- Outlines Benefits Of Rebasing To The Economy
By Angeline Mgbele,
The measurement of both the domestic national product(GDP) and consumer price index(CPI) is critical to ensuring that government, policymakers, CSOs, and all other users, have the accurate and most recent numbers, to enable them track the impact of their policies and programmes, as well as their’ implications on the citizens.
The Statistician-General of the Federation(SGF) Semiu Adeyemi Adeniran made the remark at the Sensitization Workshop on the Rebasing of Gross Domestic Product (GDP) and Consumer Prices Index (CPI) Organised by BudgiT, held at Wetland Hotel Wuse, Abuja, Monday.
According to Mr. Adeniran,, the National Bureau of Statistics (NBS), pursuant to its statutory mandate, had for some time now, been engaged in the process of these two rebasing exercises – for GDP and CPI. While these two indicators and their computation procedures were highly technical, he said, they however affected the daily livelihoods of citizens across the country, particularly the most vulnerable.
The rebasing, he said, was a vital exercise that ensured these economic indicators (GDP and CPI) were current and accurate reflections of the economic realities on the ground. His words: “As economies evolve, new industries emerge, and consumption patterns shift, it becomes imperative to update our 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.
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 in the private or third sector. This will enable them to design, plan, and implement policies and programmes that will lead to the attainment of national objectives for the benefit of Nigerians.
“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.
Today’s workshop exemplifies our commitment to this openness, collaboration, and stakeholder engagement. 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.
“As we finalize 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.
“Through this open process, we are further committing to maintaining an open dialogue with all stakeholders including CSOs. Your feedback and insights are invaluable to us, and we are dedicated to addressing any concerns you may have regarding this exercise or any other for that matter.
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.
“In conclusion, I would like to extend my heartfelt thanks to the BudgiT for their partnership in organizing this workshop, and to all of you for your presence and active participation. Together, we can ensure that our national statistics are not only robust and reliable but also reflective of the diverse and dynamic realities of Nigeria.
Let us work collaboratively to enhance the credibility and usefulness of our data, thereby contributing to the sustainable development and prosperity of our nation.”
