Stakeholders call for adoption of global best practices in GDP, CPI report

By Okeoghene Akubuike

Stakeholders have called for the adoption of global best practices in the rebasing of the Consumer Price Index(CPI) and Gross Domestic Product (GDP).

They said this at a Sensitisation Workshop on the Rebasing of Nigeria’s CPI and GDP organised by the National Bureau of Statistics (NBS) in Abuja on Thursday.

The News Agency of Nigeria (NAN) reports that CPI and GDP rebasing is an exercise carried out to ensure that the methodological basis upon which they are constructed is robust, logical, and consistent with global best practices.

The Statistician-General of the Federation, Adeyemi Adeniran, said collaborating with stakeholders in the rebasing of the CPI and GDP would help ensure global best practices were achieved.

“It is always our pleasure that when we are having a significant statistical exercise like this to have people that are more knowledgeable in the subject matter to make comments.

“Also, to give us insights into some of the areas we may have not taken care of.

“ We are happy that we are achieving the objective of this workshop by having different comments from different people on what we need to and how we need to improve on our methodology and approach.”

Adeniran said at the culmination of the process, critical stakeholders would once again be invited to a validation session where the preliminary results would be deliberated before the final public dissemination.

Mr Muhammad Abdullahi, Deputy Governor, Central Bank of Nigeria(CBN)’ s Economic Policy, said the NBS must ensure they adopt global best practices in their rebasing efforts.

Abdullahi, represented by Dr Ozoemena Nnaji, said: “We must ensure the data we produce is reliable, timely and accurate. That is the only way we can impact policy.”

He said the CBN would continue to collaborate with the NBS to produce timely data.

“We want to assure you we are standing by you and with you throughout the process of the rebasing.”

Utz Pape, Lead Economists, World Bank, said it was important for each state to have its GDP, saying not being able to disaggregate at the state level was limiting.

“So, it is important to have state-level GDP and put them together at the national level to ensure they align with the National GDP.

“The World Bank would continue to support the NBS in this regard and in its rebasing efforts because it would make a difference in policy formulation.”

Pape commended the NBS for its timely release of the CPI report, however, he urged the bureau to move to real-time price tracking and leverage on technology.

He added that data should be made available timely to the public and readable in different formats.

Prof. Ode Ojowu, a Professor of Economics, also called for state-level GDP which he said would help achieve policy details down to the state level.

Prof. Uwaoma Uche, Deputy Vice-Chancellor, Administration, Gregory University Uturu Abia, called on the NBS to leverage new media, publicity and technology.

“From my research in Nigeria, it is estimated that 120 million unique users are currently engaging several social media platforms.

“ The NBS can create several platforms in the social media space and do its electronic data gathering for its activities and operations.”

Dr Ayo Anthony, Head, Prices Statistics Division, NBS, said the rationale and justification for the CPI rebasing include changes in item weights of individual goods and services over time and inclusion of new items in the CPI Basket.

“ Others are the changes in consumption patterns over time, the price reference period should not be more than five years compared to the current period.

“Also for qualitative input into the formulation of monetary policy and for comparability of the index with other countries.”

Baba Madu, Head, National Accounts Division, NBS, said the rationale for rebasing the GDP was to reflect the recent structure of the economic changes in terms of production and consumption patterns.

He said it was also because of alterations in the variety of products and services due to technological innovations and development and to inform policy decisions and programme design

“Also to incorporate those economic activities that were not in existence at the old base year or were not adequately being captured within the GDP compilation framework,” he said. (NAN)(www.nannews.ng)

Edited by Vivian Ihechu

By Abigael Joshua

Prof. Paul Griffith, world’s first professor of management to lead a team to launch a rocket into space, says innovation is compulsory for today’s businesses to survive uncertainties.

Griffith, a renowned British Professor of Practice will throw insights into how world leaders can better manage change in the present uncertain times at the forthcoming programme of TEXEM UK, a firm founded by Dr Alim Abubakre, a British Nigerian.

Griffith will be among the three faculty members delivering the TEXEM programme ‘Strategic Leadership Unleashed: Thriving In An Uncertain GLOCAL World’, which is scheduled to be held between May 26 and May 30 in Manchester.

Other TEXEM faculty members include Prof. Rodria Laline (the inventor of the IP being used on all ATMs globally, former SVP for Oracle in Asia Pacific and Harvard, INSEAD & IMD Professor).

The third faculty is John Peters, former Chair of the Association of MBAs (an organisation that accredits Harvard, Stanford, Wharton and IMD) and former Prisoner of War.

Speaking on the content of the coming programme on TEXEM’s website, www.texem.co.uk, Griffith shares insights on how leaders can unlock value and achieve sustainable competitive advantage in today’s turbulent times.

According to him, winning in these unpredictable times requires strategic insights.

