By Hosea Parah, Abuja
The National Bureau of Statistics (NBS) has announced plans to release its updated Consumer Price Index (CPI) and Gross Domestic Product (GDP) reports, aiming to improve the quality of economic data in Nigeria. The new reports will offer a clearer picture of the country’s economic activities and consumption patterns.
In a statement issued by Sunday Joel Ichedi, Director of Communication & Public Relations, the NBS confirmed that the rebased CPI report is set for release by the end of January 2025. This will be the first rebasing since 2009 and will reflect updated household spending trends, including significant growth in sectors like telecommunications. The NBS stressed the importance of regular CPI rebasing to ensure accurate and relevant economic indicators.
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