Atedo Peterside, founder of Stanbic IBTC Bank Plc, urges the National Bureau of Statistics (NBS) to prioritize trust and credibility as it carries out Nigeria’s Gross Domestic Product (GDP) rebasing.
Speaking on Channels Television’s Politics Today, Peterside highlights the importance of accurate economic data, stating that while GDP rebasing is a standard global practice, its effectiveness depends on public confidence in the agency responsible.
He raises concerns about the recent changes in Nigeria’s unemployment rate computation, which have fueled skepticism among analysts and the public.
“GDP rebasing is routine in most economies, but Nigeria has a trust deficit. The NBS recently adjusted how it calculates unemployment, and suddenly, we are near full employment. If the data inputs are flawed, the results will be misleading,” Peterside warns.
Peterside recalls his time on the Economic Management Team during President Goodluck Jonathan’s administration, when Nigeria’s GDP was last rebased. He attributes the success of that process to the credibility of NBS leadership at the time and urges the current administration to rebuild trust.
“I understand the need to rebase. When I was part of Jonathan’s Economic Management Team, the NBS had credibility, and there was no trust deficit. People listened and believed the data. Today, frequent adjustments in inflation and economic figures make the public skeptical,” he explains.
He emphasizes that inconsistent economic reports can further erode trust, making it harder for the public and investors to rely on official statistics.
Peterside also addresses Nigeria’s exchange rate, pointing out that recent stability in the foreign exchange market is a step in the right direction.
“Whether we like it or not, the exchange rate has stabilized around N1,500 to a dollar. That’s a win because it has reduced panic buying and restored some confidence,” he says.
He notes that a stable exchange rate helps control inflation expectations, which in turn can lead to lower interest rates over time.
Peterside urges the government to ensure transparency in economic data, reinforcing public confidence in official reports and shaping informed policy decisions.
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