On January 9, 2025, the Nigerian Economic Summit Group (NESG) and the National Bureau of Statistics (NBS) held a landmark workshop on rebasing Nigeria’s Gross Domestic Product (GDP) and Consumer Price Index (CPI). The event convened key stakeholders from public and private sectors to discuss the rebasing process, methodology, and implications for Nigeria’s economic trajectory.
Dr. Tayo Aduloju, CEO of NESG, emphasized that accurate data strengthens economic credibility and attracts investments. He stated, “Rebasing enhances our understanding of the economy, guiding leaders to identify high-growth sectors and address challenges in low-growth areas. This aligns with sustainable development goals and fosters resilience in economic policies.”
Prince Adeyemi Adeniran, Statistician-General of the Federation and CEO of NBS, highlighted the significance of the rebasing exercise. “Rebasing ensures our economic indicators reflect current realities, capturing new industries, consumption shifts, and evolving economic structures,” he remarked. Adeniran stressed that the NBS’s methodology aligns with global best practices to ensure accurate and relevant economic data for policymaking and strategic planning.
Mr. Moses Waniko, Data Analyst at NBS, outlined the GDP rebasing process, explaining that 2019 was chosen as the base year due to its relative economic stability and robust data from the Nigerian Living Standards Survey. He noted that rebasing ensures GDP calculations reflect updated goods, services, and pricing structures.
Dr. Ayo Andrew Anthony, Head of Price Statistics at NBS, elaborated on CPI rebasing. By updating the base year to 2024, the CPI now accounts for significant economic shifts, such as subsidy removal, ensuring inflation rates better reflect market conditions.
The workshop provided a platform for stakeholder feedback, emphasizing inclusivity in the rebasing process. Attendees praised the NBS for its commitment to statistical integrity while underscoring the importance of sustained collaboration between public and private sectors.
The insights from rebased GDP and CPI are expected to guide effective policymaking, enhance private-sector decision-making, and support Nigeria’s pursuit of data-driven economic growth.
This initiative underscores Nigeria’s commitment to aligning its economic framework with global standards, ensuring transparency and fostering accelerated development.
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