CPPE Urges National Bureau of Statistics for Timely GDP Rebasing to Ensure Data Credibility
Lagos, August 4, 2025 – The Centre for the Promotion of Private Enterprise (CPPE) has called on the National Bureau of Statistics (NBS) to prioritize regular and timely Gross Domestic Product (GDP) rebasing to maintain the credibility and relevance of Nigeria’s economic data. This follows the recent rebasing exercise, which updated Nigeria’s nominal GDP to N372.82 trillion ($145.3 billion) in 2024, using 2019 as the new base year, up from N205.09 trillion in the previous 2010 base year.
A Milestone in Economic Data Accuracy
The CPPE, led by Chief Executive Officer Dr. Muda Yusuf, lauded the NBS for the recent rebasing, describing it as a “significant milestone” in aligning Nigeria’s economic statistics with current realities. The rebasing, completed in July 2025, shifted the base year from 2010 to 2019, capturing emerging sectors like digital services, e-commerce, and the informal economy, which now accounts for 42.5% of GDP. This update revealed a 41.7% increase in nominal GDP for 2019 and a real GDP growth of 3.13% in Q1 2025, compared to 2.27% in Q1 2024.
Dr. Yusuf emphasized that timely rebasing ensures a “more realistic and comprehensive picture of the economy,” critical for evidence-based policymaking, investment decisions, and international comparability. He noted that the exercise highlighted structural shifts, with real estate now ranking third in GDP contributions, surpassing crude oil, and services rising to 53.09% of GDP.
The Need for Regular Rebasing
The CPPE stressed that Nigeria must adhere to global standards, which recommend rebasing every five years, as outlined by the UN Statistical Commission. The last rebasing occurred in 2014, and the recent exercise, initiated in 2018, took nearly five years to complete. To avoid outdated metrics, the CPPE urged the NBS to conduct future rebasing exercises more frequently, ensuring data remains robust and credible. “Continuous engagement and timely updates will guide Nigeria toward sustainable growth,” Yusuf stated.
Challenges and Public Perception
Despite the rebasing’s success, the CPPE and other stakeholders cautioned against misinterpreting the larger GDP figures as immediate economic progress. The Manufacturers Association of Nigeria (MAN) noted that the 18.3% nominal GDP increase does not reflect improved productivity or industrialization, urging structural reforms. Public skepticism persists, with many Nigerians questioning NBS data credibility due to discrepancies between reported growth and lived realities like high inflation and unemployment.
The NBS faced criticism for its 2024 unemployment data, which reported a 4.3% rate using a new methodology counting one hour of weekly work as employment—a definition many, including the Nigerian Labour Congress, called misleading. The CPPE echoed calls for transparency, warning that political influence could erode trust in the NBS.
Broader Implications
The rebased GDP offers Nigeria a chance to attract foreign investment, particularly in technology and non-oil sectors, by presenting a clearer economic structure. However, experts like Amaechi Egbo emphasized that without inclusive growth, improved fiscal discipline, and infrastructure development, the statistical gains may not translate to better living standards. The CPPE also highlighted the decline in small-scale industries, with a 45% drop in SMEs from 246,200 in 2020 to 170,098 in 2022, underscoring the need for policies to support this critical sector.
Looking Ahead
The CPPE’s call for timely GDP rebasing aligns with broader demands for data-driven governance. By incorporating new activities like mobile payments, short-let real estate, and digital services, the NBS has set a foundation for more accurate economic tracking. However, the CPPE urges policymakers to focus on structural reforms to ensure statistical improvements lead to tangible economic benefits. As Nigeria aims for a $450 billion GDP, regular rebasing will be crucial to maintaining data credibility and guiding sustainable development.
Sources: Daily Post Nigeria, Nairametrics, Dmarketforces, Daily Trust, Guardian Nigeria, Leadership Nigeria