The Centre for the Promotion of Private Enterprise (CPPE) has applauded the National Bureau of Statistics (NBS) for its recent rebasing of Nigeria’s Gross Domestic Product (GDP) but has also urged the agency to institutionalize regular and timely updates to maintain the relevance and credibility of the country’s economic data.
In a statement issued by its Chief Executive Officer, Dr. Muda Yusuf, the CPPE described the rebasing to a new base year of 2019 as a “significant milestone” in Nigeria’s economic management efforts. The move, it said, aligns the country’s statistical practices with international standards and enhances the accuracy of macroeconomic data used for policy formulation and investment planning.
However, Yusuf emphasized that more frequent rebasing exercises are necessary to ensure economic data remains current.
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“The CPPE urges that future rebasing exercises be conducted more regularly and in a timely manner, in line with global standards, to maintain the relevance and credibility of Nigeria’s economic data,” the statement read.
Revised GDP and Sectoral Growth
According to the NBS report titled “Rebasing of Gross Domestic Product (GDP)”, Nigeria’s GDP stood at N372.8 trillion in 2024 following the recalibration using 2019 as the new base year. The rebased GDP figures showed that nominal GDP for 2019 was N205.09 trillion, increasing consistently to N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23 trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024.
The revision led to a 41.7 percent increase in nominal estimates over the previous base-year data from 2010, far lower than the 59.7 percent increase recorded during the last rebasing. Real GDP growth post-rebasing was estimated at -6.96 percent in 2020 (attributed to the COVID-19 shock), then recovered to 0.95 percent in 2021, 4.32 percent in 2022, 3.04 percent in 2023, and 3.38 percent in 2024.
The agricultural sector emerged as the leading growth driver, with its strongest performance of 2.66 percent recorded in 2020. In contrast, the industrial sector contracted by a steep 22.72 percent in the same year, while the services sector shrank by 5.37 percent.
Mounting Worries Over Data Integrity
While CPPE’s commendation highlights progress, the rebasing comes at a time of rising public and expert skepticism about the accuracy of data being published by several Nigerian government agencies. Economists and policy analysts have increasingly raised red flags over discrepancies, outdated methodologies, and inconsistencies in official economic statistics.
Some experts say delays in rebasing and a lack of sectoral transparency have contributed to poor policy choices, misallocation of resources, and uncertainty in investment decision-making.
“The NBS results show that some food-producing states are experiencing very high inflation rates, while major consuming states have significantly lower rates,” Managing Director of Financial Derivatives Company, Bismarck Rewane, said in May.
He highlighted that inflation was highest in Benue state at 51 percent, Ekiti at 34 percent, and Kebbi at 33 percent — all key food-producing states.
In contrast, “inflation was lowest in consuming states such as Ebonyi with 7.19 percent, Adamawa at 9.52 percent, and Ogun at 9.91 percent,” he said.
In January, the NBS had defended its choice of 2019 as the new base year for GDP, noting that it represented a period of “relative economic stability” compared to years dominated by pandemic disruptions and global economic shocks.
The CPPE is now calling on the government to support the NBS with stronger institutional capacity, financial independence, and legal backing to carry out its mandate without political interference.
“Reliable data is the cornerstone of economic development. Nigeria must prioritize the integrity and frequency of its statistical reports,” Yusuf said.
The rebasing exercise, while important, has reignited conversations about the broader health of Nigeria’s data infrastructure—and whether it can be trusted to inform the country’s path to recovery and growth.