Earlier this year, Nigeria quietly carried out one of the most important economic exercises in over a decade: the rebasing of its Gross Domestic Product (GDP). On the surface, it may appear to be a technical statistical update, the kind that excites economists but leaves most people unmoved. In reality, GDP rebasing is far more consequential. It is a recalibration of how Nigeria sees itself economically and how the rest of the world understands the country’s true productive capacity. The last time Nigeria undertook this exercise was in 2014, using 2010 as the reference year. Since then, the economy has changed dramatically. Entirely new sectors have emerged, consumption patterns have shifted, and technology has reshaped how value is created. Updating the base year to 2019 was therefore not just overdue, it was necessary. A helpful way to think about GDP rebasing, as discussed recently on the Entrepreneurship Policy Pod by the Faith Institute of Faith Foundation, is to imagine updating a family photograph taken many years ago. The child in that old picture is now an adult. New members have joined the family. If the photograph is not refreshed, it no longer tells the true story. Nigeria’s economy has undergone a similar transformation, and rebasing allows that evolution to finally be reflected in the data.