This significant modification is a result of a process called “rebasing” under which the base year of GDP calculation was changed to 2010 from 1990. While the old GDP figures were based only on output estimates, the new once gained ten new categories reflecting spending and income. Also, the GDP structure now gives greater weight to fast-growing industries like communications and entertainment as activities like production of motion pictures, music, sound recording, publishing, arts, entertainment and recreation were included.
Main changes to the GDP structure:
1. Services sector grew to around 50 percent of total GDP from 25 percent
2. Manufacturing, which used to account for 2 percent, now stands at 7 percent
3. Mining and construction sector account for around 20 percent, half of the share under the old structure.
4. Weight of agriculture declined to 20 percent from more than 30 percent
The new figures are a proof that Nigerian economy is moving away from an oil-centered structure, yet there is still a long way ahead for the average Nigerian to feel better off.