Posted Tue, Jan 7, 2025 1:34 PM

NESG and NBS to Host Sensitisation Workshop on GDP and CPI Rebasing

The Nigerian Economic Summit Group (NESG), in partnership with the National Bureau of Statistics (NBS), will host a sensitisation workshop on Gross Domestic Product (GDP) and Consumer Price Index (CPI) rebasing. This critical event will take place on Thursday, January 9, 2025, at the Summit House in Ikoyi, Lagos. The workshop aims to bring together stakeholders from the public and private sectors to deepen their understanding of the rebasing process, methodology, and implications for Nigeria's economy.

Statistics play an essential role in macroeconomic management and policymaking. Following the United Nations Statistical Commission’s recommendation, economic indicators like GDP and CPI should be rebased every five years. This ensures key economic indicators reflect current economic realities, including shifts in consumption patterns, global market exposure, the introduction of new products and services, and changes in economic structures.

This workshop seeks to clarify misconceptions surrounding GDP and CPI rebasing and build confidence in the statistical processes behind these updates. Participants will gain insights into the revised methodologies and preliminary outcomes, equipping them to make informed decisions in both public and private sectors.

The workshop aims to create a platform for public-private engagement on GDP and CPI rebasing, discuss key preliminary outcomes from the rebased data and their implications for decision-making and promote public awareness and foster trust in GDP and CPI rebasing processes. Furthermore, the workshop is expected to kickstart NESG’s citizen sensitisation and advocacy on data rebasing, pre-inform private sector and stakeholder organizations about rebased data methodologies, trends and lay the foundation for improved data credibility and advocacy in Nigeria.

The workshop will bring together prominent stakeholders, including the Statistician-General of the Federation and Chief Executive Officer (CEO), National Bureau of Statistics, Prince Adeyemi Adeniran, the CEO of NESG, Dr. Tayo Aduloju and representatives from the Manufacturing Association of Nigeria, Lagos Chamber of Commerce and Industry, Academia, Civil Society Organizations, NESG research partners, media professionals, and more.

The GDP and CPI rebasing process is vital for understanding Nigeria’s economic trajectory. By updating these indicators, the rebasing reflects the current structure of economic activities, enabling policymakers and businesses to make data-driven decisions that foster growth and development.

This workshop marks an important step toward promoting transparency, collaboration, and improved decision-making in Nigeria’s economic landscape.

Ayanyinka Ayanlowo

Head, Strategic Communication and Advocacy

NESG

About NESG

The Nigerian Economic Summit Group (NESG) is a private sector-led think tank and policy advocacy group committed to driving sustainable economic development in Nigeria. Through constructive dialogue, partnerships, and advocacy, NESG works to shape policies that foster economic growth and inclusivity.