NBS to rebase GDP, CPI in November to improve data accuracy

The National Bureau of Statistics (NBS) has announced plans to rebase Nigeria’s consumer price index (CPI), gross domestic product (GDP) and the Nigeria living standards survey (NLSS).

Adeyemi Adeniran, statistician general of the federation and chief executive officer (CEO) of NBS, spoke on Thursday at a press briefing in Abuja.

Adeniran said the agency “will rebase the GDP and CPI in November to ensure that economic data accurately reflect current realities and account for structural changes in the economy”.

“Economies, as you know, undergo structural changes over time. The rebasing exercise helps to account for these shifts, offering a more accurate snapshot of the economy’s composition,” he said.

“GDP rebasing offers significant benefits by aligning economic data with the current realities of the economy.

“It improves the accuracy of growth measurements, supports better policymaking, and enhances the credibility of economic data both domestically and internationally.

“The NLSS is the survey under which the national poverty headline rate is generated, along with other useful household welfare, consumption, and expenditure indicators. 

“This year-long survey is conducted every four to five years, with the penultimate round conducted in 2018/2019, and published in 2020, which produced a headline poverty rate of 40.1 percent.”

Also, Adeniran said the last time the economy was rebased was in 2010 which is 14 years ago.

He further said the bureau is also rebasing the consumer price index to a reference period of 2023 as against the current base period of 2009.

‘REBASING WILL NOW BE CONDUCTED EVERY FIVE YEARS’

The statistician general said rebasing entails bringing the weight and price reference period closer to the current period.

“When we say current period, we mean we want to be able to accurately collect data that reflects the current consumption pattern of households in that reflects the current consumption pattern of households in the country, which is expected to be done every five years,” he said.

“That is the standard. That’s the best practice. From henceforth, the rebasing is to be carried out every five years so that we can compare the data that we collect from markets every month with a recent period that we call base year.”

Speaking further, Adeniran said the agency could not afford to give inaccurate and wrong data.

He also said the current administration has “never interfered with activities of the agency despite the release of unfavourable data on inflation rate and others”.

Adeniran added that the NBS is not working to favour any government but follows global best practices in its approach.