By Hosea Parah, Abuja

The Statistician General of the Federation and Chief Executive Officer of the NBS, Ode Ojowu, has emphasized the significance of accurate and up-to-date economic data in decision-making processes.

He disclosed this at a sensitization workshop on the rebasing of Nigeria’s Consumer Price Index (CPI) and Gross Domestic Product (GDP) on Thursday. The workshop aimed to inform stakeholders about the importance of GDP rebasing and its implications for policy-making and economic development in the country.

The event, held in Abuja, was attended by distinguished guests, members of the NBS directorate, and stakeholders from various sectors.

According to him, NBS has been dedicated to improving Nigeria’s statistical system since the 2004/05 reform. The bureau has made significant strides in generating, producing, and disseminating socio-economic statistics, becoming one of the most reliable agencies for data and statistics on the continent. The NBS’s timely publications of national statistics have been instrumental in informing evidence-driven policy decisions by data consumers and policymakers.

GDP rebasing is recommended by the United Nations Statistical Commission every five years to reflect updated economic conditions. Nigeria’s last rebasing exercise was conducted in 2014, and the current exercise will be the second in almost a decade. The rebasing exercise aims to capture the structural shifts in various sectors, including technology, agriculture, renewable energy, entertainment, and infrastructure development.

The rebasing of the GDP will lead to changes in macroeconomic indicators used for policymaking. Previous rebasing exercises have shown alterations in financial indicators, fiscal deficit, debt stock, tax revenue, and other key economic measures. The anticipated rise in the size of Nigeria’s GDP after the current rebasing exercise concludes will have implications for fiscal stability, debt management, and tax policies.

In his address, Ode Ojowu highlighted the importance of conducting an updated population census in Nigeria. The non-conduct of regular census exercises has made population data unreliable, reducing the value of NBS data in policymaking. Ojowu called on the federal government to demonstrate commitment to conducting a population census, which would complement the NBS data for effective policy formulation.

The workshop provided an opportunity for stakeholders to engage in robust discussions and share their feedback and inputs on the rebasing exercise. The NBS emphasized the need for inclusivity, collaboration, and partnership to ensure the production of accurate and timely data to support policy decision-making and monitoring in Nigeria.

The NBS plans to invite critical stakeholders to a validation session to deliberate on the preliminary results of the rebasing exercise before the final public dissemination. The bureau expressed its commitment to fostering fruitful partnerships and engagements with stakeholders as it moves forward with the rebasing process.

The sensitization workshop concluded with gratitude to all participants for their valuable contributions and commitment to the progress and development of Nigeria. The NBS looks forward to continued collaboration and productive partnerships as it works towards achieving accurate and reliable economic data for the country’s growth and development.