NBS Moves To Rebase Nigeria’s Economy

The National Bureau of Statistics on Wednesday said it has begun moves to rebase the Nigerian economy for a ten year period covering 2010 to 2019.

The Bureau said this in a statement issued by the Head, Public Affairs and International Relations, Ichedi Sunday.

Rebasing of GDP means replacing the old base year used for compiling the GDP with a new, more recent base year for computing the constant price estimates.

In April 2014, the National Bureau of Statistics had announced changes to the way it calculated GDP, changing the calculation to more accurately reflect current prices and market structure.

Through the exercise, the government gave more weight to Nollywood and mobile phone services that had grown a lot recently. As a result, Nigeria’s estimate of its GDP increased by 89 per cent, moving it from Africa’s second biggest economy (after South Africa) to the biggest economy.

To achieve the new rebasing of the economy, the Bureau stated that it had commenced the National Business Sample Survey which is also known as the survey of establishments.

The 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 from 2010 to 2019 •

The survey would also assist in providing sectoral data at National and State levels as well as determine the structure of the Nigerian economy •

It would also help the Bureau to determine the sectors that drive the Nigerian economy and those that require government intervention to improve them •

The survey would also serve as a benchmark for subsequent commercial and industrial Sector Statistics Surveys and it would cover the 36 states of the Federation, including the Federal Capital Territory.

In all, seventeen sectors of the Nigerian economy will be covered during the Survey exercise.

Already, data collection on the Survey by NBS staff has commenced with lodgements of questionnaires in the selected establishments.

The NBS called on all selected establishments to provide the necessary information for the survey as their participation is vital for the successful completion of the survey exercise.