As we approach November, the National Bureau of Statistics (NBS) is set to give Nigeria’s GDP and Consumer Price Index (CPI) a significant refresh. Rebasing these economic measures might sound technical, but in plain terms, it means NBS is updating its assessment toolkit to better reflect today’s economy.
The rebasing will give a more precise reading on economic shifts and national welfare, taking into account new sectors and trends that have emerged in the last decade. Essentially, it’s like adjusting an old recipe with new ingredients it could change our economic outlook and policies. Since the last update was in 2010, the NBS aims to keep the data as accurate and relevant as possible by planning future updates every five years.
Alongside this, the Nigeria Living Standards Survey (NLSS) will also be refreshed, adding updated insights into poverty and household conditions across the nation. By enhancing data accuracy and ensuring no external interference, the NBS is committed to offering a clearer picture of Nigeria’s socio-economic health.
This update isn’t just about the numbers; it’s about the big picture what these numbers represent and how they shape economic decisions that affect daily life. This rebasing will invite new perspectives, discussions, and maybe even fresh strategies for economic growth.
Follow our Facebook page ( Vibra Visionary) for more stories and updates