The Federal Government has revealed plans to update the Consumer Price Index (CPI) and Gross Domestic Product (GDP) by 2025. This move aims to make economic data more accurate, help create better policies, and bring in more investment. This decision came after a meeting between Prince Adeyemi Adeniran, the head of statistics for the country, and Wale Edun, the Finance Minister and the main person in charge of the economy.
The Ministry of Finance, in a statement on its official social media platform, revealed that the rebasing effort is a strategic move aimed at modernizing Nigeria’s economic management systems. It noted that the new systems official launch of the rebased frameworks are scheduled for early 2025.
The Statistician-General of the Federation, Prince Adeyemi Adeniran, and his team met with the Finance Minister, Mr. Wale Edun, to give a detailed report on the ongoing process of updating the Consumer Price Index (CPI) and Gross Domestic Product (GDP). These updates will be confirmed and made public in early 2025, marking an important step in Nigeria’s economic management.
As Nigeria deals with changing economic conditions, there is a growing need for up-to-date economic information. Using the current method, Nigeria’s GDP has dropped significantly in dollar terms, causing it to fall from being Africa’s largest economy to fourth place.
In 2023, the Nigerian Bureau of Statistics (NBS) changed how it calculates unemployment data to include casual and self-employed workers. This change lowered the unemployment rate from 33.3% to about 5%, but it was criticized for not fully reflecting the actual situation.
