We’re not rebasing GDP to satisfy any interest – NBS

The National Bureau of Statistics (NBS) has explained that the plan to rebase the country’s gross domestic product (GDP) and the consumer price index (CPI) is not to satisfy any interest but to ensure that economic indicators accurately reflect the evolving structure of the country’s economy.

The Statistician General of the Federation (SG), Prince Semiu Adeniran, gave this explanation in Abuja on Monday at the sensitization workshop on the rebasing of the GDP and CPI organized by BudgiT, a tech nonprofit organization promoting transparency and accountability in budget and public resources.

He 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.

Adeniran’s explanation comes shortly after the Director-General of the Manufacturers Association of Nigeria (MAN), Mr. Segun Ajayi-Kadir, advised the Nigerian government against using the rebasing of the Gross Domestic Product calculation and other economic reforms to downplay the seriousness of the economic challenges facing Nigeria.

But 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 GDP and CPI rebasing exercise 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 GDP and CPI is essential for ensuring that these indicators remain relevant and accurate.

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

He added that the process aligns with the United Nations’ principles of official statistics, particularly Principle 3, which focuses on accountability and transparency.

He said to ensure the success of the exercise, the NBS has prioritized openness and collaboration. He noted that the rebasing process includes active engagement with stakeholders, such as private sector operators, academia, economic analysts, media executives, civil society organizations (CSOs), and government agencies.

He urged CSOs to provide feedback and insights that could help address any concerns about the rebasing exercise.

He thanked BudgiT for its partnership in organizing the workshop that facilitated dialogue on this critical assignment.

The Country Director of BudgiT, Gabriel Okeowo, spoke of the importance of the workshop. He noted that the exercise is critical for the nation’s economic planning, as accurate data forms 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 these developments and other public policy changes over the past decade.

The rebased GDP and CPI will be unveiled at the end of this month by the NBS.