The Chief Executive Officer of the Nigeria Economic Summit Group (NESG), Dr. Tayo Aduloju, has noted the significant benefits of rebasing the country’s Gross Domestic Product (GDP) and Consumer Price Index (CPI), by outlining how such exercises enhance economic transparency, policy development, and investment attractiveness.
Speaking at a workshop organized in collaboration with the National Bureau of Statistics (NBS) in Lagos, Dr. Aduloju explained that a rebased economy provides a detailed map of Nigeria’s economic landscape. This, he said, enables governments to identify high-growth sectors for scaling and low-growth areas that require targeted interventions for balanced development.
“Economic rebasing is essentially a recalibration—an exercise with profound significance akin to cleaning the lenses through which we view our economy. It offers a clearer, more accurate picture of the economy’s structure, size, and potential,” Dr. Aduloju said.
The rebasing of Nigeria’s GDP in 2014 had a dramatic impact, increasing the GDP by nearly 90 per cent, propelling the country’s economy to $510 billion and making Nigeria the largest economy in Africa, surpassing South Africa.
This was a reflection of the reality of emerging sectors like telecommunications, real estate, and creative industries, which had previously been undervalued by the old metrics.
Meanwhile, the National Bureau of Statistics (NBS) said it will at the end of this month release the rebased GDP as well as the two reports on CPI of the country.
The first CPI for data for the Month of December based on the old index will come up on January 15 while the one based on the new price index will be released at the end of January.
Dr. Aduloju noted the benefits of rebasing, particularly in improving Nigeria’s fiscal credibility. The 2014 rebasing led to a reduction in the country’s debt-to-GDP ratio from 19 per cent to 11 per cent, enhancing its creditworthiness and making Nigeria a more attractive destination for foreign direct investment.
He explained that, “Investors are drawn to transparency and growth potential and rebasing sends a clear message that we understand our economy and are open for business.”
The NESG CEO also highlighted the role of rebasing in sharpening policymaking. By offering an updated and accurate map of the economy, it enables governments to make better-informed decisions, target investments, and implement policies that promote sustainable and inclusive growth.
Dr. Aduloju pointed to Ghana’s experience after its 2010 GDP rebasing, which led to a 60per cent increase in GDP and allowed for better planning of infrastructure and social investments.
However, Dr. Aduloju acknowledged that past rebasing efforts by the NBS have sometimes been met with skepticism, which has affected the perceived reliability of the data. The workshop, he explained, presents a unique opportunity for private sector stakeholders to engage deeply with the data, address concerns, and explore how insights from the rebasing process can guide business strategies and policies.
In his address, the Statistician-General of the Federation and CEO of NBS, Prince Adeyemi Adeniran, underscored the importance of the rebasing exercise, stressing that it is crucial for ensuring that the nation’s economic indicators reflect the current structure of the economy. “As economies evolve, new industries emerge, and consumption patterns shift, it becomes imperative to update our statistical measures,” Prince Adeniran said.
He stressed that rebasing provides a more precise and relevant picture of Nigeria’s economic landscape, which is essential for effective governance and policymaking.
Prince Adeniran also highlighted the NBS’s commitment to producing timely, accurate, and reliable data, which is critical for the formulation and implementation of policies that drive national development. “The Bureau’s approach is open, collaborative, and rigorous, ensuring that no stone is left unturned in accurately measuring and reporting on the economy’s size and price changes,” he added.
Speaking during a one-day sensitization workshop on GDP and CPI rebasing organised by the NESG in collaboration with NBS, at the Summit House, Ikoyi, Lagos, the Statistician-General of the Federation, 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 the 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.”
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 NESG, 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.”
