Why Rebased GDP Could Catapult Nigeria Ahead In Africa’s Economic Race

Why Rebased GDP Could Catapult Nigeria Ahead In Africa’s Economic Race

Dr. Tayo Aduloju, Chairman and CEO of the Nigerian Economic Summit Group (NESG), has emphasized the importance of rebasing Nigeria’s Gross Domestic Product (GDP) and Consumer Price Index (CPI). He highlighted that when Nigeria’s GDP was rebased in 2014, the…Why Rebased GDP Could Catapult Nigeria Ahead In Africa’s Economic Race

country saw a nearly 90% increase, elevating its economy to $510 billion and surpassing South Africa as Africa’s largest economy.

During a workshop organized by the National Bureau of Statistics (NBS), Aduloju underscored the value of rebasing to capture new growth sectors such as telecommunications, real estate, and the creative industries, which were previously overlooked.

“Rebasing our economy is essential to identify emerging sectors and ensure that our economic policies are based on accurate and comprehensive data,” he said.

Aduloju stressed that accurate data boosts credibility, enhances Nigeria’s creditworthiness, and attracts foreign investment. He pointed out that following the 2014 rebasing, Nigeria’s debt-to-GDP ratio dropped from 19% to 11%, making the country more attractive to investors.

The Statistician General of the Federation, Prince Adeyemi Adeniran, echoed the importance of rebasing, stating that it ensures economic indicators accurately reflect current realities, thereby aiding informed policymaking and strategic planning.

“Rebasing is fundamental for capturing structural shifts in the economy and aligning our statistics with the dynamic nature of our industries and consumption patterns,” Adeniran said.

The workshop aims to foster deeper engagement with stakeholders to improve data credibility and guide business strategies through robust, current economic data.

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