FG to rebase GDP 10 years after the last exercise and automate trade statistics report

The federal government has said that the country is finalising the process of rebasing the nation’s Gross Domestic Product (GDP) estimates. Statistician General of the Federation and Chief Executive Officer, National Bureau of Statistics (NBS), Prince Adeyemi Adeniran, made the disclosure Thursday in Abuja during the first annual conference of the Chartered Institute of Statisticians […]

The federal government has said that the country is finalising the process of rebasing the nation’s Gross Domestic Product (GDP) estimates.

Statistician General of the Federation and Chief Executive Officer, National Bureau of Statistics (NBS), Prince Adeyemi Adeniran, made the disclosure Thursday in Abuja during the first annual conference of the Chartered Institute of Statisticians of Nigeria (CISON).

It was with the theme, “Mainstreaming Innovative Statistical Approaches to Understanding and Solving Nigeria’s Economic Challenges”.

Our correspondence reports that rebasing the GDP is the process of replacing an old base year with a more recent base year to keep up with the evolution in prices.

It was last done in Nigeria in 2014 under former President Goodluck Ebele Jonathan.

“We are also finalising the rebasing of our Consumer Prices Index and Gross Domestic Product (GDP) estimates, and enhancing the methodologies for producing these indicators, to ensure that the numbers are reflective of reality and of the highest standard possible.

He noted that the quality of statistics as well as statisticians in Nigeria, is essential for the growth and development of the country, and in supporting the efforts of Government to address the current socio-economic challenges.

He said, “In today’s rapidly evolving world, the demand for innovative statistical solutions has never been greater, this why the theme for this year’s conference is perfect for this period.

“I therefore commend the organizers of this conference for selecting such a compelling theme for this inaugural conference. It underscores the need to embrace cutting-edge statistical methodologies to understanding and addressing the complex economic challenges facing our nation” he said.

Adeniran said that his office is also working with the Office of National Statistics (ONS) in the United Kingdom to use data science techniques to automate the production process for Nigeria’s quarterly trade statistics report.

He stated, “This effort which usually takes us around two months to complete will be significantly cut down to about three to four days, thereby freeing up essential manpower which can be deployed to other areas of need.”

Earlier in his welcome address, Dr Godday Uwawunkonye, Ebuh, President, Chartered Institute of Statisticians of Nigeria, the establishment of the institute marks a watershed in their quest to professionalize the practice of statistics since 2001 when the journey commenced under the leadership of the then President of the Nigerian Statistical Association (NSA), Professor O. S. Adegboye, during the Silver Jubilee celebration of NSA held in the FCT, Abuja.

“The institute is poised to play its fundamental role in shaping the future of data and analytics in Nigeria, ensure statistical integrity by setting standards across multiple sectors, promote research, facilitate professional development and collaboration, and advocate for policies that enhance statistical literacy.

The President of CISON said that Statistics in all its ramifications, remains the catalyst for a meaningful development in any nation. Thus, leveraging on innovative statistical approaches to understanding and solving economic challenges in Nigeria, with a view to proffering solutions that would inform policy to various tiers of government, becomes a sine qua non.

This conference aims at mainstreaming innovative statistical approaches to understanding and solving Nigeria’s economic challenges leveraging on big data analytics, machine learning, novel robust statistical approaches for understanding and resolving sectoral challenges.

Other key areas to covered by the conference include methodological innovations for handling National Economic Surveys, advanced statistical models for handling security issues like crime rate and improving educational attendance, demographic models for population projection, and statistical theory and general applications towards strengthening the national statistical system and improving our economy, Ebuh said.

Also, the Central Bank of Nigeria (CBN) governor, Dr. Olayemi Cardoso representative in the Governing Council of CISON Dr. Mbah Michael Kalu, charge the leadership and members of CISON to evolve a special curriculum and skill sets that could be acquired by those involved in statistical analysis, even when they didn’t learnt it in tertiary institutions.