NBS Plans Release of Rebased GDP Figures, First Update in Over a Decade
The National Bureau of Statistics (NBS) has announced plans to release Nigeria’s rebased Gross Domestic Product (GDP) figures, marking the country’s first comprehensive economic recalibration in over a decade.
The update, which changes the GDP base year from 2010 to 2019, is expected to be officially published on or before July 11, 2025.
According to the NBS, the rebasing aims to reflect the current structure and dynamics of the Nigerian economy by incorporating data from newer sectors such as the digital economy, fintech, e-commerce, creative industries, and informal trade.
The exercise also aligns Nigeria’s economic measurements with international best practices, particularly the 2008 System of National Accounts (SNA 2008).
The bureau noted that the decision to adopt 2019 as the new base year was based on the year’s economic stability prior to the global disruptions caused by the COVID-19 pandemic.
Data from surveys such as the 2018/2019 Nigeria Living Standards Survey, among others, were used to support the new calculations.
Economists suggest the rebased figures could result in a significant increase in Nigeria’s nominal GDP, similar to the outcome of the 2014 rebasing which made Nigeria the largest economy in Africa at the time.
However, experts have also warned that an increase in GDP size does not directly translate to improved living standards.
“This rebasing is a necessary step to reflect what the Nigerian economy truly looks like today,” said Dr. Yemi Kale, former Statistician-General of the Federation. “It provides a clearer basis for policymaking and investment decisions, though it must be followed with reforms that translate statistical growth into real progress.”
Analysts note that the new GDP figures will impact key fiscal indicators, including the debt-to-GDP and tax-to-GDP ratios. A higher GDP figure would effectively reduce these ratios, potentially boosting investor confidence and giving the government more room to maneuver on fiscal matters.
Despite the anticipated boost in economic size, stakeholders have advised against using the rebased figures as a sole measure of economic performance. Concerns persist over rising inflation, unemployment, poverty, and declining purchasing power, all of which remain major challenges for the country.
The NBS is expected to provide a detailed breakdown of the rebased figures, including methodology, sectoral contributions, and growth comparisons. Policymakers, financial institutions, and development partners are closely monitoring the release, which is expected to influence economic planning and public discourse in the months ahead.
