The Nigerian economy is on the verge of a transformation with the need to rebase the country’s Gross Domestic Product (GDP) and Consumer Price Index (CPI). Dr. Tayo Aduloju, Chairman and CEO of the Nigerian Economic Summit Group (NESG), highlighted that the 2014 GDP rebasing was a turning point for Nigeria, helping it surpass South Africa to become Africa’s largest economy. The rebasing boosted Nigeria’s GDP by nearly 90%, reaching $510 billion.
Rebasing revealed sectors like telecommunications, real estate, and the creative industries that were previously overlooked. Aduloju stressed that regular updates to economic data are essential for identifying new growth sectors. He pointed to India and China, where rebasing helped highlight key industries such as IT and fintech. This keeps their economies competitive globally, and Nigeria must do the same.
Accurate data improves Nigeria’s credibility. After the 2014 rebasing, Nigeria’s debt-to-GDP ratio dropped from 19% to 11%, attracting more foreign investment. It sent a strong message that Nigeria understands its economy and is open for business.
Rebasing also helps policymakers target areas for growth. Ghana’s 2010 GDP rebase helped planners invest in infrastructure and social programs. With updated data, Nigeria can do the same, focusing on areas that need development.
Despite skepticism about past rebasing efforts, Aduloju said this workshop is an opportunity to improve data credibility. The National Bureau of Statistics (NBS) is committed to providing reliable data that reflects the current structure of the economy.
Adeyemi Adeniran, the Statistician General, explained that updating economic indicators is crucial as consumption patterns change. Rebased GDP and CPI data will provide a more accurate picture of Nigeria’s economy, supporting better governance and policymaking.
As Nigeria completes its GDP and CPI rebasing, it will update sectors, refine data collection, and improve consumption baskets. Involving diverse stakeholders will ensure the data’s credibility and usefulness, helping Nigeria stay globally competitive.