Abuja Revamps Economic Indicators, Igniting Debate Over Data Accuracy
Nigeria’s overhaul of its economic indicators, including new calculations about unemployment, inflation and GDP, sparked debate. The National Bureau of Statistics (NBS) has changed its approach and is now in line with international standards. This includes redefining employment to cover anyone who earns income, even for short or part-time jobs. Supporters, including World Bank economists, believe the changes are more accurate in the Nigerian labor market, and critics fear that adjustments will downplay the economic struggle. Additionally, NBS is revising its inflation index, expanding its components, and recalculating GDP to better capture the growing informal and digital sectors. While these reforms may lead to more favorable numbers, the NBS insists that they represent a clear picture of Nigeria’s growing economy.
source: African Business