“Leaders can foster innovation by cultivating a culture that encourages experimentation and embraces failure as a learning opportunity.

“For instance, consider the approach taken by global companies like Google, where employees are allocated time to work on projects outside their immediate responsibilities, leading to groundbreaking products like Gmail and Google News.

“Additionally, leaders should implement agile methodologies that allow for rapid iteration and responsiveness to market changes,” Griffith said.

He said this was effectively demonstrated by Netflix when they shifted from DVD rentals to streaming, a move that required bold decision-making and a willingness to disrupt their own business model.

“Moreover, fostering a collaborative environment where diverse teams can bring unique perspectives to problem-solving can lead to more robust and creative solutions.

“By empowering employees at all levels to contribute ideas and take ownership of their implementation, leaders can navigate change with resilience and innovation,” Griffith added.

He gave some practical examples of leadership approaches that have proven effective in turbulent environments.

“In our experiential TEXEM session, we will delve deeply into the dynamic nature of leadership and followership, roles that can interchange fluidly based on the situation at hand.

“One practical example is the leadership approach adopted by Alan Mulally at Ford. When he took over during a financial crisis, Mulally implemented a strategy of transparency and inclusiveness, fostering an environment where employees felt safe to share challenges and collaborate on solutions.

“This approach not only stabilized the company but also set it on a path to renewed profitability,” Griffith said.

He said participants in the coming TEXEM session will engage in exercises that highlight the importance of adaptability, problem-solving, and dealing with complexity.

Griffith said these are skills exemplified by leaders like Indra Nooyi at PepsiCo, who navigated the company through significant market shifts by emphasizing innovation and a long-term vision.

“They will also test their ability to innovate and experiment, much like how Steve Jobs continually pushed the boundaries at Apple and developed a strategic perspective that breaks down complex scenarios into actionable steps,” he said.

Griffith spoke on critical components of an actionable leadership plan, especially for navigating complex and uncertain scenarios.

“An actionable leadership plan is rooted in clarity and adaptability. It involves understanding the six core responsibilities of a CEO: setting the vision, building the team, managing operations, fostering innovation, ensuring financial stability, and representing the company externally.

“For instance, Jeff Bezos at Amazon meticulously allocates his time to focus on customer satisfaction and innovation, ensuring the company stays ahead of its competitors.

“Our session will dissect these responsibilities, helping leaders allocate their time effectively across these areas,” he said.

Griffith said participants will examine case studies such as how Mary Barra led General Motors through a major recall crisis by prioritizing transparency and customer trust.

He said with such case studies, participants will learn to craft plans that are not only strategic but also adaptable to the rapid changes in today’s business landscape.

On the TEXEM programme’s impact, Griffith said it
is designed to equip executives with actionable frameworks and concepts that they can immediately apply within their organisations.

“By mastering these insights, participants will be able to drive sustainable impact and lead their organisations through change effectively.

“For example, by applying the principles of agile leadership and strategic foresight discussed in the programme, leaders can transform their organisations to be more resilient and adaptive.

“The program’s impact is akin to how Sheryl Sandberg’s leadership at Facebook during times of exponential growth and crisis has led to a more robust and strategically agile organization,” he said.

Griffith added that by practising these frameworks, executives will return to their roles with enhanced capabilities to foster innovation, manage complexity, and lead their organisations to thrive in the face of global challenges.

“The TEXEM methodology is designed to ignite a profound sense of determination among participants, empowering them to enhance themselves, their teams, and their organizations, ultimately contributing to a better Nigeria,” he said.

Griffith is also a Professor of Practice and the Senior Vice President, Products at Ashridge Executive Education, Hult International Business School.

He is a business leader with responsibility for developing and implementing international strategies to deliver significant profit and revenue growth. (NAN) (www.nannews.ng)

Edited by Razak Owolabi

By Kadiri Abdulrahman

With barely a week to the first anniversary of President Bola Tinubu’s administration, some stakeholders have urged Nigerians to be hopeful.

According to them, the various reform programmes of the government will improve their livelihoods.

The News Agency of Nigeria (NAN) reports that Tinubu was sworn-in on May 29, 2023 after campaigning on the “Renewed Hope Agenda’’.

Shortly after assuming office, the president embarked on economic policy reforms, such as removal of the long, controversial petrol subsidy and unification of the dual foreign exchange rates.

Both policies, which were designed to improve revenue of the Federal Government, have had a ripple effect on the micro economy of the average Nigerian, due to worsening inflationary trend and high cost of basic commodities.

An economist, Prof. Ken Ife, urged Nigerians to be patient with the Tinubu – led government while the various economic reforms come into fruition.

Ife, the Lead Consultant on Private Sector Development to the ECOWAS Commission, said that the reforms though biting were necessary bitter pills to reposition the ailing economy.

