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The Statistician-General of the Federation, Prince Semiu Adeyemi
The Statistician-General of the Federation, Prince Semiu Adeyemi, has emphasised Nigeria’s commitment to producing reliable and accurate economic data, stating that the ongoing rebasing of the Gross Domestic Product and Consumer Price Index is aligned with the United Nations Fundamental Principles of Official Statistics.
He made this known during a sensitisation workshop organised by BudgiT for Civil Society Organisations in Abuja on Monday.
Speaking at the event, which was held at Wetland Hotel, Wuye, Adeyemi explained that the rebasing exercises are critical to ensuring that Nigeria’s economic indicators accurately reflect the country’s evolving realities.
He noted that the process captures new industries, shifts in consumption patterns, and other economic transformations, which are essential for informed policymaking and governance.
“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 said.
Adeyemi stated that the National Bureau of Statistics has been conducting the rebasing exercises in line with global standards, particularly Principle 3 of the UN Fundamental Principles of Official Statistics, which focuses on accountability and transparency.
“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,” he noted.
He assured stakeholders that the NBS remains committed to a rigorous and collaborative approach in its processes to ensure accurate and reliable data.
He emphasised that the rebasing exercise is not designed to meet the expectations of any specific group or entity but to provide data that reflects Nigeria’s economic realities in accordance with international standards.
The workshop brought together stakeholders from various sectors, including CSOs, academia, private sector operators, and government agencies.
Adeyemi stressed that the rebasing exercise incorporates updates to the consumption basket, includes emerging sectors, and refines data collection methods, ensuring the indicators remain comprehensive and up to date.
He further commended BudgiT for organising the workshop and called for continued collaboration among stakeholders to improve the quality of Nigeria’s statistics.
The Country Director of BudgiT, Gabriel Okeowo, described the sensitisation workshop on rebasing Nigeria’s GDP and CPI as crucial to the nation’s economic planning.
He said accurate data remains the bedrock of effective budgeting and development policies.
Okeowo noted that Nigeria’s economy has undergone significant changes in recent years, citing the growth of the ICT sector and shifts in the oil and services industries.
He stressed the importance of ensuring that the new GDP framework reflects these developments alongside other public policy changes over the last decade.
The updated GDP and CPI reports are expected to be launched by the end of January 2025.
