A leading civic tech organization, BudgIT, has called on the Nigerian government to ensure transparency and accuracy in the ongoing rebasing of the country’s Gross Domestic Product (GDP) and Consumer Price Index (CPI).
Oluseun Onigbinde, BudgIT’s Global Director, emphasized the importance of public trust in the rebasing process. He stressed that the final figures must accurately reflect the current state of the Nigerian economy, including the significant growth observed in sectors like telecommunications and ICT in recent years.
“The last rebasing clearly showed how policy changes, like telecommunications deregulation, impacted the economy,” Onigbinde explained. “The current rebasing must similarly reflect the economic changes driven by recent public policies.”
Echoing these sentiments, the Statistician General of the Federation, Adeyemi Adeniran, highlighted the crucial role of accurate and up-to-date economic data. He emphasized that rebasing is essential for understanding the evolving Nigerian economy, including the emergence of new industries and changing consumer behavior.
“This exercise is not about meeting anyone’s expectations,” Adeniran clarified. “It’s about ensuring our economic indicators accurately reflect reality, providing a solid foundation for informed policymaking and sustainable development.”
Both BudgIT and the NBS agree that the success of the rebasing effort hinges on public trust and the commitment to producing reliable and accurate data. This will enable policymakers, businesses, and citizens to make informed decisions and drive economic growth in Nigeria.
