The Nigerian Economic Summit Group (NESG), in partnership with the National Bureau of Statistics (NBS), will on Thursday this week organize a sensitisation workshop on the ongoing Gross Domestic Product (GDP) and Consumer Price Index (CPI) rebasing exercises in the country.
The workshop, which will hold in Lagos, aims to bring together stakeholders from the public and private sectors to deepen their understanding of the rebasing process, methodology, and implications for Nigeria’s economy.
The NESG, in a statement issued today on the programme, pointed out that statistics remained a major player in macroeconomic management and policymaking.
According to the group, following the United Nations Statistical Commission’s recommendation, economic indicators like GDP and CPI should be rebased every five years in order to ensure that key economic indicators reflect current economic realities, including shifts in consumption patterns, global market exposure, the introduction of new products and services, and changes in economic structures.
Further clarifying on the importance of the event, the NESG stated: “This workshop seeks to clarify misconceptions surrounding GDP and CPI rebasing and build confidence in the statistical processes behind these updates. Participants will gain insights into the revised methodologies and preliminary outcomes, equipping them to make informed decisions in both public and private sectors.
“The workshop aims to create a platform for public-private engagement on GDP and CPI rebasing, discuss key preliminary outcomes from the rebased data and their implications for decision-making and promote public awareness and foster trust in GDP and CPI rebasing processes.
“Furthermore, the workshop is expected to kick-start NESG’s citizen sensitisation and advocacy on data rebasing, pre-inform private sector and stakeholder organizations about rebased data methodologies, trends and lay the foundation for improved data credibility and advocacy in Nigeria”, it added.
Some of the prominent stakeholders that would feature at the workshop include the Statistician-General of the Federation and Chief Executive Officer of the NBS, Prince Adeyemi Adeniran, the CEO of NESG, Dr. Tayo Aduloju, and representatives from the Manufacturing Association of Nigeria (MAN), Lagos Chamber of Commerce and Industry (LCCI), Academia, Civil Society Organizations (CSOs), NESG research partners, and media professionals, among others
Experts believe that the GDP and CPI rebasing exercises are crucial to understanding Nigeria’s economic trajectory and that by updating these indicators, the data will reflect the current structure of economic activities, enabling policymakers and businesses to take data-driven decisions that foster sustainable national development.
