Nigeria to Rebase GDP and Inflation Data

ABUJA (Reuters) – Nigeria plans to rebase its gross domestic product (GDP) and inflation data by the end of the month to capture changes in certain sectors of the economy and reflect current growth and consumption patterns, according to the statistics office on Monday.

The National Bureau of Statistics stated that several sectors of the Nigerian economy have experienced significant growth since the last rebasing in 2014, warranting proper representation in the GDP compilation.

Among the sectors mentioned are marine and blue economy, arts, culture, tourism, information and communication technology, and e-commerce activities.

The previous rebasing in 2014 positioned Nigeria as Africa’s largest economy.