Nigerian Statistician-General confirms date for rebasing of CPI, GDP

The Federation’s Statistician-General, Mr Simon Harry, says processes are underway to reshuffle the nation’s Consumer Price Index (CPI), which measures the 2022 rate of inflation.

He made the revelation Thursday in Akwanga, Nassarawa State while briefing reporters on the sidelines of a two-day retreat for the board and management of the National Bureau of Statistics (NBS).

Harry also said that the statistical processes were already underway for the Gross Domestic Product overshoot in 2023. “Certainly there are processes involved for both macroeconomic indicators and without us achieving those processes, there is no way the overshoot can be fully done.

“For the GDP that measures the performance of the economy, there are certain statistical activities that will have to be carried out.”

He said that the National Business Sample Census (NBSC) had been conducted which would determine the structure and dynamics of business in Nigeria.

According to him, the process for the National Agricultural Sample Census (NASC), which determines the state of growth of the agricultural sector, one of the main sectors that drive GDP, has begun.

“We are currently carrying out the pilot, the main fieldwork will start in April, so it is a very important activity.

“The other major statistical activity that we will be doing is the Nigerian Living Standards Survey (NLSS) because we want the base year to be very current, so we don’t want to use the 2018-2019 NLSS.

“So, this year, we are conducting a new NLSS and preparations have already started, so in July we will go to the field hoping that the result will be this year.

“So until all these activities are completed, one for the CPI as we need the NLSS so that we can form a strong benchmark for the rebalancing, the same for the GDP as well.

“We are looking towards the end of the year for the CPI, but for the GDP, we are looking mainly at 2023 to completely rethink it when all these activities have been fully completed and the results have been released.”

At the retreat, Harry said it was basically to resolve modalities. for better work efficiency.

The Nigerian News Agency reports that the GDP base implies replacing the previous base year used to compile GDP with a new, more recent base year for calculating constant price estimates.

Harry also said that the NBS had presented a four-year corporate strategy from 2022 to 2025 that aligns with the National Development Plan (PND).

According to him, the strategy is structured in seven priority areas of institutional and organizational development, infrastructure and human resource management. Others are data production, which is the central mandate of the office, defence statistics, information technology and data dissemination.

“So the belief is that if all these priority areas are well implemented and meticulously organized, we will certainly be able to take not only the office but the entire statistical system in Nigeria to a higher height. and that is our goal.”

The president of the Nigerian Statistical Association (NSA), Mr Godday Ebuh, said that the place of statistics in NDP cannot be overstated. that effective service delivery depended on efficient, effective and reliable statistics.

He said that first and foremost, statistics was about the organization, collection and planning, all for effective decision making.

“Now, if it is about national development, the key indexes or the key indicators have to do with statistics.

“So what are we planning, what are we going to accomplish, so it’s trash in, trash out.”

He also said that everyone must be ready to achieve the objectives set out in the plan and promised the association’s support in that regard. NBS Governing Board Chairman Kabiru Nakaura said that in order to achieve the NDP in the next five years, emphasis should be placed on the collection and dissemination of data and statistics, as that is the only way to achieve results.

According to him, no nation can develop without accurate data. send the data to the government so that it determines where it gets the resources, where to spend the resources and to do things right”. data generation.

According to him, synergy is necessary for both agencies to present comprehensive data for national development.