NESG, NBS Host Workshop On Proposed Economic Rebasing

The Nigerian Economic Summit Group (NESG) in partnership with the National Bureau of Statistics (NBS), has announced plan to host a sensitisation workshop on Gross Domestic Product (GDP) and Consumer Price Index (CPI) ahead of the proposed rebasing of the Nigerian economy.

The event will take place on Thursday, January 9, 2025, both physically at the Summit House in Ikoyi, Lagos, according to a statement that was issued by the NESG. 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.

Following the United Nations Statistical Commission’s recommendation, economic indicators like GDP and CPI should be rebased every five years. The justification is that it is to ensure 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.

The workshop seeks to clarify misconceptions surrounding GDP and CPI rebasing with a focus on building confidence in the statistical processes behind the updates.

“Participants will gain insights into the revised methodologies and preliminary outcomes, equipping them to make informed decisions in both public and private sectors,” NESG said.

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.

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,  and trends and lay the foundation for improved data credibility and advocacy in Nigeria.

NESG said 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,” NESG’s head of strategic communication and advocacy, Ayanyinka Ayanlowo stated.

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