Economy: FG Set To Rebase GDP…Identifies Viable Sectors

In its bid to rebase the Gross Domestic Product(GDP) and identify viable sectors of the economy, the Federal Government has announced the commencement of National Business Sample Survey (NBSS) .
NBSS will involve indepth study of sampled establishments based on the sectors identified in National Business Census Survey (NBCS) earlier conducted by National Bureau of Statistics (NBS), in 2020.
Its Head, Public Affairs & International Relations, Mr Sunday Ichedi, disclosed in a statement that the objectives of NBSS include: to rebase the GDP from 2010 to 2018/2019; to provide sectoral data at national and state levels; to determine the structure of the Nigerian economy and to determine the sectors that drive the economy and those that require government’s intervention to improve them.
The survey will equally serve as a benchmark for subsequent commercial and industrial sector statistics surveys.
According to him, the survey will cover the 36 states of the federation, including Federal Capital Territory (FCT).
He said:“In all, 17 sectors of the Nigerian economy will be covered during the survey.
“Already, data collection on the survey by NBS staff has commenced with lodgements 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”.
NBCS, whose aim was to know the number of formal and informal business establishments in Nigeria, was conducted in September, last year.
In his remarks before the commencement of the survey, last year, the Statistician General of the Federation, Dr Yemi Kale, said that the census would ensure that the contacts of all commercial and industrial business operations in fixed locations including the nature of the economic activity of the establishments, the number of employees they engage, their contact details, among other things, are collected.
According to him, the exercise would be conducted every five years as recommended by the United Nations Statistical Commission.
“The information emanating from the census activity is primarily useful in understanding the nature and structure of the economy, as well as providing a sound business framework for the conduct of economic surveys in the country.
“Conventionally, it is conducted every five years, as recommended by the United Nations Statistical Commission. However, in Nigeria, the census has not been conducted for over two decades, mainly due to funding challenges,” he said.

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