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UncategorizedRebase Is To Reflect The Evolving Structure Of The Country’s Economy –...

Rebase Is To Reflect The Evolving Structure Of The Country’s Economy – NBS

27 January 2025

The National Bureau of Statistics, NBS, has said that the plan to rebase the country’s gross domestic product, GDP, and the consumer price index, CPI, is geared towards ensuring that economic indicators accurately reflect the evolving structure of the country’s economy.

The Statistician General of the Federation, Prince Semiu Adeniran, gave the assurance on Monday at the sensitization workshop on the rebasing of the GDP and CPI organized by BudgiT, a tech nonprofit organization promoting transparency and accountability in budget and public resources in Abuja.

He explained that the rebasing exercise is designed 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’s assurance is coming at the backdrop of Director-General of the Manufacturers Association of Nigeria (MAN), Mr. Segun Ajayi-Kadir, advise to the Nigerian government against using the rebasing of the Gross Domestic Product calculation and other economic reforms to downplay the seriousness of the economic challenges facing Nigeria.

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However, Statistician General said the exercise is not intended to satisfy specific expectations but to provide an accurate reflection of the Nigerian economy.

“This is crucial for informed decision-making, effective governance, and strategic economic planning,” he said, adding that the last GDP and CPI rebasing exercise was conducted in 2014.

He noted that the current update seeks to capture significant structural changes in the economy since then, offering a more precise picture of Nigeria’s economic landscape.

Adeniran said that rebasing GDP and CPI is essential for ensuring that these indicators remain relevant and accurate.

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“As economies evolve, new industries emerge, and consumption patterns shift. It becomes imperative to update our statistical measures to reflect these changes,” he said. “Rebasing allows us to align with these transformations, providing policymakers, businesses, and stakeholders with the necessary tools for strategic planning.”

He added that the process aligns with the United Nations’ principles of official statistics, particularly Principle 3, which focuses on accountability and transparency.

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