Posted Fri, Jan 10, 2025 8:05 AM

NESG and NBS Hosts Sensitisation Workshop on GDP and CPI Rebasing

L-R: Prince Adeyemi Adeniran, Statistician General/CEO of the National Bureau of Statistics and Mr Niyi Yusuf, Chairman, Nigerian Economic Summit Group

The Nigerian Economic Summit Group (NESG), in collaboration with the National Bureau of Statistics (NBS), hosted a landmark sensitisation workshop on Thursday, January 9, 2025, focusing on the rebasing of Nigeria’s Gross Domestic Product (GDP) and Consumer Price Index (CPI). The workshop brought together key stakeholders from public and private sectors to deepen understanding of the rebasing process, its methodology, and implications for Nigeria’s economy.

In his welcome address, Dr. Tayo Aduloju, CEO of NESG, underscored the critical importance of accurate data for driving Nigeria's economic transformation and that accurate data enhances credibility and that Investors are drawn to transparency and growth potential, and rebasing sends a clear message that leaders understand the economy and are open for business. Furthermore, Dr Aduloju noted that rebasing sharpens policymaking by providing a detailed map of our economic terrain, enabling governments to identify high-growth sectors for scaling and low-growth sectors that require targeted interventions to drive impactful and balanced development. “The NBS is a pivotal stakeholder in our country’s development. Data rebasing offers us a unique opportunity to reassess our economic fundamentals and chart a path for sustainable growth. By learning from other nations, particularly in Asia, we can align our strategies to foster resilience and inclusivity in our economic policies,” Dr. Aduloju stated.

Delivering the opening remarks, Prince Adeyemi Adeniran, Statistician-General of the Federation and CEO of NBS, emphasized the significance of the rebasing exercise. “The Rebasing is a vital exercise that ensures our economic indicators are current and accurate reflections of the economic realities on the ground. As economies evolve, new industries emerge, and consumption patterns shift, it becomes imperative to update our statistical measures to capture these changes. 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, “he said. “The rebasing exercise is designed to ensure that our economic indicators accurately reflect the current structure of our economy, incorporating new and emerging sectors, updating our consumption baskets, and refining our data collection methods. This is our responsibility as the official producer of data in Nigeria.”

The Stastistician-general reiterated the importance of reliable statistics for design, planning and implementation of policies and programs for national development. He noted that the methodology employed by the NBS is best practices across the world and they are ensuring no stone is left unturned to measure and reflect accurately the size of the Nigerian economy.

Dr. Olusegun Omisakin, NESG’s Director of Research and Chief Economist, reiterated the importance of leveraging insights from the rebased data to foster economic growth. “This workshop is the beginning of a broader dialogue aimed at creating a shared understanding of our economic realities. The lessons from rebasing will not only guide policy formulation but also enhance private-sector decision-making,” he noted.

Highlighting the technical framework for GDP rebasing, Mr. Moses Waniko, Data Analyst at NBS, explained: “Rebasing allows us to measure economic activities more accurately, ensuring that GDP calculations reflect updated prices and structures of goods and services. For this exercise, we chose 2019 as the base year due to its relative economic stability and the comprehensive data from the Nigerian Living Standards Survey conducted that year.” He also noted the broad collaboration with various ministries, agencies, and international partners in collecting and analyzing the data.

Dr. Ayo Andrew Anthony, Head of Price Statistics at NBS, shed light on the CPI rebasing process. “The CPI is crucial for tracking inflation and ensuring that price references and weights are aligned with current realities. By updating the base year to 2024, we account for the economic shifts, including the removal of subsidies, ensuring inflation rates accurately reflect market conditions,” he remarked.

The workshop also facilitated a platform for stakeholders to provide feedback, ensuring a more inclusive approach to the data rebasing process. Attendees lauded the NBS for its commitment to maintaining statistical integrity while emphasizing the need for sustained collaboration between public and private sectors. Furthermore, the sensitization workshop allowed stakeholders gain insights into how rebased GDP and CPI reflect the evolving structure of Nigeria’s economy and helped reinforce collaboration between NBS and key stakeholders to enhance the credibility and utility of statistical data.

As Nigeria continues to navigate its economic challenges, this collaborative effort between NESG and NBS underscores the nation’s commitment to data-driven policies that reflect the realities of its economy and position the country for accelerated growth.

Ayanyinka Ayanlowo

Head, Strategic Communication and Advocacy

NESG