Mr Griffin fared terribly in the recent general election when he optimistically predicted his party would win a seat in the House of Commons and failed badly, and the party also confessed it had received a "bloody nose" in the local elections of the same nice when it lost all 12 of its seats on east London's Barking and Dagenham council.
Speaking at a meeting of the party's advisory council, Mr Griffin confirmed he would step down in 2013 to concentrate on his attempt to be re-elected to the European Parliament.
Mr Griffin said his decision was timed to allow the last "building blocks" of the BNP's administrative and political machine to be put in place.
"This is going to take at least 18 months to implement and after that I intend to hand the party over to someone who will be able to drive support up to where it can be a serious contender for power,” he said.
"By then I would have been leader of the BNP for 15 years and that is long enough. It will be time to make way for a younger person who does not have any baggage which can be used against the party."
Of the BNP's 2014 European election hopes, Mr Griffin said he was sure the party could retain its two seats and add "several more" to the tally.
"I then intend to help the other European nationalist parties to achieve the level of sophistication which the BNP has been able to build up, because a victory for any one of these parties is a victory to all of us."
So where does that leave the BNP? Well, the only really "serous contender" to take up the leadership is a certain Richard Barnbrook, who is hardly an improvement it must be said.
Amongst other things Mr Barnbrook has fabricated murder stories to increase fear of knife crime, demanded a ban on the Notting Hill Carnival and contradicted BNP policy on numerous occasions having been exposed as having an affair with an immigrant who he sent photos of his genitals to prior to their first actual meeting and directing and producing a ‘Marxist gay porn’ movie…