NBS to rebase Nigeria’s GDP in November

The National Bureau of Statistics (NBS), on Thursday, said it will rebase Nigeria’s Gross Domestic Product (GDP) and Consumer Price Index (CPI) in November to ensure that economic data accurately reflect current realities and account for structural changes in the economy.

Adeyemi Adeniran, the statistician general of the Federation and CEO of the National Bureau of Statistics (NBS), disclosed this while speaking at a media sensitisation programme at the NBS headquarters in Abuja.

Adeniran noted that the initiative ensures the accuracy of growth measurements and supports better policymaking.

BusinessDay recalls that the last GDP rebasing was done about in 2014.

“Economies, as you know, undergo structural changes over time. The rebasing exercise helps to account for these shifts, offering a more accurate snapshot of the economy’s composition.

“GDP rebasing offers significant benefits by aligning economic data with the current realities of the economy. It improves the accuracy of growth measurements, supports better policymaking, and enhances the credibility of economic data both domestically and internationally.