Business Why Nigeria Delayed GDP Rebasing for Twenty-Four Years - ThisDay Live

Vunderkind

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The Gross Domestic Product (GDP) rebased figures which will be released today is coming after a 24-year wait as the last rebasing exercise was done in 1990. Though it was meant to be done again in 2000 but was shelved due to some "strategic economic considerations", people familiar with the strategy told THISDAY.

THISDAY gathered that the exercise was shelved in 2000 in order to pursue debt relief from the Paris Club and multilateral lenders. The thinking of the economic team then was that a revised GDP for the country would have pushed the economy into the category of the medium income economies which would have made the country forfeit its eligibility for access to aid and grants from international organisations such as the International Monetary Fund (IMF) and the African Development Bank (AfDB), as well as debt relief or forgiveness which was being considered at the time by the G8 group of industrilised nations.

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Source: ThisDay Newspaper
 

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