Nigeria is undergoing a crucial economic data transformation, and at the forefront is Prince Semiu Adeyemi, the Statistician-General of the Federation.
Speaking passionately at a sensitisation workshop organised by BudgiT in Abuja on Monday, Adeyemi underscored the government’s dedication to ensuring that the nation’s economic indicators reflect its true realities.
The event drew a diverse audience, including representatives from civil society organisations, academia, private sector players, and government agencies. The focus? Nigeria’s ongoing rebasing of its Gross Domestic Product (GDP) and Consumer Price Index (CPI), a process aimed at capturing the country’s evolving economic landscape.
“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 explained.
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He highlighted the importance of tracking shifts in industries, consumption patterns, and other economic changes, stating that the exercise is pivotal for informed policymaking, strategic planning, and governance.
This rebasing effort, Adeyemi assured, is being conducted with utmost professionalism and adherence to international standards, particularly the United Nations Fundamental Principles of Official Statistics. He emphasized transparency and accountability as cornerstones of the National Bureau of Statistics’ (NBS) approach, citing Principle 3 of the UN guidelines as a guiding framework.
“Our processes are open, collaborative, and rigorous,” he said. “This ensures that we leave no stone unturned in measuring and reporting the size of the economy and the level of price changes accurately.”
Rebasing involves updating the base year used to calculate economic indicators to reflect current realities. For Nigeria, this means incorporating emerging industries, updating consumption baskets, and refining data collection methods. Adeyemi stressed that the aim is not to meet the expectations of specific groups but to provide data that mirrors the country’s actual economic conditions.
By including previously overlooked sectors and adjusting for modern consumption trends, the rebasing exercise will deliver a more comprehensive and reliable picture of Nigeria’s economy. This data, Adeyemi noted, is critical for effective governance and investment decisions.
The workshop was a platform for collaboration, bringing together stakeholders from various sectors to discuss the rebasing process and its implications. Adeyemi commended BudgiT for organising the event, calling for continued partnerships to improve the quality of Nigeria’s statistics.
“We cannot overstate the importance of collaboration in this process,” he said. “With input from civil society, the private sector, and government agencies, we can ensure that the data we produce is not only accurate but also actionable.”
As Nigeria moves forward with these rebasing efforts, the Statistician-General’s message is clear: reliable data is the foundation of progress. By capturing the country’s evolving economic realities, the NBS aims to provide policymakers and investors with the tools they need to drive growth and improve the lives of Nigerians.