Nigeria intends to update its gross domestic product and inflation data by the end of the month to account for changes in specific sectors of the economy and to better represent current consumption patterns, according to the National Bureau of Statistics on Monday.
The statistics office reported that certain sectors of Nigeria’s economy have seen considerable growth since the last GDP rebasing in 2014 and now need appropriate representation.
According to the report, the sectors included the marine economy, arts, culture and tourism, as well as information and communication technology and e-commerce activities.
Although it is premature to determine the effects of the rebasing, economists have suggested that Nigeria may seek to create a more attractive investment proposition to draw back foreign capital that departed following its recent crisis.
The rebasing in 2014 positioned Nigeria as Africa’s largest economy.
President Bola Tinubu embarked on bold reforms after he took office in 2023 by scrapping a decades-old petrol subsidy and devaluing the naira currency in an effort to jump-start growth.
Tinubu’s reforms have worsened already high inflation and escalated a cost of living crisis in Africa’s most populous nation.
The statistics office said consumption pattern in Nigeria have changed significantly since the last inflation rebasing in 2009. It plans to use 2024 as the new base year for inflation.
Nigeria’s inflation rate rose to 34.80%, opens new tab in December from 34.60% in November, the statistics office said last week, noting that food and non-alcoholic beverages contributed the most to price pressures.
Tinubu said in a budget speech in December that he expected inflation to fall to 15% this year, helped by lower imports of petroleum products.
