•Service sector holds on to 57.4% dominance as NBS delays rebasing
Nigeria’s push for non-oil growth appears to be paying off as the sector’s contribution to output grew to 95.4 per cent in the fourth quarter (Q4) of last year.

The oil sector could only contribute a paltry 4.6 per cent during the period.

The National Bureau of Statistics (NBS), which had earlier informed the public that it would soon release the rebased gross domestic product (GDP), could not keep its promise as it used the old template for the data released yesterday.

There was no explanation from the statistics office on why it failed to raise the GDP.

Analysts say the inability to release rebased GDP figures is a significant concern, noting that rebased figures are essential for providing an accurate and up-to-date picture of the economy.

They noted that the GDP figures released yesterday may not accurately reflect the current structure and size of the Nigerian economy, particularly given the rapid changes in sectors like technology and services.

The reform measures introduced by the current administration brought with it an intense hardship on the populace. With high inflation draining the purchasing power of the citizens, many businesses have either shut down or found their way out of the country, throwing many into the labour market.

https://guardian.ng/business-services/business/non-oil-pushes-gdp-up-by-3-84-in-q4/