just about size but about structure, showing “where the economy is thriving and where it needs attention.”

The Bureau noted that “rebasing is a standard international statistical practice, ideally done every five years,” though Nigeria’s delay was due to the capital-intensive nature of the data collection required.

The updated estimates are the product of major national surveys and economic data, including the Nigeria Living Standards Survey and the Census of Establishments.

By anchoring the new base year to 2019, a period of relative stability before the COVID-19 pandemic, the Bureau aims to provide a clearer, more stable reference point for assessing Nigeria’s economic trajectory.

FG to spend N17bn on Lagos bridge damaged by fire

Economists and development experts have welcomed the move, noting that the rebased data could positively influence investor confidence, improve Nigeria’s debt-to-GDP ratios, and enhance the country’s credibility in the global economic arena.

The NBS has also made its methodology available to the public on its website, underscoring its commitment to transparency and accuracy.

As anticipation builds, all eyes are now on the forthcoming release of the new figures, which are expected to reshape national conversations around growth, development, and economic reform.