Nigeria will re-baseline GDP and inflation data by the end of the month, Reuters statistics office says

ABUJA (Reuters) – Nigeria plans to rebase gross domestic product (GDP) and inflation data by the end of the month to capture changes in certain sectors of the economy and reflect current growth and consumption patterns, its statistics office said on Monday.

The National Bureau of Statistics said some sectors of the Nigerian economy have experienced significant growth since the last rebasing in 2014. These sectors now require adequate representation in the calculation of GDP.

It was added that among these sectors are marine and blue economy, art, culture and tourism, information and communication technology and e-commerce activities.

The previous rebasing in 2014 positioned Nigeria as Africa’s largest economy.