BusinessDay

After 6 years, FG moves to rebase Nigerian economy

The Federal Government is set to rebase the economy six years after the last rebase in 2014 by the administration of former President Goodluck Ebele Jonathan.

The rebasing of the economy in 2014 pushed Nigeria’s GDP to N80.2 trillion, or $509.9 billion, rising from its previous figure of N42.4 trillion, or $269.5 billion.

In a press statement made available to BusinessDay on Wednesday, Sunday Ichedi, head, public affairs & international relations, National Bureau of Statistics (NBS), revealed that the bureau had commenced National Business Sample Survey (NBSS) whose objectives include: to rebase the GDP from 2010 to 2018/2019; to provide sectorial data at national and state levels and to determine the structure of the Nigerian economy.

Ichedi noted that 17 sectors of the economy would be covered during the survey exercise, adding that data collection on the survey by NBS staff had commenced with lodgements of questionnaires in the selected establishments.

He said the survey, done in collaboration with the World Bank, would cover the 36 states of the federation, including the Federal Capital Territory (FCT).

“Following the successful completion of listing of Establishments, a component of National Business Sample Census (NBSC), the National Bureau of Statistics (NBS) has commenced National Business Sample Survey (NBSS), otherwise known as the survey of establishments.

“NBSS is also a component of NBSC which involves in-depth study of sampled establishments based on the sectors identified in NBC.”

The objectives of the National Business Sample Survey include: To rebase the Gross National Product (GDP) from 2010 to 2018/2019, provide sectorial data at national and state levels, and determine the structure of the Nigerian economy.

Others are to determine the sectors that drive the Nigerian economy and those that require government intervention to improve them, serve as a benchmark for subsequent commercial and industrial sector statistics surveys.

“The survey covers the 36 states of the federation, including FCT. “In all, 17 sectors of the Nigerian economy will be covered during the survey exercise.

“Already, aata collection on the survey by NBS staff has commenced with lodgements of questionnaires in the selected establishments.

“NBS appeals to the selected establishments to provide the necessary information for the survey as their participation is germane for the successful completion of the survey exercise,” he stated.

The GDP is the total market value of all final goods and services produced in a country in a given year, equal to total consumer, investment, government spending plans and the value of exports less the value of imports.

Analysts say rebasing the economy could strengthen the basis for budgeting and other fiscal interventions, which could then be benchmarked against similar economies of the world.

The World Bank puts the value of the Nigerian economy, the biggest in Africa, as of 2019 at $448.12 billion, up from $397.19 billion in 2018.

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