New Telegraph-Admin 
The Chief Executive Officer (CEO), Nigeria Economic Summit Group (NESG), Dr. Tayo Aduloju, has said rebasing the economy will enhance economic transparency while it ensures that economic indicators are accurately reflected.
Besides, he noted that rebasing sharpened policymaking as, according to him, it provides a detailed map of the country’s economic terrain, thereby, enabling governments to identify high-growth sectors for scaling and low growth sectors that require targeted interventions to drive impactful and balanced development.
Aduloju spoke ahead of the plan by the National Bureau of Statistics, NBS, to rebase the country’s Gross Domestic Products (GDP) and Consumer Price Index (CPI). The event held in Lagos was virtually monitored.
He said the Group, through one of its four strategic roles in the country, continually watched the economy and leveraged empirical analysis, evidence, and rigorous research to drive evidence-based policy advocacy, noting that the workshop, in collaboration with the National Bureau of Statistics (NBS), was yet another step in direction to enhance the understanding and utility of key economic data.
“Economic (GDP) rebasing, in essence, is a recalibration—an exercise with profound significance and akin to cleaning the lenses through which we view our economy, allowing us to see a clearer, more accurate picture of its structure, size, and potential.
“When we embarked on a similar rebasing in 2014, our GDP leapt by nearly 90 per cent, elevating Nigeria’s economy to $510 billion and positioning it ahead of South Africa as the largest economy in Africa. This was not a fabrication; it was a reflection of reality.
Sectors like telecommunications, real estate, and the creative industries—once invisible in old metrics—came into full view,” Dr. Aduloju said. Underscoring the importance of economic rebasing, he said: “First, accurate data enhances credibility.
Our debtto-GDP ratio, a critical indicator of fiscal health, dropped from 19 per cent to 11 per cent after the 2014 rebasing. “This improved Nigeria’s creditworthiness, making it a more attractive destination for foreign direct investment. Investors are drawn to transparency and growth potential, and rebasing sends a clear message: we understand our economy, and we are open for business.
