The Centre for the Promotion of Private Enterprise has said Nigeria’s recently rebased Gross Domestic Product, GDP, represents a significant milestone in the country’s economic management.
CPPE Chief Executive Officer, Muda Yusuf, disclosed this in a statement on Sunday.
This follows Nigeria’s rebased GDP standing at N372.8 trillion in 2024, according to National Bureau of Statistics data released last month.
CPPE said the data provides a more realistic and comprehensive picture of the economy, which is essential for effective policy formulation, planning and investment decisions.
“GDP rebasing is a critical statistical exercise that updates the base year used for calculating national output, ensuring that the structure of the economy is accurately reflected in line with current realities. By adopting 2019 as the new base year, Nigeria’s GDP figures now incorporate recent changes in consumption patterns, production technologies, and sectoral dynamics,” the economic think tank stated.
CPPE further highlighted key value propositions of GDP rebasing as improved investment and planning decisions, enhanced macroeconomic analysis, and international comparability.
It urged that future rebasing exercises be conducted more regularly and in a timely manner, in line with global standards, to maintain the relevance and credibility of Nigeria’s economic data.
