Nigeria to Rebase GDP and Inflation Data to Reflect Economic Changes

Nigeria’s National Bureau of Statistics announced plans to rebase its gross domestic product (GDP) and inflation data by the end of the month. The update aims to account for shifts in key sectors and reflect current consumption patterns.

Since the last GDP rebasing in 2014, several sectors have undergone substantial growth, necessitating more accurate representation. The bureau highlighted the marine economy, arts, culture and tourism, information and communication technology, and e-commerce as key areas experiencing significant expansion.

While the potential impact of the rebasing remains uncertain, some economists speculate that Nigeria may be seeking to strengthen its appeal to foreign investors, many of whom withdrew during recent economic challenges.

The 2014 rebasing positioned Nigeria as Africa’s largest economy. The statistics office also noted that consumption patterns have changed markedly since the last inflation rebasing in 2009. The new base year for inflation will be 2024. According to the bureau, Nigeria’s inflation rate rose to 34.80% in December, up from 34.60% in November, with food and non-alcoholic beverages being the main drivers of price increases.