Nigeria’s Economic Data Overhaul: NBS Chief Highlights Transparency in GDP and CPI Rebasing

Nigeria is taking decisive steps to ensure its economic data reflects the nation’s evolving realities, according to the Statistician-General of the Federation and Chief Executive of the National Bureau of Statistics (NBS), Semiu Adeyemi. Speaking during a sensitisation workshop organised by BudgiT in Abuja, Adeyemi reaffirmed Nigeria’s dedication to producing accurate and reliable data, aligning with international best practices.

Central to this effort is the ongoing rebasing of the Gross Domestic Product (GDP) and Consumer Price Index (CPI), a process that Adeyemi said is guided by the United Nations Fundamental Principles of Official Statistics. The rebasing aims to incorporate new industries, shifts in consumption patterns, and broader economic transformations to ensure Nigeria’s economic indicators remain relevant and comprehensive.

“Rebasing our GDP and CPI allows us to align with these transformations, providing a more precise and relevant picture of Nigeria’s economic landscape,” Adeyemi stated. “This process is foundational to informed policymaking, strategic planning, and effective governance, and it is one exercise that the NBS is conducting with significant importance and professionalism.”

The NBS Chief highlighted that the bureau’s approach is anchored on transparency and accountability, adhering to Principle 3 of the UN Fundamental Principles of Official Statistics. This ensures that data collection and reporting are open, rigorous, and free from external influence.

“Our mindset in undertaking both critical assignments is in tandem with the United Nations’ fundamental principles of official statistics, particularly Principle 3, which deals with Accountability and Transparency,” Adeyemi explained. “We are committed to processes that are collaborative, rigorous, and reflective of Nigeria’s true economic realities.”

The rebasing exercise, expected to culminate in the release of updated GDP and CPI reports by January 2025, is designed to enhance the accuracy of key economic indicators. It includes updates to the consumption basket, the inclusion of emerging sectors such as ICT, and refined data collection methods.

Stakeholders across various sectors, including civil society organisations (CSOs), academia, private industry, and government agencies, attended the workshop. BudgiT’s Country Director, Gabriel Okeowo, hailed the initiative as crucial for effective economic planning.

“Accurate data is the bedrock of budgeting and development policies,” Okeowo said. “Nigeria’s economy has changed significantly in recent years, with the growth of the ICT sector and shifts in the oil and services industries. The new GDP framework must reflect these developments and other policy changes of the last decade.”

Okeowo emphasised that such updates are essential for shaping policies that respond to contemporary challenges and opportunities, ensuring that Nigeria’s economic data remains an indispensable tool for sustainable development.

As Nigeria prepares to unveil its updated GDP and CPI framework, the emphasis on transparency, collaboration, and global standards reflects a broader ambition to solidify trust in the nation’s statistical outputs, providing a robust foundation for policymaking and governance.