National Bureau of Statistics has said that it will at the end of January 2025 released the rebased Nigeria Gross Domestic Product as well as the two report on Consumer price Index. The first CPI for data for the Month of December based on the old index will come up on 15th of January while the one based on the new price index will be released at the end of January. These facts were disclosed at a one day Sensitization Workshop on GDP and CPI rebasing organised by the Nigerian Economic Summit Group in Collaboration with NBS, held at the Summit House, Ikoyi, Lagos
In his remark the Statistician General Prince Adeyemi Adeniran 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.
“If Nigeria is to make the desired progress and development, it is imperative that NBS, as the official producer of data, plays its role adequately in providing timely, accurate, and reliable statistics to inform all users, both in the public and private sector, to enable them design, plan and implement policies and programs that will lead to the attainment of national objectives. Our mindset in undertaking both critical assignments is to ensure that our processes are open, collaborative, and rigorous, making sure that, as much as possible, we leave no stone unturned in our bid to measure and report accurately, the size of economy and the level of price changes. Today’s workshop exemplifies our commitment to collaboration and stakeholder engagement. We recognize that the credibility and utility of our statistics are enhanced through the active participation of diverse stakeholders, including private sector operators, academia, economic experts and analysts, media executives, civil society organizations, and government. As we proceed with the finalization of the rebasing of our GDP and CPI, I want to highlight this key point. 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.
“Through this open process, we are further committing to maintaining an open dialogue with all stakeholders. Your feedback and insights are invaluable to us, and we are dedicated to addressing any concerns you may have regarding this exercise or any other for that matter. This workshop is a platform for knowledge sharing, discussion, and collaboration. You can be rest assured that your inputs and suggestions will be taken on board and incorporated where necessary. In conclusion, I would like to extend my heartfelt thanks to the NESG for their partnership in organizing this workshop, and to all of you for your presence and active participation. Together, we can ensure that our national statistics are not only robust and reliable but also reflective of the diverse and dynamic realities of Nigeria. Let us work collaboratively to enhance the credibility and usefulness of our data, thereby contributing to the sustainable development and prosperity of our nation.
On his part Nigerian Economic Group Chief Executive Officer, Dr. Tayo Aduloju said “NESG/NBS sensitisation workshop on GDP and CPI rebasing is a critical step in aligning Nigeria’s economic metrics with our ever-evolving realities. This workshop is not just about numbers; it is about understanding our economy’s true potential and laying the foundation for sustainable growth. Economic (GDP) rebasing, in essence, is a recalibration – an exercise with profound significance and akin to cleaning the lenses through which we view our economy, allowing us to see a clearer, more accurate picture of its structure, size, and potential. As economies evolve, new industries emerge, technology transforms markets, and the contributions of different sectors shift. Without updated economic measurements, we risk underestimating our true economic capacity. The Nigerian Economic Summit Group, through one of its four strategic roles in the country, has continually watchdogged the economy and leveraged empirical analysis, evidence, and rigorous research to drive evidence-based policy advocacy. Today’s workshop, in collaboration with the National Bureau of Statistics (NBS), is yet another step in that direction to enhance the understanding and utility of key economic data.
“When we embarked on a similar rebasing in 2014, our GDP leapt by nearly 90%, elevating Nigeria’s economy to $510 billion and positioning it ahead of South Africa as the largest economy in Africa. This was not a fabrication; it was a reflection of reality. Sectors like telecommunications, real estate, and the creative industries—once invisible in old metrics—came into full view. We must acknowledge the immense value of rebasing our economy to identify new growth engines, which are indispensable for crafting evidence-based policies to strengthen sectoral performance and enhance growth. Both India and China offer valuable lessons. India’s 2015 GDP rebasing highlighted IT and fintech as key growth drivers, while China’s periodic methodological updates ensure their data reflects structural shifts in technology, e-commerce, and advanced manufacturing. These practices underscore the need for Nigeria to remain relevant and competitive globally. But why does this matter? First, accurate data enhances credibility. Our debt-to-GDP ratio, a critical indicator of fiscal health, dropped from 19% to 11% after the 2014 rebasing. This improved Nigeria’s creditworthiness, making it a more attractive destination for foreign direct investment. Investors are drawn to transparency and growth potential, and rebasing sends a clear message: we understand our economy, and we are open for business.
“Second, rebasing sharpens policymaking. It provides a detailed map of our 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. For example, after Ghana’s 2010 rebasing—which resulted in a 60% GDP increase—its policymakers could better plan for infrastructure and social investments, fueling sustained growth. However, we must acknowledge that the NBS’s past rebasing efforts have often been met with scepticism and misconceptions, which have not only compromised the data’s perceived reliability but also undermined confidence in our statistical processes.
12. This workshop is a unique opportunity for private sector stakeholders to engage deeply with the data, address concerns, and explore how these insights can guide business strategies and policies. Additionally, the workshop will lay the foundation for establishing a relationship focused on data warehousing and advocacy activities in Nigeria, aimed at improving data credibility and validity. I must commend the National Bureau of Statistics (NBS), led by my brother and friend, the Statistician-General, Prince Adeyemi Adeniran, for their commitment to excellence in data generation and management across the nation”.
