NIGERIA’S RE-BASED GDP IS A HOAX – MASSES ECONOMIC PAINS CONTINUE UNABATED!

   ZION B-BC

 NEWSLETTER.   

 A Publication of the Zion Faith Bible-Believing Church Kpeyegyi Abuja Nigeria.  {Vol. 14. NO 614 20^th July 2025} “…ONLY The Truth, Will Set You Free! (John.8:32).  PRAY & FAST EVERY WEDNESDAY TO STOP BLOODSHED IN NIGERIA!

 

NIGERIA’S RE-BASED GDP IS A HOAX – MASSES ECONOMIC PAINS CONTINUE UNABATED!

 

The National Bureau of Statistics, (NBS), says the nation’s Gross Domestic Product (GDP) has hit N372.82trn naira in spite of prevailing and glaring poverty rates across the land!

The government agency on 21^st July, 2025, stated that Nigeria’s economy grew by 3.13 per cent in the first quarter of 2025 from the 2.27 per cent recorded in the same period in 2024.

In nominal terms, the economy grew to N372.82 trillion from N205.09 trillion in the base year of 2019.

During the Goodluck Jonathan’s Administration, the Editorial Board of the Zion B-BC Newsletter in our publication, Vol.2.  No.37 of 27^th April 2014, titled, “NIGERIA’S RE-BASED GDP SHOULD DELIVER DIVIDENDS OF DEMOCRACY!” canvassed and advocated that the politically-crafted Gross Domestic Product (GDP) should not be another hoodwink!

 

OUR FEARS WERE CONFIRMED!

 

Eleven years down the line from Jonathan to Buhari and now Tinubu’s directionless and horrifically- corrupt regime, Nigeria’s Economy has nose-dived from Gross Domestic Product to GROSS DEMONIC PRODUCT!

Within that period, not less than 133 million Nigerians have been classified as MULTI-DIMENSIONALLY POVERTY- STRICKEN by the World Bank and International Monetary Fund (IMF), to which successive governments had become LAP DOGS!

In 2013, Nigeria’s GDP estimate was put at USD$510billiion dollars or NGN80.3 trillion naira, the highest since 1990 when it was last calculated and catapulted the country’s economy as THE LARGEST IN AFRICA and 26^th globally.

Even at that global economic elevation, a World Bank research revealed that about 100million Nigerians dwelt in abject poverty ON A PER CAPITA OF USD$1.5 dollar or NGN250 NAIRA PER DAY – which exposed that RE-BASED GDP – a total contradiction, a PAPER TIGER!

AND YET - NIGERIA ‘S 2025 RE-BASED GDP BY THE NATIONAL BUREAU OF STATISTICS (NBS), PRESENT UPGRADED FIGURES!

 

Speaking during a press briefing, the Statistician General of the Federation, Prince Adeyemi Adeniran, said the economy was rebased from the 2010 base year to 2019.

He added that by ranking the GDP estimates at the 2019 base year, Real Estate ranked third displacing Crude Oil and Natural Gas to the fifth position.

This is due to better coverage of the Real Estate informal sector. The top five activities are crop production (17.58%), trade (17.42%), real estate (10.78%), telecommunications (6.78%), and crude petroleum and natural gas (5.85%) as against crop production (19.62%), trade (15.61%), crude petroleum and natural gas (8.60%), telecommunications (8.25%), and real estate (6.24%) recorded in the previous estimates of 2019.

He added that the exercise began in 2018/2019 as economies are dynamic and change from time to time, influencing household purchase and government thus the need to rebase.

He said the informal sector increased to 42.5 per cent from 41.4 per cent.

He, however, said the rebasing is not instituted or directed by the government to meet any target but maintained that the elaborate data collection activities embarked on by the Bureau led to significant improvements in the coverage of activities such as digital economic activities, water transportation, activities of pension funds administrators, National Health Insurance Authority [NHIA], Nigerian Social Insurance Trust Fund [NSITF], activities of modular refineries, domestic households as employers of labor, informal sector activities, quarrying and other mining activities.

 

He added that in nominal terms, Nigeria’s economy was estimated at N205.09 trillion, representing a 41.1% increase from the previous base year value.

Expo: “Nominal terms” means that the much-publicized Re-Based GDP percentages are insensitive figures to further heighten the terrible hardship, suffering and hyper-inflation already created in the DOLLARIZED ECONOMY to further impoverish the downtrodden!

Whereas, Real term GDP growth in 2024, which portrayed actual costs and inflation rates of goods and services was 3.38%!

Nominal GDP measures the total value of goods and services produced in an economy using current market prices, while real GDP adjusts for inflation by using prices from a base year. Real GDP provides a more accurate picture of economic growth because it reflects changes in the quantity of goods and services produced, rather than just price fluctuations.

Naira depreciation and GDP growth

While the current GDP numbers appear high in naira terms, it is lower when converted to dollars.

 

Using the current N1, 529.53 per dollar rate, the data shows that the economy is worth $243,526,768,148.72 billion in dollar terms.

This shows that Nigeria is still behind South Africa which economy is worth $410,338 billion, Egypt with $347,342bn and Algeria with $268,885bn.

According to economic analysts, what the NBS did this time around is to aggregate all the activities in the economy using basically three approaches: the production approach, the income approach and the expenditure approach.

