THE Statistician General of the Federation, Prince Adeyemi Adeniran yesterday revealed that the National Bureau of Statistics (NBS) is rebasing the Gross Domestic Product (GDP) and Consumer Price Index (CPI), noting it is to reflect of the current structure of the country’s economy.
He made this known during the Sensitization Workshop on the Rebasing of Gross Domestic Product (GDP) and Consumer Prices Index (CPI) Organised by BudgiT, Abuja.
He said the efforts at rebasing the economic indicators are not to please anyone but to ensure accurate measurements.
His said: “As we finalize this process of the rebasing of our GDP and CPI estimates, I want to highlight this key point.
“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.
“It is not to suit the expectations of anyone or entity, but simply to measure accurately in line with the global standards and practice. This is our responsibility as the official producer of data in Nigeria.”
He however noted that through the sensitization workshop, the NBS has opened dialogue with all stakeholders including Civil Society Organizations (CSOs).
Seeking the stakeholders’ feedback, Adeniran said: “Your feedback and insights are invaluable to us, and we are dedicated to addressing any concerns you may have regarding this exercise or any other for that matter.
“This workshop is a platform for knowledge sharing, discussion, and collaboration. You can rest assured that your inputs and suggestions will be taken on board and incorporated where necessary.”
He said the NBS in line with its statutory mandate, has for some time, been engaged in the process of these two rebasing exercises – for GDP and CPI.
According to him, while the two indicators and their computation procedures are highly technical, they however affect the daily livelihoods of citizens across the country, particularly the most vulnerable.
He stressed that the measurement of the indicators is critical to ensuring that government, policymakers, CSOs, and all other users, have the accurate and most recent numbers, to enable them to track the impact of their policies and programs, as well as their’ implications on the citizens.
Continuing, Adeniran said: “The rebasing is a vital exercise that ensures these economic indicators (GDP and CPI) 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.
“If Nigeria is to make the desired progress and development, it is imperative that NBS, as the official producer of data, plays its role adequately in providing timely, accurate, and reliable statistics to inform all users, be it users in the public sector, or in the private or third sector.
“This will enable them to design, plan, and implement policies and programs that will lead to the attainment of national objectives for the benefit of Nigerians.
“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, making sure 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.”