The Nigerian Economic Summit Group (NESG) has highlighted the socioeconomic benefits of the ongoing rebasing of Nigeria’s Gross Domestic Product (GDP) and Consumer Price Index (CPI) by the National Bureau of Statistics (NBS) to the nation’s economy and urges all stakeholders to support the statistics agency to ensure successful completion of the two exercises.
In his welcome address at the one-day ‘Sensitization Workshop on GDP and CPI Rebasing’ organised by the NESG in collaboration with NBS in Lagos , the CEO of NESG, Dr. Tayo Aduloju, 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.
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.
He expatiated: “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.”
In opening remarks at the event, Statistician-General of the Federation and CEO of NBS, Prince Adeyemi Adeniran, described “rebasing as a vital exercise that ensures our economic indicators are current and accurate reflections of the economic realities on the ground.
He said: “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.
“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”, Adeniran added.
The Statistician-General reiterated the importance of reliable statistics for design, planning and implementation of policies and programs for national development, adding that the methodology employed by the NBS is in line with global best practices to measure and report accurately the size of the Nigerian economy.
Speaking at the forum, NESG’s Director of Research and Chief Economist, Dr. Olusegun Omisakin, harped on the importance of leveraging insights from the rebased data to foster economic growth.
He described the workshop as the beginning of a broader dialogue aimed at creating a shared understanding of our economic realities, adding that the lessons from rebasing will not only guide policy formulation but also enhance private-sector decision-making.
Highlighting the technical framework for GDP rebasing, a data analyst at the statistics agency, Mr. Moses Waniko, said: “Rebasing allows us to measure economic activities more accurately, ensuring that GDP calculations reflect updated prices and structures of goods and services. For this exercise, we chose 2019 as the base year due to its relative economic stability and the comprehensive data from the Nigerian Living Standards Survey conducted that year.”
He spoke on the collaboration between the Bureau and various ministries, departments and agencies (MDAs), as well as some development partners, particularly the World Bank, in collecting and analyzing the data for the rebasing exercises.
Similarly, Head of Price Statistics at NBS, Dr. Ayo Anthony, made clarifications on the CPI rebasing processes.
Specifically, he explained that “the CPI rebasing is crucial for tracking inflation and ensuring that price references and weights are aligned with current realities. By updating the base year to 2024, we account for the economic shifts, including the removal of subsidies, ensuring inflation rates accurately reflect market conditions.
Participants at the workshop commended the NBS for its commitment to maintaining Nigeria’s statistical integrity while emphasizing the need for sustained collaboration between public and private sectors.
The forum availed the stakeholders to understand how rebased GDP and CPI rebasing exercises reflect the evolving structure of Nigeria’s economy and helped in strengthening collaboration between NBS and key stakeholders to enhance the credibility and utility of statistical data for Nigeria’s development.
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.
