The National Bureau of Statistics (NBS) has initiated the process of rebasing Nigeria’s Gross Domestic Product (GDP) and Consumer Price Index (CPI), a move aimed at providing a more accurate snapshot of the nation’s economic landscape. This announcement was made by the Statistician General of the Federation, Prince Adeyemi Adeniran, during a sensitization workshop held in Abuja.
Adeniran clarified that rebasing is a critical exercise in economic statistics, allowing for data alignment with current economic conditions. “Rebasing our GDP and CPI allows us to align with these transformations, providing a more precise and relevant picture of Nigeria’s economic landscape,” he stated. The rebasing process involves updating the base year used for calculating these indices to reflect changes in the economy, including shifts in consumption patterns, new industries, and technological advancements.
For the GDP, the NBS is moving from the current base year of 2010 to a more recent one, which will incorporate sectors that have significantly grown or emerged since then. This includes the digital economy, creative industries, and the informal sector, which have not been adequately captured in previous calculations. “The economy has evolved tremendously, with new sectors contributing significantly to our GDP. We must reflect this in our data to ensure policy decisions are based on accurate information,” Adeniran remarked.
Similarly, the CPI, which measures inflation by tracking price changes over time, will see its base year updated. The last rebasing of the CPI was in 2009, and since then, consumption patterns have shifted dramatically. Adeniran highlighted the importance of this update, noting, “We need to ensure our CPI basket reflects what Nigerians are buying today, not what they were buying over a decade ago. This involves updating the basket of goods and services and recalibrating weights to align with current consumption trends.”
The rebasing of these two key indicators is expected to have far-reaching implications for economic policy, investment decisions, and international comparisons. It will provide clearer understanding of sectoral contributions to the economy, help in better managing inflation, and offer a more realistic view of Nigeria’s economic health. “This process is foundational to informed policymaking, strategic planning, and effective governance,” Adeniran added.
The NBS has engaged in consultations with various stakeholders, including civil society organizations, industry leaders, and international partners, to ensure the rebasing exercise is transparent and meets global standards. The bureau is also working to build public trust in these new figures, acknowledging past skepticism around economic data.
The initiative has been met with anticipation from economic analysts and policymakers who believe a rebased GDP and CPI could reveal a more dynamic Nigerian economy, potentially elevating the country’s status in global economic rankings. However, there are concerns about how these changes might affect existing economic narratives, particularly regarding inflation rates and economic growth.
As Nigeria prepares for these significant statistical updates, the NBS has promised to release detailed methodologies and preliminary findings to foster understanding and dialogue around the new data. The exact timeline for the completion of the rebasing process was not specified, but Adeniran assured that the NBS is committed to delivering timely, accurate, and reliable statistics that reflect Nigeria’s current economic realities.
