The National Bureau of Statistics (NBS) has announced plans to unveil its rebased Consumer Price Index (CPI) and Gross Domestic Product (GDP) reports by the end of January 2025, promising enhanced accuracy in tracking Nigeria’s economic trends.
In a statement issued on Monday, the agency’s Director of Communication and Public Relations, Sunday Ichedi, revealed that the rebased CPI updates the price reference period to 2024, reflecting significant changes in household consumption patterns since the last rebasing in 2009. The updated CPI basket will better capture present-day spending habits, including increased expenditures on items like telecommunications, as identified in the 2023 Nigeria Living Standards Survey.
“The rebased CPI will provide deeper insights into price volatility and offer a clearer understanding of Nigeria’s economic trends,” the Statistician-General, Prince Semiu Adeyemi, said in the statement. “This will be the best of its kind, enabling policymakers to track price movements more effectively and make informed monetary and fiscal decisions.”
The NBS outlined several benefits of the rebased CPI, including improved alignment with current consumption trends, enhanced analysis of price volatility, and adherence to international standards, allowing for easier comparisons with other countries. It emphasized that the updated report will serve as a valuable resource for policymakers, researchers, and students, offering a more accurate reflection of modern household spending.
In a related announcement, the NBS disclosed that it is also finalizing the rebasing of Nigeria’s GDP to provide an updated measure of the market value of all goods and services produced within the country. The revised GDP framework incorporates structural changes in the economy, including the introduction of new products and services driven by technological advancements.
The rebasing exercise will include emerging sectors such as the Marine and Blue Economy, Creative Economy, ICT, and e-activities, which have experienced significant growth in recent years. According to the NBS, this update is critical for accurately representing Nigeria’s evolving economic landscape and ensuring global comparability.
The bureau assured that the process adheres to international standards, including the International Standard Classification of All Economic Activities (ISIC Rev. 4.0) and the 2008 System of National Accounts. It reaffirmed its commitment to producing reliable data to support evidence-based decision-making and economic planning.
Both the rebased CPI and GDP reports are expected to be publicly launched by the end of January, offering a comprehensive view of Nigeria’s economic performance and growth trajectory.
