By Tony Obiechina Abuja
The National Bureau of Statistics (NBS) has explained that the plan to rebase the country’s gross domestic product (GDP) and the consumer prices index (CPI) is not to satisfy any interest but to ensure that economic indicators accurately reflect the evolving structure of the economy.
The Statistician-General of the Federation (SG), Semiu Adeniran, gave the explanation in Abuja at the sensitisation workshop on GDP and CPI rebasing organised by BudgiT, a non-profit organisation promoting transparency and accountability in budget and public resources.
Adeniran said the rebasing exercise is designed to incorporate new and emerging economic sectors, update consumption baskets to reflect current realities and refine data collection methods to align with global standards.
The explanation came after the Director-General of the Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, advised the Nigerian government against using the rebased GDP and economic reforms to downplay the seriousness of the economic challenges facing Nigerians.
The Statistician-General said the exercise is not intended to satisfy specific expectations but to provide an accurate reflection of the Nigerian economy.
“This is crucial for informed decision-making, effective governance and strategic economic planning,” he said, adding that the last rebasing was conducted in 2014.
He noted that the current update seeks to capture significant structural changes in the economy since then, offering a more precise picture of Nigeria’s economic landscape.
Adeniran said that rebasing was essential for ensuring that the indicators remain relevant and accurate.
He said, “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”
Adeniran added that the process aligns with the United Nations’ principles of official statistics, particularly Principle 3, which focuses on accountability and transparency.
The NBS boss said to ensure the success of the exercise, the NBS has prioritised openness and collaboration, noting that the process includes active engagement with stakeholders, such as private sector operators, academia, economic analysts, media executives, civil society organisations (CSOs) and government agencies.
He urged CSOs to provide feedback and insights that could help to address any concerns about the rebasing exercise.
The Country Director of BudgiT, Gabriel Okeowo, noted that the exercise was critical for the country’s economic planning, as accurate data are the foundation of effective budgeting.
Okeowo also noted the significant changes in Nigeria’s economy, such as the growth of the ICT sector and shifts in the oil and services industries.
He stressed the need for the new GDP framework to reflect the developments and other public policy changes over the past decade.
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