Nigeria: NBS Updates Consumption Basket, Refreshes Inflation Measurement

The National Bureau of Statistics (NBS) has updated its Consumer Price Index (CPI) to reflect modern Nigerian consumption patterns, discarding outdated items that no longer capture how people live and spend. The move comes after a long-overdue rebasing of the index, aimed at improving the accuracy of inflation measurement.

Speaking at a virtual stakeholder session on December 2025 inflation, organized with the Nigerian Economic Summit Group (NESG), Statistician-General and NBS CEO, Mr. Adeyemi Adeniran, explained that the overhaul was necessary to align inflation data with current realities.

“We were still tracking inflation with a basket built around a 2009 lifestyle,” Adeniran said. “After 15 years, that basket no longer reflected the true story of prices in Nigeria. Rebasing allows inflation figures to mirror what people actually consume today.”

The 2025 CPI rebasing, using 2024 as the new base year, marks Nigeria’s first update in 15 years—far exceeding the five-year interval recommended by international standards. The delay meant inflation data had increasingly been influenced by obsolete items and distorted price movements.

A nationwide household expenditure survey conducted in 2023 and 2024 across all 36 states and the Federal Capital Territory revealed that Nigerians no longer spend on 201 items previously included in the CPI basket. Director of Price Statistics, Dr. Ayo Anthony, emphasized that the removals were evidence-based.

“It is not NBS that arbitrarily removed items,” Anthony explained. “People simply did not report spending on them for 12 months.”

Among the items removed are black-and-white televisions, Nokia 3310 phones, and older Motorola handsets—products no longer relevant to modern households. In their place, 404 new products were added, bringing the CPI basket to 934 items from roughly 740 previously. The additions reflect contemporary consumption, including new technologies and evolving household needs.

The rebasing introduces technical considerations. Adeniran noted that using December 2024 as the reference period could create an apparent spike in December 2025 inflation due to base effects. To address this, NBS has applied international best practices to normalise the figures and prevent misinterpretation.

NESG CEO, Dr. Tayo Aduloju, welcomed the updated methodology, highlighting its importance for policy and investment.

“When consumption habits change, statistics must change with them,” Aduloju said. “This refreshed look at inflation is essential for credible data, sound policy, and investor confidence.”

With the CPI rebasing complete, Nigeria now has inflation data that more accurately reflects contemporary spending habits, supporting regulatory reporting, economic policy design, and informed decision-making in both public and private sectors.