From Isaac Anumihe, Abuja
Ahead of the rebasing of the Gross Domestic Product (GDP) and the Consumer Price Index (CPI), Statistician General of the Federation (SG), Prince Adeyemi Adeniran, stated today that the essence of the exercise is to enable policymakers to make informed decisions and take sound economic actions.
Speaking at a sensitisation workshop on the rebasing of GDP and CPI in Abuja, the SG highlighted that the process is foundational to informed strategic planning and effective governance.
He explained that rebasing these two critical economic indicators is essential for achieving progress and development, emphasising the role of the National Bureau of Statistics (NBS) in providing timely, accurate, and reliable data to all users, whether in the public, private, or third sectors.
“This will enable them to design, plan, and implement policies and programmes that will lead to the attainment of national objectives for the benefit of Nigerians.
“Rebasing our GDP and CPI allows us to align with these transformations, providing a more precise and relevant picture of Nigeria’s economic landscape. This process is foundational to informed policymaking, strategic planning, and effective governance. Hence, it is one exercise that the NBS is conducting with significant importance and professionalism.
“As most of you are already aware, the National Bureau of Statistics (NBS), in line with our statutory mandate, has for some time now been engaged in the process of these two rebasing exercises – for GDP and CPI. While these two indicators and their computation procedures are highly technical, they, however, affect the daily livelihoods of citizens across the country, particularly the most vulnerable. Hence, the measurement of these indicators is critical to ensuring that government, policymakers, civil society organisations (CSOs), and all other users have the accurate and most recent numbers to enable them to track the impact of their policies and programmes, as well as their implications on the citizens,” he said.
He added that the rebasing exercise is vital for ensuring that GDP and CPI reflect the current economic realities. “As economies evolve, new industries emerge, and consumption patterns shift, it becomes imperative to update our statistical measures to capture these changes,” the SG noted.
According to Adeniran, the rationale for embarking on the project is to align with the United Nations’ fundamental principles of official statistics.
“Our mindset in undertaking both critical assignments is in tandem with the United Nations’ fundamental principles of official statistics, particularly Principle 3, which deals with accountability and transparency.
“This approach essentially means that our processes are open, collaborative, and rigorous, ensuring that, as much as possible, we leave no stone unturned in our bid to measure and report accurately the size of the economy and the level of price changes,” the NBS noted.