The Statistician-General of the Federation, Prince Adeyemi Adeniran has said rebasing the country’s Gross Domestic Product (GDP) and Consumer Price Index (CPI) modules of compilation is not targeted to please the president or people within the corridors of power in Nigeria.
Adeniran had announced that the GDP rebasing is a vital exercise that ensures economic indicators are current and accurate reflections of the economic realities on the ground.
“As economies evolve, new industries emerge, and consumption patterns shift”, Adeniran said it becomes imperative to update Nigeria’s statistical measures to capture these changes.
Speaking at the BudgiT Sensitisation Workshop on the Rebasing of Gross Domestic Product (GDP) and Consumer Prices Index (CPI) in Abuja, Adeniran said the efforts at rebasing the economic indicators are not to please anyone but to ensure accurate measurements.
His words: “As we finalise this process of the rebasing of our GDP and CPI estimates, I want to highlight this key point.
“The rebasing exercise is designed to ensure that our economic indicators accurately reflect the current structure of our economy, incorporating new and emerging sectors, updating our consumption baskets, and refining our data collection methods.
“It is not to suit the expectations of anyone or entity, but simply to measure accurately in line with the global standards and practice. This is our responsibility as the official producer of data in Nigeria.”
While the two indicators and their computation procedures are highly technical, the NBS boss noted that both affect the daily livelihoods of citizens across the country, particularly the most vulnerable.
“If Nigeria is to make the desired progress and development, it is imperative that NBS, as the official producer of data, plays its role adequately in providing timely, accurate, and reliable statistics to inform all users, be it users in the public sector, or the private or third sector.
“This will enable them to design, plan, and implement policies and programs that will lead to the attainment of national objectives for the benefit of Nigerians” he added
Adeniran reiterated professionalism towards the process and charged stakeholders, Civil Society Organisations (CSOs) for their support while noting critical feedback and insights are needed towards the debase success.
He said, “This workshop is a platform for knowledge sharing, discussion, and collaboration. You can rest assured that your inputs and suggestions will be taken on board and incorporated where necessary.
“This process is foundational to informed policymaking, strategic planning, and effective governance; hence, it is one exercise that the NBS is conducting with significant importance and professionalism.”
The statistician general highlighted the driving force in the decision to undertake the rebasing of the economy. He said, “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.
“This approach essentially means that our processes are open, collaborative, and rigorous, making sure that, as much as possible, we leave no stone unturned in our bid to measure and report accurately, the size of the economy and the level of price changes.”
