The National Bureau of Statistics (NBS) has selected 2019 as the new base year for calculating the GDP due to the country’s significant economic growth that year. This decision was made to ensure that economic data align with global standards and accurately reflect the dynamic sectors in the economy.
The Statistician General, Prince Adeyemi Adeniran, explained the importance of rebasing the economy, noting that the last rebase was in 2010. Additionally, the Bureau is updating the consumer price index to 2023 from the current base period of 2009.
Rebasing involves updating data to reflect current consumption patterns every five years, improving accuracy in growth measurements and supporting better policymaking. The upcoming Nigerian Living Standards Survey will provide valuable insights into household welfare and poverty rates.
The NBS is committed to transparency and accuracy in data reporting, ensuring that the public understands the economic landscape. The aim is to capture an accurate picture of the economy, inform policymaking, and satisfy the needs of all data users.