Why we are rebasing CPI, GDP – NBS

The National Bureau of Statistics (NBS) has stated that the rebasing of Nigeria’s Consumer Price Index (CPI) and Gross Domestic Product (GDP) will commence by the end of January. A statement by NBS Director of Communication & Public Relations, Ichedi Sunday Joel, said the reports for both economic index and is set to launch the […]

The National Bureau of Statistics (NBS) has stated that the rebasing of Nigeria’s Consumer Price Index (CPI) and Gross Domestic Product (GDP) will commence by the end of January.

A statement by NBS Director of Communication & Public Relations, Ichedi Sunday Joel, said the reports for both economic index and is set to launch the reports.

Ichedi said GDP is the market value of all the goods and services produced within a country in a given period.

He said CPI is rebased from time to time because consumption patterns change and there is the need to update items in the CPI Basket.

He said it is important that GDP is rebased from time to time because of several factors or reasons.

“One of such is the dynamism of the economy in terms of growth and recession. 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.”

For CPI, he said since the last rebasing, the consumption pattern in Nigeria has 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.

“The Bureau will be launching the Rebased CPI by the end of January 2025, after which the full details of the report will be made available to the public.”