NIGERIA TO UNVEIL REBASED GDP, CPI MONTH END

The federal government will by the end of January 2025 unveil the rebased Nigeria’s Gross Domestic Product (GDP) and Consumer Price Index (CPI).

This was disclosed when the Nigerian Economic Summit Group (NESG), in collaboration with the National Bureau of Statistics (NBS), hosted a sensitisation workshop that brought together key stakeholders from public and private sectors to deepen understanding of the rebasing process, its methodology, and implications for Nigeria’s economy.

In his welcome address, Dr. Tayo Aduloju, CEO of NESG, underscored the critical importance of accurate data for driving Nigeria’s economic transformation and that accurate data enhances credibility, and that Investors are drawn to transparency and growth potential, and rebasing sends a clear message that leaders understand the economy and are open for business. Furthermore, Dr Aduloju noted that rebasing sharpens policymaking by providing a detailed map of our economic terrain, enabling governments to identify high-growth sectors for scaling and low-growth sectors that require targeted interventions to drive impactful and balanced development. “The NBS is a pivotal stakeholder in our country’s development. Data rebasing offers us a unique opportunity to reassess our economic fundamentals and chart a path for sustainable growth. By learning from other nations, particularly in Asia, we can align our strategies to foster resilience and inclusivity in our economic policies,” Dr. Aduloju stated.

Delivering the opening remarks, Prince Adeyemi Adeniran, Statistician-General of the Federation and CEO of NBS, emphasized the significance of the rebasing exercise. “The Rebasing is a vital exercise that ensures our economic indicators are current and accurate reflections of the economic realities on the ground. As economies evolve, new industries emerge, and consumption patterns shift, it becomes imperative to update our statistical measures to capture these changes. Rebasing our GDP and CPI allows us to align with these transformations, providing a more precise and relevant picture of Nigeria’s economic landscape. This process is foundational to informed policymaking, strategic planning, and effective governance; hence, it is one exercise that the NBS is conducting with significant importance and professionalism, “he said. “The rebasing exercise is designed to ensure that our economic indicators accurately reflect the current structure of our economy, incorporating new and emerging sectors, updating our consumption baskets, and refining our data collection methods. This is our responsibility as the official producer of data in Nigeria.”

The Stastistician-general reiterated the importance of reliable statistics for design, planning and implementation of policies and programs for national development. He noted that the methodology employed by the NBS is best practices across the world and they are ensuring no stone is left unturned to measure and reflect accurately the size of the Nigerian economy.

As Nigeria continues to navigate its economic challenges, this collaborative effort between NESG and NBS underscores the nation’s commitment to data-driven policies that reflect the realities of its economy and position the country for accelerated growth.