GDP Rebase, The Optimism

So many events generate so many diverse reactions in Nigeria and when you think you are done with one another steaming event crops up and you are caught in the eye of the gossip storm. On Sunday, April 6, 2014, Nigeria rebased her GDP from the primordial date of 1990 and the ensuing reactions from Nigerians have been as predictive as usual; “whats in it for me?”

GDP or Gross Domestic Product is the total value of goods and services produced in a country within a specific period of time. GDP rebase, according to The United Nations, is the process of replacing present price structure (base year) to compile volume measures of GDP with a new or more recent base year. Countries rebase their GDP regularly to get a recent view of how their economy is faring. Nigeria lagged behind for 23 years.