The Centre for the Promotion of Private Enterprise (CPPE) has described Nigeria’s recently rebased Gross Domestic Product (GDP) as a landmark development in the country’s economic management.
In a statement released on Sunday, CPPE Chief Executive Officer, Dr. Muda Yusuf, said the new GDP figures, which place the economy at N372.8 trillion in 2024, offer a more realistic and comprehensive reflection of Nigeria’s current economic structure. The National Bureau of Statistics (NBS) had announced the revised GDP figures last month, following the adoption of 2019 as the new base year.
Dr. Yusuf noted that GDP rebasing is a vital statistical exercise that updates the reference year used in measuring national output, thereby aligning economic data with prevailing trends in consumption, production, and sectoral contributions.
“The rebased GDP offers a more accurate picture of the Nigerian economy. It takes into account recent developments in consumption patterns, technological advancements, and structural shifts across sectors. This is crucial for effective policy formulation, strategic planning, and informed investment decisions,” the CPPE stated.
The organisation also highlighted the benefits of the rebasing exercise, including improved macroeconomic analysis, greater international comparability, and more credible data for both public and private sector decision-making.
However, CPPE stressed the need for Nigeria to institutionalise regular and timely GDP rebasing, in line with international best practices, to ensure the continued reliability and relevance of economic indicators.
The GDP rebasing is expected to influence a wide range of economic policies and may help attract both domestic and foreign investments by providing clearer insights into the country’s economic potential and sectoral strengths.
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