Economy
Nigeria Changes Base Year of GDP Data to 2019
By Adedapo Adesanya
The National Bureau of Statistics (NBS) has announced the rebasing of Nigeria’s Gross Domestic Product (GDP) data, with 2019 selected as the new base year from the previous 2010.
The GDP is used to gauge the size of the Nigerian economy.
This decision, according to the NBS, was driven by the year’s status as a period of “relative economic stability” compared to other recent years, which were marked by significant economic shocks.
This was disclosed on Thursday during a sensitisation workshop on GDP and the Consumer Price Index (CPI) rebasing, organised by the Nigerian Economic Summit Group and the stats office in Lagos.
Speaking during his presentation, Mr Moses Waniko, the Technical Assistant to the Statistician General also said “Some major surveys that served as inputs into the rebasing covered this period. 2020, 2021 and 2022 were avoided as base years due to economic instabilities – this follows IMF guidelines.”
The agency noted further that 2019 was chosen because “other sector-specific administrative data for this period were collected.”
He noted further that the newly rebased GDP figures would be unveiled by the end of January.
In October 2024, the NBS revealed its plans to rebase both the GDP and CPI to reflect current economic realities and account for structural changes in the economy.
Mr Waniko explained that the data collection process is nearing completion.
However, he said the results will still need to undergo validation before the official launch at the end of the month.
“We’re currently concluding the rebasing. We need to validate the results, and then we have to do a launch; we are looking at the end of January to do that launch, to disseminate the numbers, and then, usually, there are post-rebasing activities that will happen.”
He noted several key benefits the rebased GDP would have on the national economy.
He also emphasised that the GDP rebasing should be viewed not only in terms of aggregate numbers but also in terms of their distribution, weights, and contributions across different sectors.
“It is good to look at the rebasing from different angles, not just the aggregate numbers, but to look at what those numbers are supposed to tell us, in terms of the distribution, the aggregate numbers, in terms of their weights, contributions and the rest.
“Beyond that, there are other implications for the national economy, which we have tried to put in this slide. The first is rebasing will provide or allow for an Economic and Development Plan.
“The second is that the rebasing will really help to provide a good trajectory for the economy. So beyond this, it’s important to also state that after the rebasing, there are certain things that we expect that might change, such as changes in the size of the structure of the economy.
“We expect that the size of the economy will be bigger.”
“The tax-to-GDP ratio is something that people may want to see what the numbers would look like. Debt to GDP ratio of 18.5 per cent as of September 2019 could also reduce with the bigger size of the GDP, and then per-capita income will increase after the rebasing,” he added.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange recorded a 0.64 per cent increase on Monday, May 12, with its total value rising by N12.46 billion to N1.947 trillion from the N1.935 trillion quoted at the preceding session, as the NASD Unlisted Security Index (NSI) went up by 21.28 points to 3,326.06 points from 3,3204.74 points.
The expansion recorded during the first trading session of the week was influenced by price appreciation in the shares of three companies admitted to the platform.
Central Securities Clearing System (CSCS) went up by N2.25 to trade at N24.85 per unit versus last Friday’s N22.60 per unit, FrieslandCampina Wamco Nigeria Plc improved its value by 40 Kobo to settle at N40.43 per share from the previous closing value of N40.03, per share, and Geo-Fluids Plc added 10 Kobo to end at N1.91 per unit, on contrast to the preceding session’s N1.81 per unit.
During the trading day, the volume of shares bought and sold by the market participants decreased by 99.7 per cent to 673,233 units from the 231.6 million units traded in the previous trading day, the value of securities transacted by investors moderated by 98.9 per cent to N6.3 million from N606.4 million, and the number of deals retreated by 38.6 per cent to 35 deals from 57 deals.
When trading activities finished for the day, the most active stock by volume on a year-to-date basis remained Impresit Bakolori Plc with a turnover of 534.0 million units worth N521.1 million, followed by Geo-Fluids Plc with 266.4 million units valued at N470.5 million, and Okitipupa Plc with 153.6 million units sold for N4.9 billion.
