Friday, August 8, 2025 - Development and financial experts have argued that the current rebased Gross Domestic Product (GDP) figures are far from the economic realities being faced by Nigerians.
According to Daily Trust the National Bureau of
Statistics (NBS) rebased GDP to capture the informal sector, Nigeria’s GDP rose
to N372.8 trillion in 2024 from N314.02 trillion in 2023.
In nominal terms, the rebased GDP for 2019 stood at
N205.09trillion, N213.63 trillion in 2020, N243.30 trillion in 2021, N274.23
trillion in 2022, N314.02 trillion in 2023, and N372.82 trillion in 2024
The rebasing exercise covers the period from 2019 to 2023
and reflects changes in the economy’s structure, sectoral contributions, and
data sources.
Experts say that although Nigeria’s rebased Gross Domestic
Product (GDP) shows a 41.7 per cent increase in nominal estimates, they are
merely figures that does not reflect the current economic situation in the
country.
At a virtual webinar session tagged “Insights from the
rebased GDP data” hosted by the Nigerian Economic Summit Group (NESG), they
noted that the rebased GDP is not all encompassing and should not be used as a
yardstick to justify a thriving economy.
Speaking at the webinar, Ekundayo Mesagan, a development
economist, said although the rebased data was welcoming, it hasn’t translated
into better conditions for Nigerians.
“It’s like you having a situation of happy statistics, but
unhappy people. That is what we have with the new GDP figures,” he said.
that instead, “the government should have specific policy
targets. For instance, a specific policy can be targeted at the entertainment
sector. How can we bring more youth on board and empower them through this
area.”
Similarly, Yinka Babalola, country director at the
International Budget Partnership, said the new figures have not altered the
government’s fiscal capacity or improved conditions for ordinary Nigerians.
Ms Babalola also warned that the rebased GDP has no
immediate impact on ordinary citizens, as it neither puts more money in their
pockets, makes farm inputs cheaper, nor improves access to basic healthcare.
On revenue mobilisation, she said: “We tend to go for the
low-hanging fruits of increasing rates… but then there are other tax
categories… high net worth individuals and larger corporations who mostly are
not paying their fair share.”
In the same vein, Teslim Shitta-Bey, chief economist at
Proshare, who represented the CEO, Femi Awoyemi, said Nigeria’s capital market
does not reflect the real economy.
“We find out there’s very little alignment between it and
the structure of the economy. There is no agricultural company in the prime
segment of the market,” he said.
Meanwhile, Faith Iyoha, who led the NESG’s technical
presentation, acknowledged that the economy remains deeply informal and
productivity “structurally weak.”
On the other hand, Tope Fasua, special adviser to the
president on economic affairs, while offering a government’s narrative stated
that even if Nigeria’s GDP reaches $550 billion or $600 billion, it still
reflects progress, and he was pleased that the country is now placing greater
importance on data.
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