From Isaac Anumihe, Abuja
Chairman and Chief Executive Officer of the Nigerian Economic Summit Group (NESG), Dr. Tayo Aduloju, has highlighted the importance of rebasing Nigeria’s Gross Domestic Product (GDP) and Consumer Price Index (CPI), pointing out that the 2014 GDP rebasing was a turning point for the nation’s economy. “When the GDP was rebased in 2014, Nigeria’s GDP surged by nearly 90%, reaching $510 billion and overtaking South Africa to become Africa’s largest economy,” he explained during a workshop organized by the National Bureau of Statistics (NBS).
Aduloju emphasised that the 2014 rebasing revealed sectors such as telecommunications, real estate, and the creative industries, which were previously underrepresented in the old economic metrics. “We must acknowledge the immense value of rebasing our economy to identify new growth engines, which are indispensable for crafting evidence-based policies to strengthen sectoral performance and enhance growth,” he stated.
Citing global examples, Aduloju noted that India’s 2015 GDP rebasing highlighted IT and fintech as key growth drivers, while China’s periodic updates ensure their data reflects structural shifts in technology, e-commerce, and advanced manufacturing. “These practices underscore the need for Nigeria to remain relevant and competitive globally,” he said.
Aduloju pointed out that accurate data enhances a country’s credibility. “After the 2014 rebasing, Nigeria’s debt-to-GDP ratio dropped from 19% to 11%, boosting the nation’s creditworthiness and making it more attractive to foreign investors.” He explained that rebasing sends a clear message to investors: “We understand our economy, and we are open for business.”
He also emphasised the policymaking benefits of rebasing, noting that it enables governments to identify high-growth sectors for scaling and low-growth sectors that need targeted intervention.
“For instance, after Ghana’s 2010 rebasing, policymakers were better equipped to plan for infrastructure and social investments, fueling sustained growth,” Aduloju said.
However, he acknowledged that past rebasing efforts by the NBS had faced skepticism, undermining the perceived reliability of the data. “This workshop presents a unique opportunity for private sector stakeholders to engage deeply with the data, address concerns, and explore how these insights can guide business strategies and policies,” he said. Aduloju added that the workshop would also lay the groundwork for improving data credibility and advocacy activities in Nigeria.
Adeyemi Adeniran, the Statistician General of the Federation, also stressed the significance of rebasing in ensuring that economic indicators accurately reflect current realities. “As economies evolve, new industries emerge, and consumption patterns shift, it becomes imperative to update statistical measures,” Adeniran explained.
He noted that rebasing Nigeria’s GDP and CPI would provide a more precise and relevant picture of the economy. “This process is foundational to informed policymaking, strategic planning, and effective governance. The NBS is committed to conducting this exercise with professionalism and significance,” he affirmed.
Adeniran also highlighted the NBS’s responsibility to provide timely, accurate, and reliable statistics to support the formulation of policies and programs aimed at achieving national objectives. “Our approach is open, collaborative, and rigorous, ensuring that we leave no stone unturned in measuring and reporting the size of the economy and price changes,” he added.
Addressing the importance of stakeholder involvement, Adeniran remarked, “The credibility and utility of our statistics are enhanced through the active participation of diverse stakeholders, including the private sector, academia, economic experts, media, civil society organizations, and government.”
As the NBS finalises the rebasing of Nigeria’s GDP and CPI, Adeniran reiterated that the exercise aims to ensure that the country’s economic indicators accurately reflect its current structure. “We are committed to ensuring that the rebased data incorporates new sectors, updates consumption baskets, and refines data collection methods,” he concluded.