The federal government is set to rebase the country’s Consumer Price Index (CPI) and Gross Domestic Product (GDP) by 2025 to enhance policy accuracy and boost investor confidence.
The Ministry of Finance disclosed in a statement on its X (formerly Twitter) account following a meeting with Adeyemi Adeniran, the Statistician General of the Federation, and his team.
According to the Ministry, Adeniran met with Minister Wale Edun to provide a comprehensive update on the ongoing rebasing of the CPI and GDP.
The Ministry further announced that the validation and launch are scheduled for early 2025.
“The Statistician-General of the Federation, Prince Adeyemi Adeniran, and his team met with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, at Finance HQ earlier today to present a comprehensive update on the ongoing rebasing of the Consumer Price Index (CPI) and Gross Domestic Product (GDP).
“Set for validation and launch in early 2025, these updated frameworks are expected to strengthen Nigeria’s economic management systems and solidify its position as a leading economic force in Africa,” the Ministry said.
Accordingly, the Ministry stated that the rebasing effort will also deliver economic benefits for the country. It highlighted that the update will boost investor confidence by providing a clearer and more reliable depiction of the economy.
It further noted that the exercise will enhance global comparability by aligning Nigeria’s economic indicators with international standards.
“The rebasing of the CPI and GDP promises substantial economic benefits, including enhanced policy accuracy through more precise fiscal and monetary data, increased investor confidence with a clearer and more reliable depiction of the economy, and improved global comparability by aligning Nigeria’s economic indicators with international standards.”
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