The most traded stock by value on a year-to-date basis also remained Okitipupa Plc with the sale of 153.6 million units for N4.9 billion, trailed by FrieslandCampina Wamco Nigeria Plc with 20.0 million units valued at N768.5 million, and Impresit Bakolori Plc with a turnover of 534.0 million units worth N521.1 million.
By Adedapo Adesanya
The Naira closed stronger against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEX) by N9.35 or 0.58 per cent on Monday, May 12 at at N1,600.29/$1 compared with the N1,609.64/$1 it traded last Friday.
Similarly, the Nigerian Naira improved its value against the Pound Sterling in the official market during the trading session by N31.46 to settle at N2,114.02/£1 versus the preceding trading day’s rate of N2,145.48/£1 and appreciated against the Euro by N37.61 to sell for N1,780.81/€1, in contrast to the previous session’s value of N1,818.42/€1.
The improvement in the value of the local currency yesterday happened after a temporary relief from the US-China tensions and further commitments by the Central Bank of Nigeria (CBN) to intervene in the market.
However, the Nigerian currency depreciated against the Dollar in the black market on Monday by N5 to close at N1,630/$1 compared with the preceding session’s rate of N1,625/$1.
As for the cryptocurrency market, it was red during the trading session after the US and China agreed to suspend most tariffs on each other for 90 days.
The 90-day tariff pause gave market participants a “clear, short-term positive signal” that’s supportive for risk assets including crypto, even though headwinds could rise again without a broader deal in place once the pause expires.
According to market analysts, this is a temporary arrangement and volatility will likely return as the 90-day window approaches its end.
Dogecoin (DOGE) slumped by 6.6 per cent to sell at $0.2232, Cardano (ADA) fell by 3.0 per cent to $0.7890, Solana (SOL) went down by 2.1 per cent to $170.80, Ethereum (ETH) declined by 2.0 per cent to $2,451.16, Bitcoin (BTC) depreciated by 1.6 per cent to $102,394.53, and Binance Coin (BNB) shrank by 1.1 per cent to $648.78.
But, Ripple (XRP) gained 4.5 per cent to quote at $2.49, and Litecoin (LTC) increased its value by 1.7 per cent to $102.78, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Dipo Olowookere
The Minister of State for Finance, Ms Doris Uzoka-Anite, has advised global investors to quickly key into the federal government’s economic reforms so as not to bite their fingers later because of a missed opportunity.
Speaking during the Milken Institute Global Conference 2025 in the United States, she said the administration of President Bola Tinubu was implementing some initiatives designed to support the startup ecosystem.
She described Nigeria’s startup ecosystem as dynamic, with opportunities for investment in fintech, agritech, edtech, logistics, and health, assuring that the government is committed to supporting players in the sector through regulatory reforms, catalytic funding, and talent development.
According to her, the government is carrying out some necessary reforms to achieve its economic objectives, including streamlining the investment climate, improving infrastructure, and enhancing trade efficiency.
The Minister said the main aim of the administration is to position Nigeria as a hub for sustainable growth and innovation in Africa, urging investors to explore opportunities in the country.
Ms Uzoka-Anite emphasised that Nigeria is deepening intra-African trade and investment through the African Continental Free Trade Area (AfCFTA), unlocking value across the continent.
The AfCFTA’s phased implementation, she said, will reduce tariffs on 90 per cent of goods traded within Africa, promoting intra-African trade and regional value chain development.
This strategic move positions Nigeria for high-potential investment opportunities in key sectors such as agriculture, energy, digital economy, manufacturing, infrastructure, mining, and healthcare.
“We are not simply seeking aid or short-term capital, but strategic collaborations that recognize the continent’s potential as the next frontier for sustainable growth and innovation,” she said.
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