“NBS Begins Rebasing Exercise for Accurate Economic Indicators”
The National Bureau of Statistics (NBS) is currently conducting a rebasing exercise for Nigeria’s Gross Domestic Product (GDP) and Consumer Price Index (CPI) to better reflect the country’s evolving economic structure.
Prince Semiu Adeniran, the Statistician-General of the Federation, explained that the purpose of the rebasing is threefold: to incorporate new and emerging economic sectors, update consumption baskets to reflect current realities, and refine data collection methods to align with global standards.
Adeniran emphasized that the exercise is not aimed at meeting specific expectations but at providing an accurate representation of the Nigerian economy. This, he noted, is essential for informed decision-making, effective governance, and strategic economic planning.
The last rebasing of Nigeria’s GDP and CPI occurred in 2014, and the current update aims to account for significant changes in the economy since then. Adeniran explained, “As economies evolve, new industries emerge, and consumption patterns shift. It becomes imperative to update our statistical measures to reflect these changes.” He further noted that rebasing ensures that GDP and CPI indicators remain relevant and precise, benefiting policymakers, businesses, and stakeholders in their planning.
In line with the United Nations’ principles of official statistics, particularly Principle 3 on accountability and transparency, the NBS has prioritized openness throughout the process. Adeniran mentioned that active collaboration with stakeholders—ranging from private sector operators to civil society organizations (CSOs)—is critical to the exercise’s success.
Gabriel Okeowo, the Country Director of BudgiT, highlighted the importance of the exercise for Nigeria’s economic planning. Okeowo noted the significance of reflecting recent developments, such as growth in the ICT sector and changes in the oil and services industries, within the new GDP framework.
The rebasing initiative is seen as a crucial step toward ensuring that Nigeria’s economic data is robust, reliable, and inclusive. It is expected to enhance the accuracy of the country’s economic indicators, allowing for better policymaking and more effective implementation of national development strategies.
