By Chioma Obinagwam
In 2024, Nigeria rebased its Gross Domestic Products (GDP), adjusting economic data to reflect current economic realities, increasing the nominal GDP figure significantly. Confiance News gathered that this recalibration, meant to capture previously unaccounted sectors like tech and entertainment, has varied implications for Nigerians, as seen through the lives of Aliyu Mohammed, Ngozi Obi, and Ayo Oladimeji (not real names).
Aliyu Mohammed, a civil servant earning N70,000 monthly, feels little relief from the rebased GDP. While the higher GDP suggests economic growth, Aliyu’s purchasing power remains eroded by inflation, which the rebasing does not directly address. His N70,000 barely covers basic needs like food and transport, as prices of essentials have surged. For Aliyu, the rebased GDP feels like a distant statistic, offering no immediate improvement to his standard of living. Without wage adjustments, the economic boost reflected in GDP figures fails to trickle down to low-income earners like him.
Ngozi Obi, an entrepreneur running a small tailoring business, experiences mixed effects. The rebased GDP highlights growth in non-oil sectors, potentially attracting foreign investment and improving access to credit. However, Ngozi struggles with rising costs of materials and electricity, which the rebasing does not mitigate. While a stronger GDP could signal economic stability, boosting consumer confidence, Ngozi’s customers remain cautious, limiting her sales. For her, the rebasing’s benefits depend on government policies to stabilize costs and improve infrastructure.
Ayo Oladimeji, a farmer in Ogun State, sees minimal direct impact. The rebased GDP includes agriculture’s contributions more accurately, but Ayo faces high costs for fertilizers and poor market access. Without targeted support, the higher GDP figure does not translate to better income or reduced hardships for farmers like him.
Confiance News reports that, while Nigeria’s GDP rebasing showcases economic growth, its benefits elude many Nigerians like Aliyu, Ngozi, and Ayo, who need practical interventions to feel the impact.
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