In an effort to raise the caliber of economic data in Nigeria, the National Bureau of Statistics (NBS) has announced plans to publish its revised Consumer Price Index (CPI) and Gross Domestic Product (GDP) reports. A better understanding of the nation’s economic activity and consumption trends will be provided by the new reports.
Sunday Joel Ichedi, Director of Communication & Public Relations, released a statement on behalf of the NBS confirming that the rebased CPI report will be released by the end of January 2025. This rebasing, which will be the first since 2009, will take into account current household spending patterns, which include notable expansion in industries like telecoms. In order to guarantee accurate and pertinent economic indicators, the NBS emphasized the significance of routine CPI rebasing.
Prince Semiu Adeyemi, Statistician-General and CEO of NBS, stated, “The upcoming Rebased CPI Report will provide unprecedented insights into the Nigerian economy.” The new CPI will feature a revised basket of goods and services, based on the latest data from the 2023 Nigeria Living Standards Survey, capturing the current consumption patterns of Nigerian households.
The NBS is also finalizing its GDP rebasing, which will be pivotal for an accurate assessment of the nation’s economic health. The update will include emerging sectors such as the Marine and Blue Economy, Arts and Culture, and Information and Communication Technology, which have become increasingly significant in recent years. This adjustment is crucial for reflecting the changes in Nigeria’s production and consumption activities.
“Rebasing the GDP will provide policymakers and analysts with a more accurate set of economic data, supporting evidence-based decision-making,” Adeyemi added. “We look forward to sharing these findings, which will offer valuable insights into the Nigerian economy.”
These updated reports will serve as essential tools for researchers, policymakers, and students, aiding in better economic planning and the development of more effective policies
