GDP rebasing, CPI reports to ensure clear indicators of Nigeria’s economy, says NBS

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.
This assurance was given by Semiu Adeniran, the Statistician General of the Federation and head of the National Bureau of Statistics (NBS), during a special session with the Civil Society Organization (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 remarked.
GDP rebasing, which involves updating the base year used to calculate national output, is particularly vital for economies like Nigeria, where structural changes in industries such as technology, services, and manufacturing continue to redefine economic contributions.
Seun Onigbinde, Global Director at BudgITng, emphasized 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 noted that the success of any rebasing effort depends on building public trust in the institutions responsible for its implementation.
He said 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.