NBS: GDP & CPI rebasing designed to reflect economic indicators accurately

Nigeria's National Bureau of Statistics (NBS), in collaboration with the Nigerian Economic Summit Group, recently conducted a sensitization workshop to update stakeholders in the Nigerian economy on the ongoing process of rebasing the Gross Domestic Product (GDP) and Consumer Price Index (CPI). Adeyemi Adeniran, the Statistician-General and CEO of the NBS, emphasized the importance of accurately measuring and reporting the size of the Nigerian economy and price changes. Adeniran highlighted the commitment to collaboration and stakeholder engagement, acknowledging the significance of diverse participation in enhancing the credibility and utility of statistical data. The rebasing exercise aims to ensure that economic indicators accurately mirror the current structure of the economy, encompassing new and emerging sectors that were previously not well-captured. With the establishment of new ministries under the current administration, such as marine economy, communications, digital economy, arts, entertainment, and culture, efforts have been made to capture the activities of these sectors meticulously. The NBS is also updating the consumption baskets used for calculating inflation, with around 740 items being reviewed for potential upgrades. Moreover, the methodology employed for GDP and CPI calculations is under scrutiny, with a possibility of adjustments to align with current standards. Adeniran emphasized the openness of the process and the organization's dedication to maintaining a dialogue with stakeholders, valuing their feedback and insights to enrich the rebasing exercises and ensure the accuracy of economic indicators.