NBS Rebases GDP and CPI for Better Policy Making

The Statistician-General of the Federation and Chief Executive of the National Bureau of Statistics (NBS), Semiu Adeyemi has reaffirmed Nigeria’s dedication to producing reliable and accurate economic data, highlighting the ongoing rebasing of the country’s Gross Domestic Product (GDP) and Consumer Price Index (CPI).

Speaking at a sensitization workshop hosted by BudgiT for Civil Society Organizations (CSOs) in Abuja, Adeyemi explained that these critical exercises are aligned with the United Nations’ Fundamental Principles of Official Statistics. The goal is to ensure that Nigeria’s economic indicators more accurately reflect the country’s evolving socio-economic landscape.

“The rebasing of our GDP and CPI is essential in capturing new industries, shifts in consumption patterns, and other important economic transformations that have taken place. These updates are vital for informed policymaking, governance, and strategic planning,” Adeyemi said during the workshop.

He emphasized that the rebasing exercises are not only foundational to understanding the nation’s economic realities but also key to making informed decisions for sustainable development. The updated indices will provide a clearer, more precise representation of Nigeria’s economy, improving the quality of data used for policy formulation.

According to Adeyemi, the NBS is conducting the rebasing process with the highest level of professionalism and in strict adherence to international standards, particularly Principle 3 of the UN’s Fundamental Principles of Official Statistics, which emphasizes accountability and transparency. “Our approach ensures that the entire process is open, rigorous, and collaborative, leaving no room for ambiguity in how we measure and report the size of our economy and the extent of price changes,” he remarked.

Reassuring stakeholders, Adeyemi stressed that the rebasing exercise is not designed to satisfy the expectations of any particular group but to offer data that truly mirrors Nigeria’s economic realities in accordance with global standards. The updated methodologies also include changes to the consumption basket and incorporate emerging sectors, refining data collection to ensure it is both relevant and comprehensive.

Country Director of BudgiT Gabriel Okeowo, called the rebasing workshop a pivotal moment for Nigeria’s economic planning. He underscored the importance of accurate data for effective budgeting and policy development, especially given the major shifts in the economy over recent years, such as the rise of the ICT sector and changes within the oil and services industries.

“Accurate data is the backbone of sound policy, and Nigeria’s evolving economy must be accurately captured in our national accounts. This is especially critical as we plan for the future and navigate the changes that have defined the last decade,” Okeowo said.

The updated GDP and CPI reports are expected to be launched by the end of January 2025, marking a significant milestone in Nigeria’s journey toward more reliable and actionable economic data.