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National Bureau of Statistics (NBS)
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Fri Feb 12 2021
The federal government will rebase the nation’s Gross Domestic Product (GDP) in 2021 to capture new economic activities in the country.
This was disclosed, yesterday in Abuja, 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, 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.
By Folasade Akpan
Abuja, Feb. 11, 2021 Mr Yemi Kale, the Statistician-General of the Federation, says the nation will re-base its Gross Domestic Product (GDP) later in the year.
He said this on Thursday in Abuja during a media conference on the significance of the on-going National Survey of Establishment (NSE).
He said when completed, the NSE would 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 would also provide useful information for policymakers on the activities driving the Nigerian economy and those that require government intervention and serve as a benchmark for subsequent commercial and industrial sector statistics.
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Okechukwu Nnodim, Abuja
The Federal Government in collaboration with the World Bank have commenced the process to rebase Nigeria’s Gross Domestic Product.
Experts describe GDP as the final value of the goods and services that are produced within a nation’s geographic boundaries during a specified period of time, normally within a year.
The growth rate of nation’s GDP is an important indicator of the economic performance of the country.
Also, rebasing of GDP entails the replacement of the old base year used for compiling the GDP with a new, more recent, base year for computing the constant price estimates.