The National Bureau of Statistics (NBS) has announced that it is nearing completion of the process of rebasing or re-benchmarking the country’s Gross Domestic Product (GDP).
A statement released by Joel Ichedi, Director of Communication and Public Relations at NBS, in Abuja on Monday, revealed that the rebased GDP report would be inaugurated by the end of January 2025.
Ichedi explained that GDP represented the market value of all goods and services produced within a country during a given period.
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He further emphasised that GDP measured overall economic activity and signalled the direction of economic growth, serving as a barometer for assessing the health of the economy.
“Additionally, GDP is an internationally recognised indicator for comparing the sizes of global economies.”
The director noted that it was essential to periodically rebase GDP due to the dynamic nature of the economy, which experienced both growth and recession.
He added that changes in the economy, such as new products and technological innovations, necessitated a rebasing of GDP to provide accurate and up-to-date information about the nation’s economic situation.
Ichedi highlighted that several sectors of the economy, such as Marine and Blue Economy, Art, Culture, Tourism, Creative Economy, Information and Communication Technology (ICT), Innovation, and Digital Economy, have grown significantly since the last rebasing.
He added that these developments must be adequately captured in the GDP compilation.
He further explained that the current rebasing would follow the latest frameworks for compiling National Accounts, including the International Standard Classification of All Economic Activities (ISIC Rev. 4.0) and Central Product Classifications (CPC 2.0).
Additionally, he mentioned that the 2008 System of National Accounts (2008 SNA) would also be used in the rebasing process.
The rebasing, according to Ichedi, would provide policymakers and analysts with more accurate economic statistics that reflected current realities, aiding in evidence-based decision-making.
“It will also offer a more accurate estimate of the economy’s size and structure by incorporating new economic activities that were previously not captured.
“Rebasing will enable the government to better understand the economy’s structure, identify sectoral growth drivers, and determine where to focus policies and resources to promote economic growth, job creation, infrastructure improvement, and poverty reduction,” Ichedi explained.
The Statistician-General and CEO of NBS expressed excitement about the upcoming findings, which would provide valuable insights into the Nigerian economy.
He said once the rebased GDP was unveiled by the end of January, the full details of the report would be made available to the public.
He said for more information about the GDP rebasing, the public should could the NBS website.
