The Nigerian Economic Summit Group (NESG) has strongly advocated for the Nigerian government to rebase the nation’s economy promptly.
Dr Tayo Aduloju, Chairman and CEO of the NESG, emphasised the significant benefits of such a move, citing the successful 2014 rebase as a prime example. This previous rebase resulted in a remarkable 90% increase in Nigeria’s Gross Domestic Product (GDP), catapulting the nation’s economic standing to $510 billion and surpassing South Africa as the largest economy in Africa.
NESG and NBS Collaborate to Host Sensitisation Workshop on GDP and CPI Rebasing
Earlier today, the #NESG and the National Bureau of Statistics (NBS) jointly hosted a groundbreaking sensitisation workshop, shedding light on the rebasing of Nigeria’s Gross Domestic Product (GDP)… pic.twitter.com/ITwxOQ88RH
— Nigerian Economic Summit Group (NESG) (@officialNESG) January 10, 2025
Dr Aduloju highlighted that a timely rebase would reflect the nation’s economic realities more accurately, enabling policymakers to make informed decisions and drive sustainable economic growth.
In a workshop organised by the National Bureau of Statistics (NBS), Aduloju recalled that 2014 rebasing positioned Nigeria ahead of South Africa as the largest economy in Africa.
According to him, sectors like telecommunications, real estate, and the creative industries—once invisible in old metrics—came into full view.
“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.
“India’s 2015 GDP rebasing highlighted IT and fintech as key growth drivers, while China’s periodic methodological 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.
But why does this matter? First, accurate data enhances credibility. Our debt-to-GDP ratio, a critical indicator of fiscal health, dropped from 19 percent to 11 percent after the 2014 rebasing. This improved Nigeria’s creditworthiness, making it a more attractive destination for foreign direct investment. Investors are drawn to transparency and growth potential, and rebasing sends a clear message: we understand our economy, and we are open for business.
“Second, rebasing sharpens policymaking. It provides a detailed map of our economic terrain, enabling governments to identify high-growth sectors for scaling and low-growth sectors that require targeted interventions to drive impactful and balanced development. For example, after Ghana’s 2010 rebasing—which resulted in a 60 percent GDP increase—its policymakers could better plan for infrastructure and social investments, fuelling sustained growth.
“However, we must acknowledge that the NBS’s past rebasing efforts have often been met with scepticism and misconceptions, which have not only compromised the data’s perceived reliability but also undermined confidence in our statistical processes.
“This workshop is 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.
Additionally, the workshop will lay the foundation for establishing a relationship focused on data warehousing and advocacy activities in Nigeria, aimed at improving data credibility and validity,“ he said
In his remarks, the Statistician General of the Federation, Prince Adeyemi Adeniran, explained that rebasing is a vital exercise that ensures that economic indicators are current and accurate reflections of the economic realities on the ground.
He noted that as economies evolve, new industries emerge, and consumption patterns shift, it becomes imperative to update statistical measures to capture the changes.
“Rebasing our GDP and CPI allows us to align with these transformations, providing a more precise and relevant picture of Nigeria’s economic landscape. This process is foundational to informed policymaking, strategic planning, and effective governance; hence, it is one exercise that the NBS is conducting with significant importance and professionalism.
“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, both in the public and private sectors, to enable them to design, plan, and implement policies and programmes that will lead to the attainment of national objectives.
“Our mindset in undertaking both critical assignments is to ensure that our processes are open, collaborative, and rigorous, making sure that, as much as possible, we leave no stone unturned in our bid to measure and report accurately the size of the economy and the level of price changes.
“Today’s workshop exemplifies our commitment to collaboration and stakeholder engagement. We recognise that the credibility and utility of our statistics are enhanced through the active participation of diverse stakeholders, including private sector operators, academia, economic experts and analysts, media executives, civil society organisations, and government.
“As we proceed with the finalisation of the rebasing of our GDP and CPI, I want to highlight this key point. The rebasing exercise is designed to ensure that our economic indicators accurately reflect the current structure of our economy, incorporating new and emerging sectors, updating our consumption baskets, and refining our data collection methods. This is our responsibility as the official producer of data in Nigeria,” Adeniran said.
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