Paragraph 1: Nigeria’s Commitment to Accurate Economic Data
Nigeria has reaffirmed its dedication to producing dependable and precise economic data, aligning with the United Nations Fundamental Principles of Official Statistics. This commitment is evident in the ongoing rebasing of the Gross Domestic Product (GDP) and Consumer Price Index (CPI), crucial exercises aimed at accurately reflecting the nation’s evolving economic landscape. The Statistician-General of the Federation, Prince Semiu Adeyemi, emphasized this commitment during a sensitization workshop organized by BudgiT for Civil Society Organizations (CSOs) in Abuja. He underscored the importance of capturing new industries, shifting consumption patterns, and other economic transformations for informed policymaking and governance.
Paragraph 2: The Importance of Rebasing and Alignment with UN Principles
Rebasing the GDP and CPI is essential for providing a more precise and relevant picture of Nigeria’s economic landscape. These exercises are foundational to informed policymaking, strategic planning, and effective governance. The National Bureau of Statistics (NBS) is conducting these exercises in line with global standards, particularly Principle 3 of the UN Fundamental Principles of Official Statistics, which emphasizes accountability and transparency. This approach ensures that the processes are open, collaborative, and rigorous, leaving no stone unturned in the pursuit of accurate measurement and reporting of the economy’s size and price changes.
Paragraph 3: NBS’s Commitment to Rigor and Collaboration
The NBS remains committed to a rigorous and collaborative approach throughout the rebasing process. This commitment aims to ensure the data’s accuracy and reliability, reflecting Nigeria’s economic realities according to international standards, rather than catering to specific groups or entities. The rebasing exercise incorporates updates to the consumption basket, includes emerging sectors, and refines data collection methods to ensure the indicators remain comprehensive and up-to-date. This thorough approach reflects the NBS’s dedication to producing high-quality data that accurately portrays Nigeria’s economic performance.
Paragraph 4: Stakeholder Engagement and Collaboration
The sensitization workshop organized by BudgiT brought together stakeholders from various sectors, including CSOs, academia, private sector operators, and government agencies. This collaborative platform underscores the importance of engaging diverse perspectives in the rebasing process. Adeyemi commended BudgiT for organizing the workshop and advocated for continued collaboration among stakeholders to enhance the quality of Nigeria’s statistics. This collaborative approach ensures that the rebasing exercise benefits from a wide range of expertise and insights, leading to more robust and representative data.
Paragraph 5: BudgiT’s Perspective and the Need for Accurate Data
BudgiT, a civic organization focused on budget transparency and accountability, highlighted the crucial role of accurate data in economic planning. Gabriel Okeowo, BudgiT’s Country Director, described the workshop as crucial for Nigeria’s economic planning, emphasizing that accurate data is the bedrock of effective budgeting and development policies. He noted the significant changes in Nigeria’s economy, including the growth of the ICT sector and shifts in the oil and services industries, underscoring the importance of reflecting these changes in the new GDP framework. This perspective highlights the significance of data accuracy for informed decision-making in resource allocation and policy development.
Paragraph 6: Looking Ahead: Anticipated Launch and Impact of Updated Data
The updated GDP and CPI reports are expected to be launched by the end of January 2025. These reports will provide a more accurate and up-to-date picture of Nigeria’s economic performance, incorporating the latest economic developments and structural shifts. The updated data will be crucial for policymakers, businesses, and other stakeholders in making informed decisions about investment, resource allocation, and economic development strategies. The rebasing exercise demonstrates Nigeria’s commitment to transparency and accuracy in economic reporting, laying a solid foundation for evidence-based policymaking and sustainable economic growth.
