NBS: GDP Rebasing Crucial for Accurate Economic Reflection.

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

The National Bureau of Statistics (NBS) has clarified that the planned rebasing of Nigeria’s Gross Domestic Product (GDP) and Consumer Prices Index (CPI) aims to ensure economic indicators accurately reflect the evolving economy, rather than serving specific interests.

According to Statistician-General Semiu Adeniran, the rebasing exercise will incorporate new economic sectors, update consumption baskets, and refine data collection methods to align with global standards.

“This is crucial for informed decision-making, effective governance, and strategic economic planning,” he said.

The last rebasing was conducted in 2014, and the current update seeks to capture significant structural changes in the economy since then. Adeniran emphasized that rebasing is essential for maintaining relevant and accurate indicators as economies evolve and new industries emerge.

The NBS has prioritized openness and collaboration, engaging with stakeholders such as private sector operators, academia, and civil society organizations. The process aligns with the United Nations’ principles of official statistics, focusing on accountability and transparency.

Gabriel Okeowo, Country Director of BudgiT, noted that accurate data are the foundation of effective budgeting and economic planning. He stressed the need for the new GDP framework to reflect significant changes in Nigeria’s economy, such as the growth of the ICT sector and shifts in the oil and services industries.

The rebasing exercise is expected to provide a more precise picture of Nigeria’s economic landscape, enabling policymakers, businesses, and stakeholders to make informed decisions.

Adeniran emphasized that the NBS is committed to ensuring the accuracy and reliability of the data. 

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

He also noted that the NBS has been engaging with stakeholders to ensure that the rebasing exercise is transparent and inclusive.

“We have been working closely with various stakeholders, including the private sector, academia, and civil society organizations, to ensure that the rebasing exercise reflects the realities of the Nigerian economy,” Adeniran said.

The Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, had earlier advised the government against using the rebased GDP and economic reforms to downplay the seriousness of the economic challenges facing Nigerians. However, Adeniran reassured that the rebasing exercise is not intended to manipulate the economic data. 

“This exercise is not about manipulating figures to make the economy look better than it is. It is about ensuring that our economic indicators reflect the true state of the economy,” he said.

Gabriel Okeowo, Country Director of BudgIT, commended the NBS for taking steps to improve the accuracy of Nigeria’s economic data. 

“Accurate data is essential for effective economic planning and decision-making. We commend the NBS for taking steps to improve the accuracy of Nigeria’s economic data,” Okeowo said.

The rebasing exercise is expected to be completed by the end of the year, with the new GDP figures expected to be released in 2024.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post.