Economic rebasing helps to update critical data to reflect the current structure of the economy, which has likely shifted significantly since Nigeria’s last rebasing in 2010. Adeyemi Adeniran, Statistician–General of the Federation and NBS CEO, explains that economies naturally undergo structural changes over time as sectors expand, contract, or innovate.
Rebasing aligns Nigeria’s economic indicators with these shifts, offering policymakers, investors, and the public a true snapshot of the economy as it stands today.
A crucial part of the rebasing process involves updating the consumer price index (CPI) reference period from 2009 to 2023, a change that will reflect current consumption patterns.
“We want to be able to accurately collect data that reflects the current consumption patterns of households in Nigeria,” says Adeniran. By doing so, the NBS ensures that the CPI captures the actual goods and services Nigerians buy today, enhancing inflation measurement accuracy.
Informed Policymaking and Global Standing
Accurate data is essential for informed policy decisions. With updated GDP and CPI figures, policymakers can better target resources, create effective growth strategies, and foster the development of high-potential sectors. rebasing enhances Nigeria’s global credibility. International investors rely on accurate data to assess investment opportunities, and a current, precise economic profile could attract foreign investment by showcasing Nigeria’s strengths.
Understanding Household Needs
The Nigeria Living Standards Survey (NLSS) will also be updated. Conducted every four to five years, the NLSS generates essential data on poverty rates and household welfare. By rebasing this survey, the NBS aims to better capture the current realities of household needs, consumption, and spending. This information is crucial for developing targeted poverty alleviation programs and social policies, addressing the needs of Nigeria’s population more effectively.
Long-term Transparency and Credibility
Global standards recommend that rebasing occur every five years, a timeline that the NBS is now committing to. This regular updating will ensure Nigeria’s economic data remains relevant, helping avoid large gaps or sudden changes in economic understanding. “The current administration has never interfered with NBS activities,” Adeniran notes, reinforcing the NBS’s commitment to transparency and unbiased data.
By adopting international best practices, Nigeria not only aligns itself with global standards but also positions itself as a trustworthy source of economic information—a critical factor for both domestic and international stakeholders.
Understanding New Metrics
While rebasing brings numerous benefits, it may also introduce shifts in how growth, inflation, and poverty levels are perceived. With updated baselines, the public, policymakers, and analysts may need time to adjust to recalibrated data. Yet, this transition sets a foundation for better-informed decisions and a clearer economic outlook, reinforcing Nigeria’s economic credibility and the NBS’s dedication to transparent reporting.
The NBS is rebasing GDP, CPI, and NLSS to ensure that Nigeria’s economic indicators reflect the realities of today, building a more accurate, reliable, and robust data framework for the future.
