The National Bureau of Statistics (NBS) said it is ready to unveil the country’s much-awaited rebased Gross Domestic Product (GDP) estimate to provide a more accurate and comprehensive reflection of the country’s economic structure and performance.

Though GDP basically measures the rate of growth of an economy, the statistical agency further explained in a statement that the proposed figures emphasise not just size, but also the structure of the economy, particularly areas where it is thriving and where attention is required.

The rebasing exercise, which updates the base year from 2010 to 2019, comes over a decade after the 2014 re-benchmarking.

However, NBS said the new GDP estimates would capture emerging sectors and technological advancements that have transformed the economy in recent years.

The rebasing is also expected to reveal shifts in the contributions of various sectors, including the digital economy, creative industries, and informal markets, many of which were previously underreported or overlooked.

The NBS stressed that the updated figures would provide policymakers a stronger foundation for economic planning and poverty reduction efforts.

According to the NBS, “rebasing helps us to understand where the economy is today, what sectors are driving growth, and where interventions are needed most.

“It enables better-targeted policies and more responsive governance.”

While GDP growth is a key indicator of economic activity, the NBS further clarified that growth alone does not determine a country’s development.

The agency stressed that rebasing remained a standard international statistical practice, ideally done every five years, though Nigeria’s delay was due to the capital-intensive nature of the data collection required.

The updated estimates are a product of major national surveys and economic data, including the Nigeria Living Standards Survey and the Census of Establishments.

By anchoring the new base year to 2019, a period of relative stability before the COVID-19 pandemic, the bureau further pointed out that it aimed to provide a clearer, more stable reference point for assessing Nigeria’s economic trajectory.

Economists and development experts have welcomed the move, noting that the rebased data could positively influence investor confidence, improve Nigeria’s debt-to-GDP ratios, and enhance the country’s credibility in the global economic arena.

The NBS had also made its methodology available to the public on its website, underscoring its commitment to transparency and accuracy.

Nonetheless, the proposed figures are expected to reshape national conversations around growth, development, and economic reform.

Earlier, Statistician-General of the Federation (SGF)/Chief Executive, NBS, Prince Adeyemi Adeniran, clarified that the rationale for the proposed GDP rebase was to ensure that economic indicators accurately reflected the current structure of the economy.

He said this would incorporate new and emerging sectors and refine data collection methods.

Adeniran said contrary to speculations, the exercise was not meant to suit the “expectations of anyone or entity, but simply to measure accurately in line with the global standards and practice”.

The SGF said the exercise remained the responsibility of NBS as the country’s official producer of data.

Adeniran said the process remained crucial for informed policymaking, strategic planning, and effective governance; hence, one exercise that the NBS is conducting with significant importance and professionalism.

He said, “If Nigeria Is to make the desired progress and development, it is imperative that NBS, as the official producer of data, plays its role adequately in providing timely, accurate, and reliable statistics to inform all users, be it users in the public sector, or the private or third sector.

“This will enable them to design, plan, and implement policies and programmes that will lead to the attainment of national objectives for the benefit of Nigerians.

“Our mindset in undertaking both critical assignments is in tandem with the United Nations fundamental principles of official statistics, particularly Principle 3, which deals with accountability and transparency.” (AriseNews TV)