Nigeria’s overhaul of its economic indicators, including new calculations for unemployment, inflation, and GDP, has sparked debate. The National Bureau of Statistics (NBS) shifted its methods, now aligning with international standards. This includes redefining employment to encompass anyone earning income, even for brief or part-time work. While supporters, including World Bank economists, argue that the changes provide a more accurate reflection of Nigeria’s labour market, critics fear the adjustments could downplay economic struggles. Additionally, the NBS is revamping its inflation index, broadening its components, and recalculating GDP to better capture the growing informal and digital sectors. Although these reforms may lead to more favourable figures, the NBS insists they represent a clearer picture of Nigeria’s evolving economy.
Source: African Business