Stakeholders share initial reactions on Nigeria’s GDP & CPI rebasing exercise

Nigeria's National Bureau of Statistics, in collaboration with the Nigeria Economic Summit Group, recently organised a sensitisation workshop aimed at updating stakeholders in the Nigerian economy about the ongoing rebasing of the GDP and Consumer Price Index. The exercise, led by Nigerian Statistician General and CEO of the National Bureau of Statistics, DME Adeniron, is focused on providing accurate measurements of the country's economy and tracking price changes. CNBC Africa had the opportunity to speak with key stakeholders in the Nigerian economy to gather their initial reactions on the progress of the rebasing exercise and the sensitisation workshop. The stakeholders expressed optimism about the impact of the rebasing exercise on the Nigerian economy. They believe that it presents an opportunity to gain a clearer understanding of the structural changes that have taken place in the economy over the years. According to one stakeholder, the rebasing exercise will not only benefit policymakers in making informed decisions but also assist businesses in aligning their strategies with the evolving economic landscape. The addition of new sectors and the inclusion of state GDP and new indexes in the Consumer Price Index are seen as positive developments that will provide a more comprehensive view of the economy. Rebasing exercises are considered crucial for achieving a more accurate representation of an economy's performance. The stakeholders highlighted the significance of updating GDP and CPI figures, which have been long overdue. They are particularly interested in seeing how sectors like the creative economy, fintech, and the digital economy are classified under the new definitions. The stakeholders anticipate that the rebasing exercise will not only reveal the size and shape of the Nigerian economy but also shed light on the level of participation across various sectors. The Director of the Centre for the Promotion of Private Enterprise, Muda Yousuf, emphasized the importance of natural resource development in driving industrial growth. He expressed confidence that the rebased GDP and CPI figures will provide valuable insights for collaboration among stakeholders to enhance the economy towards achieving the $1 trillion target by 2030. Yousuf also mentioned a legislative bill initiated by Professor Ikemonso for a 30% value addition to primary raw materials exported from Nigeria. This initiative aims to boost the economy, promote capacity building, and create job opportunities for the youth. The stakeholders' reactions reflect a shared belief in the potential transformation that the GDP and CPI rebasing exercise can bring to Nigeria's economy. The commitment to leveraging accurate data and insights from the rebased figures to drive strategic decisions and foster economic growth underscores a collective vision for a prosperous and sustainable future.