Research Document: What you need to know about GDP and CPI Rebasing

Posted Wed, Apr 9, 2025 11:13 AM

In recent years, the National Bureau of Statistics (NBS) has conducted rebasing exercises for key socioeconomic indicators, specifically focusing on the Gross Domestic Product (GDP) and Consumer Price Index (CPI). This rebasing reflects shifts in consumption patterns among Nigerians, increased exposure of Nigeria's economy to the global market, the introduction of new products and services, as well as changes in capital investment and the overall structure of economic activities.

Given the evolving nature of economic activities globally, such rebasing is essential to ensure that Nigeria's economic data aligns with international standards. Considering the importance of this data in understanding Nigeria's economic trajectory, as well as its role in shaping sound economic planning, policy interventions, and informed decision-making for businesses and foreign investors, it is crucial for key stakeholders to understand the new estimates, underlying rationale, process, and potential implications. Hence the following presents a Frequently Asked Question (FAQ) to engage the public.