FG to rebase Nigeria’s economy after two recessions in five years

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FG to rebase Nigeria’s economy after two recessions in five years
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In order to improve investment decisions and identify sectors of Nigerian economy that require government intervention, the Federal Government has partnered with the World Bank to rebase Nigeria’s Gross Domestic Product (GDP).

The rebase exercise will cover 2015 to 2018/2019 and replace the old rebase done in April, 2014. According to a statement from the Nigerian Bureau of Statistics (NBS), part of the rebase exercise includes the gathering of company data operating within 17 sectors in the Nigerian economy.

NBS revealed Thursday that it had completed listing of establishments, a component of National Business Sample Census, and has now moved on to phase two, which is National Business Sample Survey (NBSS), otherwise known as the survey of establishments.

The NBSD will enable the NBS calculate sectorial figures. According to NBS’s spokesperson, Ichedi Sunday, “the objectives of the National Business Sample Survey include to rebase the Gross National Product from 2010 to 2018/2019”

While listing other purposes of the sample in a statement issued in Abuja, Sunday stated NBS will “provide sectorial data at national and state levels, determine the structure of the Nigerian economy, determine the sectors that drive the Nigerian economy and those that require government intervention to improve them.”

Other objectives gathered from his statement included serving as a benchmark for subsequent commercial and industrial sector statistics surveys. The Bureau stated that the survey will cover 36 states, including Abuja.

While adding that, “In all, 17 sectors of the Nigerian economy will be covered during the survey exercise. Already, data collection on the survey by NBS staff has commenced with lodgments 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.” NBS stated.

 

 

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