National Bureau of Statistics (NBS) has released Nigeria’s rebased gross domestic product (GDP) figures, updating the base year to 2019.
Gatekeepers News reports that this is the first time the GDP has been rebased since 2014, when the base year was 2010.
According to Adeniran Adeyemi, Statistician-General of the Federation, the rebasing exercise is a routine activity that ensures an accurate and realistic picture of the economy. “Economies are dynamic. They change continually with innovation and new technologies, which alter the production and consumption patterns of individuals, households, firms, and government,” Adeyemi said.
The rebasing exercise included new data collection activities such as the Business Sample Census, Agriculture Sample Census, Nigerian Living Standards Survey, and Revised Nigerian Labour Force Survey. These additions have improved the coverage of activities such as digital economic activities, water transportation, and activities of pension funds administrators.
Adeyemi said the NBS collaborated with relevant partners and stakeholders to ensure the accuracy and quality of the new GDP figures. “All the changes, improvements, and enhanced coverage give us the confidence that these numbers released today represent the best estimates of Nigeria’s national economic output,” he said.
