CPPE: NBS rebasing announcement, signs of significant milesstone in Nigeria’s economic management

 



By  Dr Muda Yusuf 


The Centre for the Promotion of Private Enterprise (CPPE) has welcomed the recent release of the rebased Gross Domestic Product (GDP) figures by the National Bureau of Statistics (NBS), now anchored to a new base year of 2019.


In a statement, the Director/CEO of the Centre, Dr. Musa Yusuf, noted that the re-basing exercise represents a significant milestone in Nigeria’s economic management, enhancing the relevance, accuracy, and timeliness of national economic data.


The GDP re-basing updates the base year used for calculating national output, ensuring that the structure of the economy is accurately reflected in line with current realities.


According to Yusuf, 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 CPPE highlighted that the re-basing will improve investment and planning decisions, enhance macroeconomic analysis, and facilitate international comparisons.


The updated GDP figures will also provide more credible sectoral insights, revealing shifts in the economic landscape and highlighting emerging sectors that were previously underrepresented.


According to the newly rebased figures, Nigeria’s nominal GDP was reported at ₦372.82 trillion as of 2024, representing a 41% increase over the 2019 nominal GDP.


The economy recorded a growth rate of 3.38% in 2024. In Q1 2025, GDP growth moderated slightly to 3.13%, with total output for the quarter at ₦94 trillion.


The CPPE projects that by year-end, Nigeria’s GDP could reach an estimated $450 billion, barring any major disruption in the economy.


The centre also notes that economic activities in the first quarter were typically subdued compared to the other quarters, which may account for the observed moderation in Q1 GDP growth.


The latest GDP numbers highlight the need to strengthen productivity in critical sectors such as agriculture, manufacturing, and trade.


These sectors are essential for economic inclusion, job creation, self-reliance, economic security, and diversification. However, their current growth rates remain below expectations.


The CPPE urges targeted interventions to unlock the full potential of these sectors and drive sustainable development.


The centre also recommends sustained support for high-performing sectors, bridging the revenue gap, and regular data updates to ensure that economic data remains current and relevant for policy and investment decisions.


The Centre called for targeted support for underperforming sectors, addressing structural challenges, and improving access to finance.


The centre also advocates for sustained support for high-performing sectors, leveraging their potential as engines of growth, revenue generation, and job creation.


The CPPE commends the National Bureau of Statistics for this important milestone and remains committed to supporting evidence-based policymaking and investment decisions.


The centre urges stakeholders to leverage these improved statistics for strategic planning, investment decisions, and policy development.




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