Nigeria is set to implement significant economic reforms following recent data indicating notable progress in the fourth quarter of 2024.
Data from the National Bureau of Statistics shows that the majority of economic gains came from the services sector, which grew 5.37% year-on-year.
As part of its efforts to provide a clearer picture of its economic landscape, Nigeria plans to rebase its GDP data, following a similar adjustment to its Consumer Price Index.
However, reports indicate that the growth rate remains below the 6% target set by President Bola Tinubu upon taking office in mid-2023 in Africa’s most populous nation.
The upcoming reforms will involve updating the reference point for GDP comparisons over time, ensuring a more accurate assessment of the economy’s size and growth.
The rebasing aims to capture expansion in key sectors such as the marine economy, arts, culture and tourism, information and communication technology, and e-commerce, all of which have grown significantly since the last rebasing in 2014.
