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Nigeria To Rebase GDP — NBS

NEWSMAN, Abuja – Federal government will rebase the nation’s Gross Domestic Product (GDP) in 2021 to capture new economic activities in the country.

In a statement by the Statistician-General of the Federation, who is also the Chief Executive Officer (CEO) of the National Bureau of Statistics (NBS), Dr. Yemi Kale, disclosed this in Abuja, yesterday during a press briefing on the ongoing National Survey of Establishments (NSE) being conducted by the (NBS) with support from the World Bank.

Recall that Nigeria rebased its GDP from $270 billion to $510bn in 2013 to become the largest economy in Africa.

Kale said the ongoing National Survey on Establishments would be a significant input to the next GDP rebasing, which will move the current 2010 base year to a new base year, 2019 when it is concluded in 2021.

“The NSE, when completed, will provide updated sectoral information on 17 broad economic activities and give a better reflection of the commercial structure and composition of the Nigerian economy.

“It will provide useful information for policymakers on the activities driving the Nigerian economy and those that require government intervention”, he said.

The NSE is the second part of the National Business Sample Census (NBSC) 2020/2021, which started in October last year, Daily Trust reported.

He said the NBS enumerated 1.4 million establishments during the first component, which involved the listing or enumeration of business and commercial establishments across the country.

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