The Statistician General of the Federation, Prince Adeyemi Adeniran, and his team today met with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, at the Ministry of Finance Headquarters to deliver a progress report on the ongoing rebasing of the Consumer Price Index (CPI) and Gross Domestic Product (GDP).
The initiative, which is set for validation and launch in early 2025, marks a significant step toward refining Nigeria’s economic metrics. The rebasing effort promises to deliver wide-ranging economic benefits, including:
1. Enhanced Policy Precision: By leveraging updated fiscal and monetary data, policymakers will have a more accurate foundation for making strategic economic decisions.
2. Boosted Investor Confidence: With a clearer and more reliable representation of the economy, local and international investors are expected to view Nigeria as a more stable and attractive investment destination.
3. Global Comparability: Aligning with international standards will allow Nigeria’s economic indicators to be benchmarked effectively against those of other nations, further solidifying its position as a leading economy in Africa.
Prince Adeniran emphasized the importance of this initiative in strengthening Nigeria’s economic management systems. “This exercise will ensure that our economic data is reflective of current realities, enabling us to make better-informed decisions and foster sustainable growth,” he stated.
Minister Wale Edun commended the collaboration between the National Bureau of Statistics and the Ministry of Finance, highlighting its potential to enhance Nigeria’s economic standing. “The rebasing of the CPI and GDP is a critical step in ensuring that our economy remains competitive and robust in the global arena,” he remarked.
As Nigeria prepares for the validation and launch of these updated frameworks, stakeholders across government and industry are optimistic about the long-term impacts of the rebased economic indicators on national development.