However, the GDP rebasing still creates a communication gap between Government and Citizens who hear that the economy is bigger, but jobs would still be scarce, inflation may not automatically drop, and living standards may not suddenly improve!

Ultimately, the challenge is not whether the GDP figure is big or small. To the ordinary person the legitimate question to ask would be: How is the bigger economy serving the people? Does it translate into jobs, affordable food, working schools, functioning hospitals, and a better life?

 

WHAT IS THE PURPOSE OF A RE-BASED  ECONOMY AMIDST RISING POVERTY RATE?

 

Despite the rise in the economy as revealed with the current re-based GDP, reports show otherwise.

The World Bank in May 2025 projected that the poverty rate in Nigeria is expected to rise by 3.6 per cent over the next five years.

This was according to the bank’s Africa’s Pulse report, released during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank in Washington, DC.

The NBS’s multi-dimensional poverty index indicated that 63% of persons living within Nigeria (133 million people) are multi-dimensionally poor.

This is in addition to the reduced purchasing power, following the removal of subsidy from premium motor spirit (PMS) also known as petroleum in 2023 and the currency has since lost almost 70% of its value against the dollar.

 

WHAT IS GROSS DOMESTIC PRODUCT (GDP)?

 

Gross Domestic Product (GDP) is the total monetary value of all final goods and services produced within a country’s borders in a specific time period, typically a year or a quarter. It serves as a key indicator of a country’s economic health and is used to gauge the size of its economy and the living standards of its population.

GDP represents the total market value of all goods and services produced within a country, including those produced for consumption, investment, government spending, and net exports (exports minus imports).

GDP helps economists, policymakers, and investors understand the overall economic activity of a nation, track its growth or decline over time, and compare it to other countries.

BUT IN NIGERIA THE PURPOSE OF GDP IS TO HOODWINK THE INFORMAL SECTOR AND COVER UP GOVERNMENT’S CHAINS OF FAILURES!

 

NBS CURRENT PRICES OF PETROLEUM PRODUCTS.

 

1.    Premium Motor Spirit (PMS), N1, 027.26.

2.    Avg price/litre. PMS (May-2025) ₦1, 758.26.

3.    Automotive Gasoline Oil (AGO) ₦2,175.29.

4.    National Household Kerosene (NHK):₦8,167.43.

5.    Liquefied Petroleum (Cooking) Gas 5Kg (LPG): N7, 985.60, subject to month-to-month and year-on-year increases at the whims and caprices of retailers and distributors)! Source: The Office of the Statistician-General.

MR. WALE EDUN SAYS ECONOMY IS ON COURSE!

 

The Minister of Finance, Wale Edun, has described the release of Nigeria’s 2024 rebased Gross Domestic Product (GDP) figures alongside the Q1 2025 growth estimate of 3.13%, as clear indicators of economic resilience and the success of ongoing reforms.

 He added that the GDP rebasing, carried out by the National Bureau of Statistics (NBS), is Nigeria’s first since 2014 and aligns with international best practices and offers a more accurate, comprehensive view of the country’s economic structure, reflecting evolving sectors such as digital technology, entertainment, and professional services. (FALSE – read early paragraphs above for the truth)!

 

THE ADVOCACY FOR CITIZENS - ORIENTED ONE HOUSE PARLIAMENTARY SYSTEM OF GOVERNMENT IN NIGERIA IS NON- NEGOTIABLE!

 

1.    This demand is gaining momentum daily while the corrupt and dirty politicians are ganging and warming up for the 2027 General Elections!

2.    On another plank, Legislators from all divides are collecting humongous allowances in the guise of amending the 1999 MILITARY PRESIDENTIAL CONSTITUTION!

3.    Mr. President on his own part is looking forward to borrowing more money in Dollars for “INFRASTRUCTURES!”

4.    AND THE ALMIGHTY GOD IS ABOUT TO “REWARD EVERYONE ACCORDING TO THEIR DEEDS” (Romans. 2:6).

 

 [EXPECT A PRIME MINISTER IN NIGERIA NOW!]

 

Please look forward to more divine revelation in the next edition of Zion B-BC Newsletter as you share this with friends and remain blessed in the Lord. [For weekly access, to this newsletter, log on to:  facebook.com/zionfaithbible.believingchurch or http://www.zfbbc1.blogspot.com,

Please look forward to divine revelations in  The Sure Word Gospel Tracts, Our divinely inspired books on the Amazon KINDLE Store Namely: The Unbroken Chain of Grace, Nigeria’s Pot Pourri (Volumes 1-5), Godly Politicking For World Peace,  and The Wedding Mascot Died

If you have not accepted the Lord Jesus Christ as your personal Lord and Saviour, don’t miss this great opportunity as you pray  this prayer: Lord Jesus; I confess that I am a sinner who needs to be saved through the grace of the New Testament in your Blood, shed on the Cross at Calvary; I renounce every sin in my life and accept you as my Lord and personal Saviour. Please forgive me and write my name in the Book of Life. Amen. If you prayed this prayer, you have been admitted into the family of sons and daughters of God, who are born-again. Congratulations!

I am yours sincerely, THE WATCHMAN Dr. David B.A. Olufon, Resident Pastor and Editor. 08130669886, 08058436756. g-mail-dvdolufon@gmail.