Nigeria to determine real size of economy as FG, World Bank plan rebasing exercise

FG collaborates with world bank to rebase GDP from 2010 to 2018/2019

The Federal Government through the National Bureau of Statistics (NBS) has commenced plans to rebase the country’s Gross Domestic Product (GDP) from 2010 to 2018/2019 as its adopted price benchmark for calculating the GDP in order to increase the size of the economy.

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.

Announcing the rebasing, spokesperson, NBS, Ichedi Sunday stated that following the successful completion of the listing of establishments, a component of the National Business Sample Census, the NBS commenced the National Business Sample Survey, otherwise known as the survey of establishments. ‘

Ichedi explained that the objectives of the National Business Sample Survey include rebasing the Gross National Product from 2010 to 2018/2019’. The survey will provide sectoral data at national and state levels, determine the structure of the Nigerian economy, and determine the sectors that drive the Nigerian economy and those that require government intervention to improve them.

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Others, he said, were to serve as a benchmark for subsequent commercial and industrial sector statistics surveys.

According to the bureau, the survey which is done in collaboration with the World Bank would cover the 36 states of the federation including the Federal Capital Territory. 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. The survey covers the 36 states of the federation, including the Federal Capital Territory.

It said, “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.”

Nigeria tried to rebase its economy both in 2012 and 2013, but the government postponed the moves following the disruption caused by subsidy protests and other socio-economic uncertainties.

But in 2014, the nation finally rebased its GDP and the figures soared by 89.22 percent, amid criticisms from labour unions and opposition parties. The move pushed Nigeria’s GDP to N80.2 trillion, or $509.9 billion, rising from its original figure of N42.4 trillion, or $269.5 billion.