bloomshorts Nigeria’s Economic Snapshot Gets a Major Update
The National Bureau of Statistics (NBS) is set to release the long-awaited rebased Gross Domestic Product (GDP) report today, Monday. This significant update shifts the base year to 2019, extending projections up to 2024, and aims to mirror the current economic structure of Nigeria more accurately.
What This Means for Nigeria
By incorporating new and emerging sectors alongside technological advancements, the rebased GDP report is expected to offer a fresh perspective on Nigeria’s economy. This recalibration could notably affect key economic indicators, including the debt-to-GDP ratio and tax revenue, providing a clearer picture of the nation’s fiscal health.
A Step Towards Accurate Economic Representation
Adeyemi Adeniran, Statistician-General of the Federation and CEO of the NBS, emphasizes that rebasing is a routine statistical practice. Its goal is to ensure that national account statistics precisely reflect the economy’s evolving nature, highlighting sectors that have gained prominence in recent years.
