The Centre for the Promotion of Private Enterprise (CPPE) has urged the National Bureau of Statistics to rebase Nigeria’s Gross Domestic Product.
In a statement issued by CPPE’s CEO, Dr. Muda Yusuf, it was stated that Nigeria’s current GDP data no longer reflects economic realities.
He explained that most modern economies update their GDP calculations at intervals, usually every five years, to ensure statistical accuracy.
Nigeria’s last GDP rebasing was done in 2014 using 2010 as the reference year, meaning it is now fifteen years outdated.
According to Yusuf, the delay in rebasing distorts major macroeconomic indicators including GDP growth rate and debt-to-GDP ratio calculations.
With changing sectoral dynamics, he warned that old GDP figures no longer capture recent transformations occurring in Nigeria’s economic landscape.
He also emphasized that newly emerging sectors like e-commerce, fintech, and digital services have minimal or no representation in current statistics.
Therefore, it was stressed that policy-making, investor assessments, and international development rankings have become increasingly unreliable and disconnected from reality.
Additionally, Yusuf pointed out that the accuracy of tax-to-GDP and debt-to-GDP metrics would improve once proper rebasing has been executed.
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He noted that without timely rebasing, there is a risk of underreporting or overestimating national productivity and economic performance levels.
In his words, “It is imperative that our economic planning rests on a foundation of up-to-date and credible national accounting figures.”
He also highlighted the global relevance of accurate data, especially as Nigeria seeks more foreign direct investments and increased bilateral trade engagements.
Consequently, he advised the NBS to prioritize the process urgently so as to enhance economic credibility and attract investor confidence.
Although the NBS has not yet responded to this public call, similar sentiments have been echoed by financial analysts and industry professionals.
Yusuf concluded by affirming that a modern, digital, and service-based economy demands accurate measurement for effective fiscal and monetary policy formulation.
