Statistician-General of the Federation/Chief Executive, National Bureau of Statistics (NBS), Semiu Adeniran, yesterday said the statistical agency had commenced the process for the rebasing of the country’s Gross Domestic Product (GDP) and Consumer Prices Index (CPI) estimates.
The United Nations Statistical Commission recommends that countries rebase their GDP every five years to reflect more updated economic conditions. The last rebasing exercise was carried out in 2014 and the current exercise will be the second in almost a decade.
Speaking at the opening of the sensitisation workshop for stakeholders on the GDP and CPI Rebasing Exercise, Adeniran said in an era of rapid change and global interconnectedness, the need for accurate and timely data had never been greater.
He said the workshop seeks not only to sensitise the critical stakeholders in the process but also solicit feedback, inputs, and support towards achieving an output that will satisfy the needs of all users and reflect a better picture and understanding of our economy. The NBS pointed out that these exercises, which are routine statistical practices, need not attract much noise and ceremonies in an ideal situation.
