The National Bureau of Statistics (NBS) has announced plans to rebase Nigeria’s Consumer Price Index (CPI), Gross Domestic Product (GDP), and the Nigeria Living Standards Survey (NLSS) in an effort to reflect current economic realities.
The statistician general of the federation and CEO of NBS, Adeyemi Adeniran made the announcement during a press briefing in Abuja.
Adeniran stated, “We will rebase the GDP and CPI in November to ensure that economic data accurately reflect current realities and account for structural changes in the economy.”
He noted that economies undergo structural changes over time, and the rebasing exercise is essential for capturing these shifts.
“The rebasing exercise helps to account for these shifts, offering a more accurate snapshot of the economy’s composition,” he added.
He further explained the significance of GDP rebasing: “GDP rebasing offers significant benefits by aligning economic data with the current realities of the economy.
“It improves the accuracy of growth measurements, supports better policymaking, and enhances the credibility of economic data both domestically and internationally.”
Regarding the NLSS, which generates the national poverty headline rate and other household welfare indicators, Adeniran noted, “This year-long survey is conducted every four to five years, with the penultimate round conducted in 2018/2019 and published in 2020, producing a headline poverty rate of 40.1 percent.”
He pointed out that the last rebasing of the economy occurred in 2010, marking a gap of 14 years.
Additionally, Adeniran announced that the NBS will rebase the CPI to a reference period of 2023, updating it from the current base period of 2009. “Rebasing entails bringing the weight and price reference period closer to the current period,” he explained.
“When we say current period, we mean we want to accurately collect data that reflects the current consumption pattern of households in the country, which is expected to be done every five years.”
He also emphasised the importance of providing accurate data: “We cannot afford to give inaccurate and wrong data.”
Adeniran reassured that the current administration has never interfered with the activities of the agency despite the release of unfavourable data on the inflation rate and others.
He stressed that the NBS is committed to following global best practices and is not working to favour any government.
Boluwatife Enome
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