The Statistician-General of the Federation, Prince Adeyemi Adeniran, and his team met yesterday with Finance Minister and Coordinating Minister of the Economy, Wale Edun in Abuja as part of ongoing efforts to strengthen the nation’s economic management systems and solidify its position as a leading economic force in Africa.
The highlight of the meeting was the presentation of a comprehensive update on the ongoing rebasing of the Consumer Price Index (CPI) and Gross Domestic Product (GDP).
Embedded in the rebasing of the CPI and GDP, according to officials, are substantial economic benefits, including enhanced policy accuracy through more precise fiscal and monetary data, and increased investors’ confidence with a clearer and more reliable depiction of the economy.
Improved global comparability by aligning Nigeria’s economic indicators with international standards is another benefit.
Validation and launch of the rebasing are scheduled for early next year.
The last rebasing in the country in 2014 is credited with helping the nation’s GDP surge to $510 billion, positioning Nigeria as Africa’s largest economy and the 26th globally.
Besides, the number of the sectors increased from 33 to 46.
The 2014 exercise offered a fresh view of the economy, revising growth rates and GDP estimates from 2010 to 2014. The 2010 base year was chosen due to stable economic conditions and the availability of more relevant data at that time.
