NewStats: 3,262,528 , 8,177,381 topics. Date: Monday, 02 June 2025 at 02:57 PM 68a2d

The Director-General of the Manufacturers Association of Nigeria, Mr. Segun Ajayi-Kadir, has advised the Nigerian government against using the rebasing of the Gross Domestic Product calculation and other economic reforms to downplay the country’s economic challenges.

Mr. Ajayi-Kadir gave this counsel at a press briefing in Lagos on Wednesday.

Nairametrics reported that the National Bureau of Statistics has decided to revise Nigeria’s Gross Domestic Product calculation by adopting 2019 as the base year, replacing the previous base year of 2010.

This means that constant prices previously based on 2010 will now be based on 2019.

Answering questions on the position of MAN on the rebasing and the association’s expectations on how the new calculation may impact the manufacturing sector’s performance, Mr. Kadri said it is a welcome development.

However, he warned the government against using the recalculation to downplay the seriousness of the economic challenges facing Nigeria.

He also commented on the government’s decision to tax illicit trade, which will reflect in the GDP, and cautioned the government against giving the impression that it is legitimizing financial crimes.

“The Nigerian rebasing, some people have started to question the basis for rebasing. We are even told the government will begin to assess the informal areas, the illegal, the illicit – Smuggling, kidnapping, and so on.

“Well, I know that it’s a form of terrible economic activity, and money is expended, but how you are going to correctly adopt it, whether you are not legitimizing illegality and whether you’re not recognizing them becomes another issue. But I think there’s wisdom behind rebasing.

“The only thing you need to do is do it correctly and don’t weaponise it, don’t use it as a political tool to water down the enormity of the challenge of the country.”

We will collaborate with NBS to ensure correct assessment of GDP
The DG added that the association will collaborate with the Nigeria Bureau of Statistics to get sufficient data for better assessment of the GDP.

“For us, we are disposed to the correct assessment of the GDP.

“We will, of course, respect NBS, whatever they come up with, and if we have issues, we are going to engage them, because we are already having some collaboration with them. There is need for us to have data to better assess things,” he noted.

What you should know
The rebasing of the GDP has already been implemented by the NBS as reflected in its recent reports on GDP and inflation.

Nairametrics reported that the Real Estate sector emerged the third-largest sub-sector in Nigeria’s economy, up from 5th position, as a result of the GDP rebasing exercise

The rebasing exercise has rearranged the hierarchy of Nigeria’s leading industries. Although grain crop production and trade retain their positions as the largest and second-largest sectors, respectively, real estate displaced crude oil and natural gas to secure the third spot.

https://nairametrics.com/2025/01/22/gdp-rebasing-should-not-be-used-to-water-down-nigerias-challenges-man-dg-advises/

Very true and timely because in most cases rebasing the economy will involve bringing bogus and frivolous statistics that will undermine the suffering of the citizens

Wine is a mocker

Ehen?
.
Figures for paper but eyes dey better tatashi

Forcing results as the economic policies nor gree bring improvement 😁

Ok

THIS GOVERNMENT OF TINUBU SHALL
Economic management is not by propaganda

Tinubu said that statistics mean nothing with the statement "na statistics we go chop"?

Ironically and hypocritically, it's been a STATISTICS fiesta since May last 2 years.

Imagine what this enemy of progress is saying. You prefer negative economic news so as not to water down Nigeria's challenges.

Rebading will definitely position Nigeria for more Loans and Grants

This govt scores A1 in propaganda. Most things else F9.

Ikumapkayi:
Imagine what this enemy of progress is saying. You prefer negative economic news so as not to water down Nigeria's challenges.

is it his liking negative economic news that is responsible for the negative economic news?

Rebasing the GDP is a must, it is a normal process. South Africa rebased their GDP too which was what catapulted them to the highest in Africa.

Jonathan did it also during his tenure, so Tinubu doing it is not an anomaly.

Inflation is still something the government will solve, rebasing GDP don't mean that will go away automatically.

saintopus:
Very true and timely because in most cases rebasing the economy will involve bringing bogus and frivolous statistics that will undermine the suffering of the citizens

Trust Tinubu's propaganda Government. They may even claim Nigerians GDP is higher than America

GDP rebasing is suppose to help update the consumer price index to the latest trends in spending pattern.

More loans

True

lexy2014:


is it his liking negative economic news that is responsible for the negative economic news?

He doesn't want it as he knows the GDP will increase. The increase will be a positive news. So we should stop the rebasing because of the anticipated increase.

Ikumapkayi:


He doesn't want it as he knows the GDP will increase. The increase will be a positive news. So we should stop the rebasing because of the anticipated increase.

is it his liking negative economic news that is responsible for the negative economic news? yes or no

Ikumapkayi:
Imagine what this enemy of progress is saying. You prefer negative economic news so as not to water down Nigeria's challenges.

A manufacturer has spoken but an agbado bandit who has never run a business in his entire miserable life thinks he knows better?

Wow. Wonders shall never end