NBS Completes Rebasing GDP, CPI…Set For Launch Soon

The National Bureau of Statistics (NBS) has completed Rebasing Nigeria’s Gross Domestic Product (GDP) as well as the Consumer Price Index (CPI) and is soon to launch the reports.

NBS Director of Communication and Public Relations, Mr. Sunday Joel Ichedi, gave this indication in a statement, explaining the economic importance of GDP and CPI and the need for the Rebasing.

According to him, “GDP is the market value of all the goods and services produced within a country in a given period. GDP measures overall economic activity and signals the direction of economic growth. It is also a barometer for measuring the health of the economy.

“Furthermore, GDP is an internationally recognised indicator for comparing the size of the economies of the world.”

He also explained that the CPI constitutes the number which shows movement of aggregate price level and is an important macro – economic variable of a country.

Among other reasons for the Rebasing of the GDP, he stated that it includes the dynamism of the economy in terms of growth and recession.

Ichedi said: “The dimensions of growth and recession need to be properly captured to give more insights into the economic situation of the country.

“The activities of some sectors of the economy have grown tremendously since the last rebasing, making them significant among other sectors of the economy.

“They include Marine and Blue Economy; Art, Culture, Tourism and Creative Economy; Information and Communication Technology, Innovation and Digital Economy and E-activities. These developments need to be adequately captured in GDP compilation.”

On the CPI rebasing, he said: “It is important that CPI is Rebased from time to time because consumption pattern changes and hence the need to update items in the CPI Basket.

“Since the last rebasing, the consumption pattern in Nigeria have changed significantly as shown by changes in the proportion of households’ expenditures on items consumed in the recently conducted Nigeria Living Standards Survey (NLSS), 2023.

“Another reason for CPI Rebasing is to bring the price reference period (Base Year) closer to the current period in other to have a relative price that shows current prices movement. In this regard, the Bureau is using 2024 as the base year for the CPI Rebasing.”