The Federal Government has lamented that delays in computing and releasing GDP (Gross Domestic Product) figures hampers the effectiveness of policy planning and compromises the credibility of economic data used to guide national decisions.
Tope Fasua, Special Adviser to the President on Economic Matters, who spoke during a webinar session organised by the NESG, themed: X-raying the Data: Insights from the Rebased GDP Data said the rebasing exercise — which last occurred in 2014 — was overdue and should be conducted every five years in line with international best practices.
Fasua noted that while the updated GDP figure significantly expands the economy’s official size, it may still fall short of reality.
With new and rapidly growing sectors such as e-commerce, digital content creation, the blue economy, modular refineries, and informal trade now included in national accounting, he suggested that Nigeria’s actual economic value could be closer to N500 trillion.
He also pointed to the increasing role of digital platforms like YouTube, Spotify, and other content-driven services in the Nigerian economy. These platforms, previously excluded, now form part of the expanding services sector being tracked more comprehensively.
