NEWS
NESG, NBS to Host Sensitisation Workshop on GDP, CPI Rebasing

By Tony Obiechina, Abuja
The Nigerian Economic Summit Group (NESG), in partnership with the National Bureau of Statistics (NBS), will host a sensitisation workshop on Gross Domestic Product (GDP) and Consumer Price Index (CPI) rebasing.
The event according to a statement by NESG Head of Strategic Communication and Advocacy, Ayanyinka Ayanlowo will take place on Thursday, January 9, 2025 at the Summit House in Ikoyi, Lagos.
The workshop aims to bring together stakeholders from the public and private sectors to deepen their understanding of the rebasing process, methodology, and implications for Nigeria’s economy.
Statistics play an essential role in macroeconomic management and policymaking.
Following the United Nations Statistical Commission’s recommendation, economic indicators like GDP and CPI should be rebased every five years.This ensures key economic indicators reflect current economic realities, including shifts in consumption patterns, global market exposure, the introduction of new products and services, and changes in economic structures.
The workshop also seeks to clarify misconceptions surrounding GDP and CPI rebasing and build confidence in the statistical processes behind these updates. Participants will gain insights into the revised methodologies and preliminary outcomes, equipping them to make informed decisions in both public and private sectors.
The workshop aims to create a platform for public-private engagement on GDP and CPI rebasing, discuss key preliminary outcomes from the rebased data and their implications for decision-making and promote public awareness and foster trust in GDP and CPI rebasing processes.
Furthermore, the workshop is expected to kickstart NESG’s citizen sensitisation and advocacy on data rebasing, pre-inform private sector and stakeholder organizations about rebased data methodologies, trends and lay the foundation for improved data credibility and advocacy in Nigeria.
The workshop will bring together prominent stakeholders, including the Statistician-General of the Federation and Chief Executive Officer (CEO), National Bureau of Statistics, Prince Adeyemi Adeniran, the CEO of NESG, Dr. Tayo Aduloju and representatives from the Manufacturing Association of Nigeria, Lagos Chamber of Commerce and Industry, Academia, Civil Society Organizations, NESG research partners, media professionals, and more.
The GDP and CPI rebasing process is vital for understanding Nigeria’s economic trajectory. By updating these indicators, the rebasing reflects the current structure of economic activities, enabling policymakers and businesses to make data-driven decisions that foster growth and development.
This workshop marks an important step toward promoting transparency, collaboration, and improved decision-making in Nigeria’s economic landscape.
The NESG is a private sector-led think tank and policy advocacy group committed to driving sustainable economic development in Nigeria.
Foreign News
French Butchers’ shops Closed After Child Dies of Rare Illness

Authorities in northern France have shut two butcher’s shops after several children were hospitalised and one died from a rare illness thought to be linked to infected meat products.
Investigators found that most of the children had eaten meat from the shops in Saint-Quentin, the prefecture announced on Friday.
The children aged between one and 12, eight children from the town of 53,000 inhabitants and surrounding area were hospitalised in the past week with severe diarrhoea.
Five developed haemolytic uraemic syndrome (HUS), a rare form of acute kidney failure, from which a 12-year-old child has died.
HUS usually occurs in children as a result of an intestinal infection, it leads to the formation of blood clots that block the brain, heart and kidneys in particular.
Up to 165 cases of children with HUS syndrome are documented in France each year.
The authorities urged residents not to consume meat products bought in the closed shops until laboratory tests have proven the cause of the illness beyond doubt.(dpa/NAN)
Foreign News
Over 650 Die in Iran After First Week of Israeli strikes

More than 650 people have been killed in Iran following a massive Israeli bombing campaign launched a week ago, an activist group said on Friday.
The U.S.-based Human Rights Activists News Agency (HRANA) reported that 657 people have died and 2,037 have been injured in the nationwide airstrikes.
The Iranian government does not publish daily figures on casualties.
HRANA relies on a broad network of informants and publicly available sources.
The group said the dead include at least 263 civilians and 164 members of the military.
Another 230 fatalities remain unidentified.
The network also reported damage to civilian infrastructure, including a projectile striking a children’s hospital in Tehran, which did not result in any injuries.
In the western province of Ilam, a fire station was damaged, HRANA said, while an Israeli attack on a car factory in western Iran triggered a large fire.
Israel maintains its objective is to prevent Iran from acquiring nuclear weapons, which it considers an existential threat. (dpa/NAN)
Education
NDIC Urges Youths To Shun Cybercrime, Embrace Financial Discipline

The Nigeria Deposit Insurance Corporation (NDIC) has advised youths to steer clear of cybercrimes and embrace legitimate sources of income to secure their future.
Mr Adefemi Shaba, NDIC Port Harcourt Zonal Controller, gave the remark on Friday while addressing over 300 students at the 2025 Financial Literacy Day held at Community Secondary School Okoro-Nu-Odo, Rumuagholu, Obio/Akpo area of Rivers.
The theme of the event was “Think Before You Follow, Wish Money for Tomorrow.
”Shaba emphasised the need for students to reject the ‘get-rich-quick’ mentality, saying that they should invest their time in productive and meaningful ventures that would secure their future.
According to him, cybercrime and other unlawful means of making money are destructive to progress, that must be avoided at all costs.
He explained that NDIC, in collaboration with the Central Bank of Nigeria (CBN), monitored and supervised banks to ensure safe and sound banking practices.
“NDIC is mandated to protect depositors’ funds, maintain stability within the financial system, guarantee bank deposit liabilities, and protect an efficient and effective payment system.
“This is why we are here – to educate students on managing their finances, saving, and investing for the future,” he stated.
Also speaking, Mr Alfred Ijah, Senior Manager, Communication and Public Affairs, NDIC, described the lack of financial literacy as a key challenge affecting the nation’s financial institutions.
He encouraged students to work hard, earn legitimately, and develop sound financial habits.
“It is important to cultivate the habit of saving, investing wisely, spending responsibly, and helping those in need.
“Making money through internet fraud, theft, or gambling is illegal. Money made through such means lacks legitimacy and is difficult to preserve or manage,” Ijah said.
Mr Peter Njoku, Assistant Director, Rivers State Ministry of Education, commended NDIC for selecting the state to host this year’s Financial Literacy Day.
Njoku, who represented the state government, stressed the critical importance of equipping young people with the knowledge of financial planning and long-term financial viability.
He urged students to apply the knowledge gained to improve their lives and grow into responsible citizens.
“Youths engaging in internet fraud require proper re-orientation, as cyber fraud is no different from stealing or robbery.
“They must desist, because every day is for the thief, but one day is for the owner of the house.
“If they persist, it will only lead to ruin, destroying their future and potential,” he concluded. (NAN)