NBS Begins Rebasing of GDP, CPI

By Florence Adidi, Abuja

The National Bureau of Statistics, NBS says it has begun the process for the rebasing exercise of the Gross Domestic Product, GDP and Consumer Price Index, CPI and for the first time, the Living Standards Survey (NLSS) 2022/23.

The Statistician General of the Federation and Chief Executive Officer, National Bureau of Statistics, Prince Adeyemi Adeniran, disclosed this at the Stakeholders’ Engagement Workshop on Living Standards Survey (NLSS) 2022/23 and the ongoing Rebasing of the Gross Domestic Product (GDP) and Consumer Prices Index (CPI) estimates held in Abuja, Nigeria.

He stated that the workshop was put together not only to sensitise experts, users, and critical stakeholders of the Statistical System on the methodology and process of the survey but also, to solicit their inputs and expert advice in interrogating the processes and methodology adopted by the Bureau.

According to him, the overall goal of the workshop was to ensure that the approaches used in the implementation of these important exercises (the NLSS and the Rebasing of GDP and CPI) are sound, based on international best practices, and relevant to the Nigerian context.

He said, “the output of the process will reflect an accurate picture of living conditions and the state of the economy in Nigeria, enhance the understanding of emerging sectors and economic activities, and satisfy the needs of all users of the data.

“For NBS, the engagements was necessary aspect of the data production process. One of the United Nations fundamental principles of official statistics is Accountability and Transparency, and this is one of the ways by which NBS ensures that the processes are open and transparent.
By doing so, we promote and enhance the credibility of the system and build confidence in what we do in NBS.”

“It is also another way of ensuring inclusivity, promoting collaboration, and engendering partnership throughout the process of these exercises, and the NBS’s wider data production.

He added that “the three topics being addressed today, NLSS, GDP, and CPI, though appear to be quite technical concepts, and their computations, even more so, their effect however, is very easily felt across the board by citizens.

“Most particularly, on vulnerable citizens. So, it is extremely important that as much as possible, we subject the computation and estimation processes to as much rigour as possible. So that the accuracy and acceptance of the numbers by all will not be in any doubt,” he explained.