The Chief Executive Officer of the Nigeria Economic Summit Group (NESG), Tayo Aduloju, has noted the significant benefits of rebasing the country’s Gross Domestic Product (GDP) and Consumer Price Index (CPI), by outlining how such exercises enhance economic transparency, policy development, and investment attractiveness.
Speaking at a workshop organized in collaboration with the National Bureau of Statistics (NBS) in Lagos, Aduloju explained that a rebased economy provides a detailed map of Nigeria’s economic landscape.
This, he said, enables governments to identify high-growth sectors for scaling and low-growth areas that require targeted interventions for balanced development.
“Economic rebasing is essentially a recalibration—an exercise with profound significance akin to cleaning the lenses through which we view our economy. It offers a clearer, more accurate picture of the economy’s structure, size, and potential,” Aduloju said.
The rebasing of Nigeria’s GDP in 2014 had a dramatic impact, increasing the GDP by nearly 90 per cent, propelling the country’s economy to $510 billion and making Nigeria the largest economy in Africa, surpassing South Africa.
This was a reflection of the reality of emerging sectors like telecommunications, real estate, and creative industries, which had previously been undervalued by the old metrics.
