The National Bureau of Statistics has announced that the rebased Gross Domestic Product data will be officially unveiled by the end of January.
This revelation was made on Thursday during a GDP and Consumer Price Index rebasing sensitisation session organised by the Nigerian Economic Summit Group and the National Bureau of Statistics in Lagos.
Technical assistant to the Inspector General of Statistics, Moses Waniko, announced that data collection is almost complete.
“The rebasing exercise is nearing completion.
“Once the results are verified, they will need to be made public. They are expected to be published and distributed by the end of January.
“Following that, post-rebasing activities typically take place. 2019 will serve as the base year for the rebasing effort, which modifies GDP estimates to take into account structural changes and more recent economic realities.
“The current GDP calculations are based on 2010 data, making this update crucial for understanding Nigeria’s evolving economy,” he said.
Waniko noted that the rebasing process extends beyond simply updating numbers, emphasising its broader consequences.
“It is good to look at the rebasing from many angles, not just the aggregate numbers, but to look at what those data are supposed to tell us, in terms of the distribution, the aggregate numbers, in terms of their weights, contributions, and the rest,” he said.
He emphasized that the rebasing will assist in creating a more accurate Economic and Development Plan and provide a clearer trajectory for the Nigerian economy.
“After the rebasing, there are certain things that we expect might change, such as changes in the size and structure of the economy. We expect that the size of the economy will be bigger,” Waniko added.
A number of implications are anticipated from the rebased GDP, Nigeria’s existing tax-to-GDP ratio might drop with a higher GDP, opening the door for tax reforms.
The debt-to-GDP ratio, which stands at 18.5% as of September 2019, may fall with a rise in GDP, improving measures of fiscal sustainability.
A higher GDP will probably result in higher per capita income, which could indicate improvements in people’s financial security.
According to the NBS, the rebasing process involves meticulous data validation to ensure accuracy.
The results will be released in a formal event, followed by a series of post-rebasing activities to analyze and apply the new data effectively.
The workshop emphasized the significance of rebasing for policy formulation and economic planning, underscoring the need for timely, accurate, and relevant economic indicators.
As Nigeria prepares to transition from a 2010-based GDP to a 2019 baseline, stakeholders anticipate a clearer picture of the nation`s economic strengths and challenges.
This move aligns with global practices and is expected to enhance Nigeria`s economic planning, investment decisions, and international financial outlook.
