BY JACINTA HYCENTH
The National Bureau of Statistics (NBS) said its will soon release its Rebased Gross Domestic Product (GDP) number for accurate reflection of Nigeria’s economic structure and performance.
The anticipated Rebased GDP will incorporate new sectors and activities that have become significant drivers of the Nigerian economy since the last rebasing in 2014.
In a January 2025 report, Proshare had estimated that Nigeria’s contemporary rebased GDP figure would be around US$590bn. Its estimated the 2024 GDP per capita at $858 for 2024. The figure peaked at US$3,200.95 in 2014 after the GDP was rebased.
A statement by NBS revealed that the updated figures would provide policymakers a stronger foundation for economic planning and poverty reduction efforts.
“Rebasing helps us to understand where the economy is today, what sectors are driving growth, and where interventions are needed most. It enables better-targeted policies and more responsive governance.” It clarified that growth alone does not determine a country’s development.
The Bureau noted that rebasing remained a standard international statistical practice, ideally done every five years, though Nigeria’s delay was due to the capital-intensive nature of the data collection required.
The updated estimates are a product of major national surveys and economic data, including the Nigeria Living Standards Survey and the Census of Establishments.
By anchoring the new base year to 2019, a period of relative stability before the COVID-19 pandemic, the bureau further pointed out that it aimed to provide a clearer, more stable reference point for assessing Nigeria’s economic trajectory.
While the rebased GDP announced at the beginning of the year has yet to be released, Proshare analysts are of the opinion that Nigerian policymakers need to be on speed dial to improve the prioritization of national development discussions that address critical issues like high cost of living, multidimensional poverty, infrastructure deficits, and weak human development indicators.
The latest UNDP Nigeria/NBS showed that Human Development Index (HDI), at the state level, shows that Nigeria has an average HDI of 0.521, while the recent estimate placed the figure at 0.548.
According to the UNDP, the HDI has shown a 22 percent increase in 19 years but remains low at 0.548, categorising the country as having low human development and emphasises Nigeria’s significant loss in HDI due to inequality, estimated at 32.7 percent.
Nigeria’s economic growth, with GDP expanding from $4.2bn in 1960 to over $360bn in 2023 and less than $200bn in 2024, reflects structural transformation over the years and recent macroeconomic reforms, according to analysts. “Yet, uneven wealth distribution and governance issues have limited trickle-down effects and inclusive prosperity.”