The Statistician-General of the Federation and Chief Executive Officer of the National Bureau of Statistics (NBS), Prince Adeyemi Adeniran, on Thursday said that the statistics agency was simultaneously conducting the Gross Domestic Product (GDP) and the Consumer Price Index (CPI) rebasing exercises in furtherance of its statutory roles of providing timely and credible data for planning and national development.
Adeniran, who made this disclosure in his opening remarks at the ‘Sensitization Workshop on GDP and CPI Rebasing Organised by the Nigerian Economic Summit Group in Collaboration with NBS’ in Lagos, explained that the two exercises were intended to provide timely, accurate, and reliable statistics to inform all users, both in the public and private sector, to enable them design, plan and implement policies and programmes that will lead to the attainment of national objectives
According to him, rebasing is a vital exercise that ensures that economic indicators are current and accurately reflects the economic realities in various countries as economies evolve, new industries emerge, and consumption patterns shift, it becomes imperative to update our statistical measures to capture these changes.
Specifically, the Statistician-General explained that rebasing our GDP and CPI would allow the Bureau to align with these transformations, providing a more precise and relevant picture of Nigeria’s economic landscape.
He pointed out that the rebasing process remained crucial to informed policymaking, strategic planning, and effective governance, hence it is one exercise that the NBS is conducting with significant importance and professionalism.
Adeniran clarified: “If Nigeria is to make the desired progress and development, it is imperative that NBS, as the official producer of data, plays its role adequately in providing timely, accurate, and reliable statistics to inform all users, both in the public and private sector, to enable them design, plan and implement policies and programs that will lead to the attainment of national objectives.
“Our mindset in undertaking both critical assignments is to ensure that our processes are open, collaborative, and rigorous, making sure that, as much as possible, we leave no stone unturned in our bid to measure and report accurately, the size of economy and the level of price changes”, he added.
On the purpose of the workshop, the Statistician-General explained that it exemplified the statistics agency’s commitment to collaboration and stakeholder engagement, recognizing that the credibility and utility of the statistics are enhanced through the active participation of diverse stakeholders, including private sector operators, academia, economic experts and analysts, media executives, civil society organizations, and government.
In addition, he described the workshop as a platform for knowledge sharing, discussion, and collaboration and assured the participants that their inputs and suggestions would be considered and incorporated where necessary in the final GDP and CPI rebased reports.
Adeniran further highlighted that as the NBS continued to proceed with the finalization of the rebasing of our GDP and CPI, 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.
“Through this open process, we are further committing to maintaining an open dialogue with all stakeholders. Your feedback and insights are invaluable to us, and we are dedicated to addressing any concerns you may have regarding this exercise or any other for that matter”, he stressed.
He expressed the NBS management’s appreciation to the NESG for their partnership in organizing the workshop, and the participants, stressing that together, the stakeholders can ensure that Nigeria’s national statistics are not only robust and reliable but also reflective of the diverse and dynamic realities of the country.
The Statistician-General canvassed: “Let us work collaboratively to enhance the credibility and usefulness of our data, thereby contributing to the sustainable development and prosperity of our nation.”
