Nigeria to rebase GDP and inflation information by month-end, stats workplace says

ABUJA (Reuters) -Nigeria plans to rebase its gross home product and inflation information by the tip of the month to seize modifications in sure sectors of the economic system and to mirror present consumption patterns, its statistics workplace mentioned on Monday.

The Nationwide Bureau of Statistics mentioned some sectors of Nigeria’s economic system have skilled vital development for the reason that final GDP rebasing in 2014 and now require correct illustration.

The marine economic system, arts, tradition and tourism, data and communication expertise and e-commerce actions have been amongst these sectors, it mentioned.

Whereas it’s too quickly to say what the influence of the rebasing could be, economists speculated that Nigeria would possibly need to current a extra compelling funding case to lure overseas funds that fled within the wake of its current disaster.

The rebasing in 2014 positioned Nigeria as Africa’s largest economic system.

President Bola Tinubu launched into Nigeria’s boldest reforms after he took workplace in 2023 by scrapping a decades-old petrol subsidy and devaluing the naira foreign money in an effort to jump-start development.

Tinubu’s reforms have worsened already excessive inflation and escalated a value of residing disaster in Africa’s most populous nation.

The statistics workplace mentioned consumption sample in Nigeria have modified considerably for the reason that final inflation rebasing in 2009. It plans to make use of 2024 as the brand new base yr for inflation.

Nigeria’s inflation charge rose to 34.80% in December from 34.60% in November, the statistics workplace mentioned final week, noting that meals and non-alcoholic drinks contributed probably the most to cost pressures.

Tinubu mentioned in a funds speech in December that he anticipated inflation to fall to fifteen% this yr, helped by decrease imports of petroleum merchandise.