The National Bureau of Statistics (NBS) is set to release rebased Gross Domestic Product (GDP) figures this week, a move expected to restore Nigeria’s position as Africa’s largest economy.
Sources confirm the report will update Nigeria’s economic base year to 2024, incorporating previously underrepresented sectors, particularly the vast informal economy. This marks Nigeria’s first GDP rebasing exercise since 2014, when it first overtook South Africa as the continent’s largest economy.
The revised methodology aligns with international best practices and aims to capture a more accurate picture of economic activity. “The new framework places strong emphasis on measurable informal sector activities, which account for a significant portion of Nigeria’s economy,” a source familiar with the process told Daily Trust.
Statistician-General Prince Adeyemi Adeniran noted the NBS has conducted extensive stakeholder engagements, including technical workshops with economists, policymakers, and development partners, to ensure transparency in the rebasing process.
The exercise, initially delayed due to domestic opposition, is expected to provide more reliable data for economic planning and investment decisions. Analysts anticipate the results will spark fresh discussions about Nigeria’s economic structure and growth trajectory.
If confirmed, Nigeria’s regained status as Africa’s top economy could boost investor confidence, though experts caution that GDP size alone doesn’t reflect economic health, noting persistent challenges like inflation and unemployment. The NBS is expected to provide detailed sectoral breakdowns in its official release later this week.
