Ahead of the release of the reports of the rebasing of the nation’s Gross Domestic Product (GDP) and Consumer Price Index (CPI), the National Bureau of Statistics (NBS) has sensitised the Civil Society Organsiations (CSOs) on the importance of the exercise.
Recall that the Bureau last week disclosed that the rebased GDP and CPI would be launched by the end of this month, during which the full details of the reports would be made available to the public.
TheFact Daily reports that Nigeria carried out similar rebasing exercise in 2014, with the GDP increasing by nearly 90%, elevating the nation’s economy to $510 billion and positioning it ahead of South Africa as the largest economy in Africa.
Speaking during the Sensitisation Workshop for the CSOs organised by the BudgiT on Monday in Abuja, the Statistician-General of the Federation, Prince Adeyemi Adeniran underscored the bureau’s commitment to maintaining an open dialogue with all stakeholders on the exercise including the CSOs.
“We recognize that the credibility and utility of our statistics are enhanced through the active participation of diverse stakeholders, including private sector operators, academia, economic experts and analysts, media executives, civil society organizations, and government,” he said.
Prince Adeniran said the rebasing was a vital exercise that ensures that the economic indicators (GDP and CPI) are current and accurate reflections of the economic realities on ground.
He explained that as economies evolve, new industries emerge, and consumption patterns shift, it becomes imperative to update the nation’s statistical measures to capture these changes.
“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; hence, it is one exercise that the NBS is conducting with significant importance and professionalism,” he added.
The NBS boss noted that the Bureau’s mindset in undertaking both critical assignments was 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,” he said.
While affirming that the workshop was a platform for knowledge sharing, discussion, and collaboration, Adeniran assured the CSOs that their inputs and suggestions would be taken on board and incorporated where necessary.
