The Nigerian Bureau of Statistics (NBS) has announced plans to update its methodology for calculating Gross Domestic Product (GDP) to better reflect the country’s diverse economic activities.
The revised approach will include contributions from informal, hidden, and even illegal sectors, aiming to provide a more comprehensive representation of Nigeria’s economic landscape. This initiative aligns with global best practices and is expected to improve the accuracy of economic data, offering valuable insights for policymakers and investors.
“The updated methodology will enhance our understanding of Nigeria’s economy and ensure that all sectors contributing to GDP are adequately captured,” the NBS stated.
