The National Bureau of Statistics (NBS) is currently undertaking a rebasing exercise for Nigeria’s Gross Domestic Product (GDP) and Consumer Price Index (CPI).
This initiative is aimed at ensuring that economic indicators accurately reflect the evolving structure of the country’s economy.
The Statistician-General of the Federation, Prince Semiu Adeniran, explained that the rebasing exercise is designed to: Incorporate new and emerging economic sectors, Update consumption baskets to reflect current realities and Refine data collection methods to align with global standards.
According to Adeniran, the exercise is not intended to satisfy specific expectations but to provide an accurate reflection of the Nigerian economy. This is crucial for informed decision-making, effective governance, and strategic economic planning.
The last GDP and CPI rebasing exercise was conducted in 2014. The current update seeks to capture significant structural changes in the economy since then, offering a more precise picture of Nigeria’s economic landscape.
Adeniran emphasized that rebasing GDP and CPI is essential for ensuring that these indicators remain relevant and accurate. He stated:
“As economies evolve, new industries emerge, and consumption patterns shift. It becomes imperative to update our statistical measures to reflect these changes. Rebasing allows us to align with these transformations, providing policymakers, businesses, and stakeholders with the necessary tools for strategic planning.”
He added that the process aligns with the United Nations’ principles of official statistics, particularly Principle 3, which focuses on accountability and transparency.
To ensure the success of the exercise, the NBS has prioritized openness and collaboration. Adeniran noted that the rebasing process includes active engagement with stakeholders, such as private sector operators, academia, economic analysts, media executives, civil society organizations (CSOs), and government agencies.
He urged CSOs to provide feedback and insights that could help address any concerns about the rebasing exercise. Additionally, Adeniran thanked BudgiT for its partnership in organizing the workshop that facilitated dialogue on this critical national assignment.
The Country Director of BudgiT, Gabriel Okeowo, highlighted the importance of the workshop. He noted that the exercise is critical for the nation’s economic planning, as accurate data forms the foundation of effective budgeting.
Okeowo also pointed out significant changes in Nigeria’s economy, such as the growth of the ICT sector and shifts in the oil and services industries. He stressed the need for the new GDP framework to reflect these developments and other public policy changes over the past decade.
The rebasing exercise is a strategic initiative by the NBS to produce robust, reliable, and inclusive economic data. It is a step toward ensuring that Nigeria’s economic indicators provide an accurate and dynamic representation of the country’s economic realities, thereby enabling better policy formulation and implementation for national development.