“We should consider where we were one year ago and where we are today.

“Our economy was in an intensive unit, very sick in crisis. Everything went wrong, N23 trillion Ways and Means, almost N100 trillion debt; debt-to-Gross Domestic Product (GDP) ratio at almost 40 per cent, debt service to revenue of more than 90 per cent.

“One year down the line, Nigeria has come out of the intensive unit. We are now in a recovering position,’’ he said.

According to him, we have to make sacrifices.

“Inflation has gone up significantly, but that is part of the price we have to pay before we experience economic boom,’’ he said.

On the appropriate “living wage’’ for Nigerian workers as promised by the president, Ife called for sincere negotiations.

“Minimum wage is a matter for negotiation because, it is not just the minimum wage, but there are repercussion on the minimum wage that affects the wages of everyone else.

“What is agreed on today may be progressively improved over the next year or two.

“There needs to be a three-year wage increment by percentage, so that as they are increasing it, inflation has to be coming down.

“Inflation is the biggest challenge, if inflation is within a single digit then the money that people receive can buy much more,’’ he said.

Dr Chijioke Ekechukwu, an economist, said that the reforms usually ended in hope.

Accordimg to Ekechukwu, a past president of the Abuja Chamber of Commerce and Industry (ACCI), reforms usually come with relief if sincerely carried out.

He urged Nigerians to give Tinubu some more time to see his various economic reforms come to fruition.

“When there are reforms, they bite hard, but the idea is that there should be light at the end of the tunnel.

“The government has embarked on a lot of reforms to reposition the economy. The removal of fuel subsidy is to make more money available for other sectors.

“And that has actually ncreased government revenue. Same with floating of the Naira, even though it has also contributed to inflation. Interest rate today is about the highest in Africa.

“The higher the interest rate, the higher the cost of production and the cost will be passed over to the consumers.

“Generally, there is a growth in the economy. The GDP is growing to the extent that the World Bank and International Monetary Fund (IMF) have improved on their projection for Nigeria,’’he said.

He, however, said that insecurity was still a major challenge.

“Unfortunately, not enough has happened to insecurity, and it is a major bane of our economic development,’’ he said.

He said that while we appraised the Federal Government, we should also consider the performances of states and Local Government Councils.

On minimum wage, Ekechukwu said that when we look at the level of depreciation of the Naira and the level of inflation, even N100,000 as Minimum wage would not be enough.

According to him, the percentage of depreciation and inflation are way above that.

“What Nigerians need is not high salary per se. What we need is an economy where prices of goods and services are affordable to all Nigerians.

“We need inflation to be low, we need amenities to be working at affordable prices.

“In an economy like the UK, education till the child is eighteen years is free,’’ he said.

The Bishop of the Roman Catholic Diocese of Sokoto, Mathew Kukah, said that 12 months were not enough to “pass judgment’’ on the government.

Kukah said that though government’s economic reforms had created some hardship, there is hope that things would improve.

“I am sure many people will tell you that one year is not enough to make a judgment. However, from where we all stand, we know that we are all in a very difficult situation.

“Nigerians are in various levels of pain, and they are pains that are unintended.

“But they are the results of certain policy decisions that hopefully with time, can be amended to serve the welfare of the people,’’ he said.

He urged Nigerians to commit themselves to the fact that building a good society takes a lot of time.

“It is not something that is done in one lifetime, and for me, the most important thing is to continue on the building blocks of the things that we think are being done well,” he said.

However, the President of Nigerian Labour Congress (NLC), Joe Ajaero, decried the current state of the nation’s economy and called for the return of fuel subsidy and reversal of other policies to make life easy and meaningful.

Ajaero described Tinubu’s action “as palliative policies’’ that had kept Nigerians in perpetual poverty.

“Nigerians are the losers; look at the polices, from devaluation of Naira, removal of fuel subsidy, Value Added Tax, increase in taxes and many others.

“These are being done without commensurate increase in salaries of the Nigerian workers.

“Many companies have closed down. A lot of businesses have wind down, youth are leaving the country, the exchange rate of Naira to a dollar hit the ceiling causing increase in prices of goods and services,’’ Ajaero said.

Also,a member of the Northern Elders Forum, (NEF), Prof. Usman Yusuf, said that Nigerians were fast losing hope due to harsh economic conditions.

He urged the economic management team of the government to take steps that could improve the economy as a matter of urgency.

A civil servant, Abbas Ibrahim, described the last 12 months of the Tinubu presidency as very harsh on workers.

“In the midst of all these reforms, the Nigerian worker is the worst hit.

“Inflation is at its worst level, yet our salaries remain unchanged. If you ask me, I will tell you clearly that the government has not done well,’’ he said. (NAN) (www.nannews.ng)

Edited by Ese E. Eniola Williams