…Rebasing report expected November
The National Bureau of Statistics (NBS), on Thursday, said the decision to rebase the Gross Domestic Product (GDP) and Consumer Price Index (CPI) was to ensure that the economic data accurately reflect current realities and account for structural changes in the economy.
Adeyemi Adeniran, the statistician-general of the Federation/CEO, NBS, stated this at a media sensitisation programme in Abuja.
Adeniran noted that the initiative ensures the accuracy of growth measurements and supports better policymaking.
BusinessDay recalls that the last rebasing was done about six years ago in 2018/2019, while the next rebasing is expected to be completed in November, this year
“Economies as you know undergo structural changes over time (for example the growth of the tech sector, and the decline of traditional manufacturing). The rebasing exercise helps to account for these shifts, offering a more accurate snapshot of the economy’s composition.
“GDP rebasing offers significant benefits by aligning economic data with the current realities of the economy. It improves the accuracy of growth measurements, supports better policymaking, and enhances the credibility of economic data both domestically and internationally.
“In so doing, the output of the process will reflect an accurate picture of living conditions and the state of the economy in Nigeria, enhance the understanding of emerging sectors and economic activities, and satisfy the needs of all users of the data.
Read also: Nigeria’s 51% debt-to-GDP ratio seen falling in 2025
He explained that the methodology for rebasing the GDP and CPI involves updating the base year to reflect current economic conditions and consumption patterns.
He further explained that the methodology differs from the old approach by ensuring more accurate and relevant economic data and that irrespective of the outcome.
Addressing the misconception that NBS produces data to favour the government, he assured that the figures to be released were a true reflection of things and the NBS would continue to be credible in its reporting.
He noted that the bureau was not compromised by any government entity and was committed to being objective and professional in data production.
“This is a professional office, so we have nothing to do with politics. We don’t follow that; we are not politicians.”
He stated that contrary to popular misconceptions, delivering accurate data was essential for effective governance and policies and tampering with data to favour any government would not properly inform the government’s decision-making.
“For any government that wants to do a good job, is it by giving them wrong data that we are helping them? No, that cannot be.
“We will continue to remain objective, open, transparent, and professional in our work, as that is the only currency that we have as the national statistical agency for the country. Our door will ever remain open for clarity, input, and any other useful suggestions aimed at adding value to the work that we do.”
He added that “The methodology for computing the estimates requires enumerators to visit selected households across the country to record their consumption and expenditure, through a 7-day recall process. This data collection is done for a year to enable the capture of seasonal variations in household consumption and expenditure. The information collected at the end of the 12 months is then aggregated and appropriately weighted to generate the total national consumption
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