The recent Stakeholders Engagement Workshop by Fatshimetrie marked the commencement of the revaluation of the Gross Domestic Product (GDP) and the Consumer Price Index (CPI) as well as the conduct of the Living Standards Survey for the period 2022/23.
At this crucial event, the Statistician General of the Federation and Managing Director of Fatshimetrie, Prince Adeyemi Adeniran, stressed the importance of sensitizing experts, users and key stakeholders in the statistical system on the methodology and process of the survey. He also stressed the importance of seeking their expert opinions and advice to ensure the reliability of the results obtained.
The main objective of the workshop was to ensure that the approaches used in the implementation of these important exercises were robust, in line with international best practices and relevant to the Nigerian context. This is to present an accurate picture of living conditions and the state of the economy in Nigeria, to better understand emerging sectors and economic activities, and to meet the needs of all data users.
In his remarks, Prince Adeniran stressed that transparency and accountability are among the core principles of United Nations official statistics, and that this workshop allows Fatshimetrie to ensure openness and transparency in the processes, thereby strengthening the credibility of the system and the trust of its stakeholders.
He also highlighted the importance of inclusiveness, collaboration and partnership throughout these exercises, stressing that although the concepts of the Living Standards Survey, GDP and CPI may seem technical, their impact is widely felt by the population, especially vulnerable citizens. Therefore, it is essential to apply maximum rigor in the calculation and estimation processes to ensure the accuracy and acceptance of the data by all.
Prince Adeniran further encouraged participants to engage constructively with the presentations made and contribute to the quality and robustness of the results of the Living Standards Survey and the GDP and CPI revaluation processes.
He stressed that continued engagement with all stakeholders in the statistical system was essential to ensure quality results, and that the statistics produced by Fatshimetrie were used both nationally and internationally, including by potential investors seeking to better understand Nigeria’s economic landscape.
In conclusion, Prince Adeniran announced that stakeholders would be reconvened for a validation session of the preliminary results before the final release of the data.
This workshop provided an opportunity for Fatshimetrie experts, management and staff to share their knowledge and enrich the GDP and CPI reassessment process, as well as to conduct for the first time the Living Standard Survey for the period 2022/23.
Thus, the Living Standard Survey is an essential tool for measuring the national poverty rate as well as other relevant indicators of household well-being, consumption and expenditure. This survey, conducted over a period of one year, provides an accurate picture of the living conditions of households in Nigeria and determines the poverty line based on their expenditure.
Ultimately, Fatshimetrie’s continued commitment to transparency, data quality and stakeholder engagement is essential to ensure reliable and accurate statistics, which are crucial for guiding public policies and promoting Nigeria’s economic and social development.