The National Bureau of Statistics (NBS) announced plans to include illegal and hidden activities, such as drug peddling and prostitution, in Nigeria’s Gross Domestic Product (GDP) calculation. This aligns with the 2008 System of National Accounts (SNA), an international framework for economic measurement. The GDP rebasing will use 2019 as the new base year due to its relative stability, unaffected by COVID-19 or major policy shifts.
The update will also capture emerging sectors like the digital economy, modular refineries, and domestic labor, alongside data from pension funds and health insurance schemes. Dr. Baba Madu of the NBS highlighted challenges in data collection and legal limitations but noted that these illegal activities contribute less than 3.5% of the GDP.
The announcement follows President Bola Tinubu’s acknowledgment in November of the need for further economic reforms, despite a 3.46% GDP growth in Q3 2024. Including illegal sectors reflects efforts to better measure Nigeria’s economy amid broader changes.
