The Nigerian Economic Summit Group (NESG),has emphasized the import of accurate data for driving Nigeria’s economic transformation,saying that it enhances credibility and boosts investors confidence.
Its Chief Executive Officer Dr. Tayo Aduloju, disclosed this on Thursday in Lagos at the Sensitisation Workshop on GDP and CPI Rebasing, organised by NESG, in collaboration with the National Bureau of Statistics (NBS).
According to him,investors are attracted to transparency and growth potential, as rebasing sends a clear message that leaders understand the economy and are open for business.
He noted that rebasing sharpens policymaking by providing a detailed map of economic terrain, enabling governments to identify high-growth sectors for scaling and low-growth sectors that require targeted interventions to drive impactful and balanced development.
He added:“The NBS is a pivotal stakeholder in our country’s development.Data rebasing offers us a unique opportunity to reassess our economic fundamentals and chart a path for sustainable growth.
“By learning from other nations, particularly in Asia, we can align our strategies to foster resilience and inclusivity in our economic policies.”
In his opening remarks, Prince Adeyemi Adeniran, Statistician-General of the Federation and CEO of NBS, emphasised the significance of the rebasing exercise.
He said: “The Rebasing is a vital exercise that ensures our economic indicators are current and accurate reflections of the economic realities on the ground.
“As economies evolve, new industries emerge, and consumption patterns shift, it becomes imperative to update our statistical measures to capture these changes.
“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.
“The rebasing exercise is designed to ensure that our economic indicators accurately reflect the current structure of our economy, incorporating new and emerging sectors, updating our consumption baskets, and refining our data collection methods.
“This is our responsibility as the official producer of data in Nigeria.”
He reiterated the importance of reliable statistics for design, planning and implementation of policies and programmes for national development.
He noted that the methodology employed by the NBS is best practices across the world and they are ensuring no stone is left unturned to measure and reflect accurately the size of the Nigerian economy.
Dr. Olusegun Omisakin,NESG’s Director of Research and Chief Economist, reiterated the importance of leveraging insights from the rebased data to foster economic growth.
“This workshop is the beginning of a broader dialogue aimed at creating a shared understanding of our economic realities.
“The lessons from rebasing will not only guide policy formulation but also enhance private-sector decision-making,” he noted.
Highlighting the technical framework for GDP rebasing, Mr. Moses Waniko, Data Analyst at NBS, explained: “Rebasing allows us to measure economic activities more accurately, ensuring that GDP calculations reflect updated prices and structures of goods and services.
“For this exercise, we chose 2019 as the base year due to its relative economic stability and the comprehensive data from the Nigerian Living Standards Survey conducted that year.”
He also noted the broad collaboration with various ministries, agencies, and international partners in collecting and analysing the data.
Dr. Ayo Andrew Anthony, Head of Price Statistics at NBS, shed light on the CPI rebasing process.
“The CPI is crucial for tracking inflation and ensuring that price references and weights are aligned with current realities.
“By updating the base year to 2024, we account for the economic shifts, including the removal of subsidies, ensuring inflation rates accurately reflect market conditions,” he remarked.