The Centre for the Promotion of Private Enterprise has expressed that Nigeria’s recently revised Gross Domestic Product (GDP) signifies a pivotal landmark in the nation’s economic stewardship.
Muda Yusuf, the Chief Executive Officer of CPPE, shared this insight in a statement issued on Sunday.
This announcement follows the National Bureau of Statistics’ report from last month, revealing Nigeria’s rebased GDP at an impressive N372.8 trillion for the year 2024.
The CPPE emphasized that this data presents a more honest and all-encompassing depiction of the economy, which is crucial for formulating effective policies, strategic planning, and investment choices.
“GDP rebasing constitutes an essential statistical endeavor that refreshes the base year utilized for calculating national output, ensuring that the economic structure accurately mirrors current realities. By selecting 2019 as the new reference year, Nigeria’s GDP figures now reflect recent shifts in consumption behaviors, advancements in production technologies, and evolving sectoral dynamics,” noted the economic think tank.
Moreover, CPPE underscored the major advantages of GDP rebasing, including improved investment strategies, enhanced macroeconomic evaluations, and greater international comparability.
It advocated for the conduct of future rebasing initiatives with increased frequency and timeliness, aligning with global benchmarks, to preserve the relevance and integrity of Nigeria’s economic data.
