By Luminous Jannamike
ABUJA – The African Democratic Congress (ADC) has raised concerns over Nigeria’s recent GDP rebasing exercise, cautioning that it should not be interpreted as a sign of economic progress in the face of persistent economic challenges.
In a statement issued Tuesday, the ADC said while the rebasing may improve statistical indicators such as the debt-to-GDP ratio, it does not address critical issues such as food inflation, widespread poverty, and infrastructure deficits.
The statement, signed by ADC’s National Publicity Secretary, Mallam Bolaji Abdullahi, questioned the relevance of the rebased GDP figures to the everyday realities of Nigerians.
“Economic growth should be felt by citizens in terms of improved living standards, not just through numbers. If the figures don’t translate into better outcomes in households and markets, then we must ask what kind of growth we are celebrating,” Abdullahi said.
The party noted that after a previous rebasing in 2014, Nigeria’s GDP stood at $509 billion, placing it as Africa’s largest economy. In contrast, the recent rebasing pegs it at $244 billion, behind South Africa, Egypt, and Algeria.
While acknowledging that the nominal GDP increased to ₦373 trillion, the ADC maintained that the real value of the economy has been impacted by currency devaluation and rising inflation, which have reduced citizens’ purchasing power.
The party also pointed to a decline in GDP per capita, which it said fell from $3,223 in 2014 to about $1,000 currently.
“The rebasing may improve fiscal metrics on paper, but it does not eliminate the need for prudent economic management. What Nigeria requires now is focused policy implementation and fiscal discipline,” the statement added.
The ADC further called on the Federal Government to prioritize structural reforms and economic diversification, particularly in agriculture, manufacturing, and infrastructure.
It also expressed concerns over the process and timing of the rebasing announcement, urging the government to adopt a more inclusive and transparent approach in future economic policy disclosures.
The party concluded by reiterating the need for measurable, inclusive growth that genuinely impacts citizens’ lives, noting that statistics should reflect—not replace—real progress.
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