WED DEC 25 2024-theGBJournal| The National Bureau of Statistics (NBS) is set to rebase Nigeria’s GDP data in early 2025, following two missed cycles – GDP rebasing typically occurs every five years, with the last exercise conducted in April 2014.
GDP rebasing involves updating the base year used for measuring real GDP by replacing the existing price and quantity structure with a more recent one.
For this cycle, the NBS will adopt 2019 as the new base year, selected for its relative economic stability and absence of major systemic shocks.
Based on historical precedents, we anticipate several key outcomes, including a substantial increase in nominal GDP that captures more recent economic activities and structural changes, comprehensive updates to data collection and computational methodologies
across major economic sectors, and potential boost in real GDP growth rates.
Regarding GDP composition, we think notable developments within the services
sector have occurred since the last rebasing, supporting a more robust
contribution to the services sector’s overall GDP.
However, we anticipate a reduced contribution from the agricultural sector and a slight increase in the industrial sector’s share of GDP composition.-Analysis provided by Cordros Research
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