This assurance was given by the Statistician General of the Federation and head of the National Bureau of Statistics (NBS), Semiu Adeniran, has assured that the rebasing of Nigeria’s Gross Domestic Product (GDP) and Consumer Price Index (CPI) will ensure that economic indicators accurately reflect the country’s current realities.
He gave the assurance during a special session with the Civil Society Organisation (CSO) community in Abuja on Monday.
The session was facilitated by BudgITng in partnership with the NBS.
Adeniran explained that the rebasing process is a critical tool for aligning statistical measurements with evolving economic dynamics. These include the emergence of new industries and shifts in consumption patterns, which are essential to capturing the true state of the economy.
“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,” Adeniran stated.
Global Director at BudgITng, Seun Onigbinde,
highlighted the importance of institutional trust in executing the rebasing exercise.
Drawing lessons from Nigeria’s previous GDP rebasing in 2014, Onigbinde noted the significant impact of policy reforms, such as telecommunications deregulation and banking sector recapitalization, which boosted the services and ICT sectors’ contributions to the economy.
He pointed out that the success of any rebasing effort depends on building public trust in the institutions responsible for its implementation.
According to Onigbinde, the last rebasing effort revealed critical insights into sectoral contributions, particularly in services and ICT, and demonstrated how policy shifts can significantly reshape the economy.
