Nigeria’s GDP, CPI Rebasing Aligned with UN Standards, Says Statistician-General

Kehinde Fajobi

The Statistician-General of the Federation, Prince Semiu Adeyemi, has reaffirmed Nigeria’s commitment to producing reliable economic data.

He stated that the ongoing rebasing of the Gross Domestic Product (GDP) and Consumer Price Index (CPI) aligns with the United Nations Fundamental Principles of Official Statistics.

Adeyemi shared these insights at a workshop organised by BudgiT for Civil Society Organisations (CSOs) in Abuja on Monday. The event, held at Wetland Hotel, Wuye, aimed to raise awareness on the importance of accurate economic indicators.

He explained that the rebasing of the GDP and CPI is vital for ensuring that Nigeria’s economic data reflects the country’s evolving economic landscape.

He noted that the process accounts for new industries, consumption shifts, and other economic changes critical for informed policymaking.

“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,” Adeyemi said.

Adeyemi further highlighted that the National Bureau of Statistics (NBS) has conducted the rebasing process in line with global standards, particularly Principle 3 of the UN Fundamental Principles of Official Statistics, which focuses on accountability and transparency.

“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,” he explained.

He assured that the NBS is committed to a transparent and rigorous approach, ensuring reliable and accurate data.

Adeyemi also stressed that the rebasing is not aimed at satisfying any specific group’s expectations but to deliver data that reflects Nigeria’s economic reality according to international standards.

The workshop brought together a diverse group of stakeholders, including representatives from CSOs, academia, the private sector, and government agencies.

Adeyemi pointed out that the rebasing exercise includes updates to the consumption basket, incorporates emerging sectors, and refines data collection methods to keep indicators comprehensive and current.

He praised BudgiT for organising the event, calling for continued collaboration among stakeholders to improve Nigeria’s statistical system.

Gabriel Okeowo, BudgiT’s Country Director, underscored the importance of the workshop in supporting Nigeria’s economic planning.

He stated, “Accurate data remains the bedrock of effective budgeting and development policies.”

Okeowo highlighted Nigeria’s evolving economic landscape, referencing the growth of the ICT sector and changes in the oil and services industries.

He emphasised the need for the new GDP framework to reflect these developments alongside public policy shifts over the past decade.

The updated GDP and CPI reports are expected to be launched by the end of January 2025.

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