Nigeria’s National Bureau of Statistics announced that the country will rebase its gross domestic product (GDP) and inflation data by the end of January. This update aims to reflect changes in the economy, incorporating sectors that have seen significant growth since the last rebasing in 2014.
New sectors, including marine and blue economy, arts, culture, tourism, information and communication technology, and e-commerce, will now be more accurately represented in the GDP calculations. The previous rebasing in 2014 had established Nigeria as Africa’s largest economy.