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GDP rebasing: NBS commences National Business Sample Survey

Naijamedialog February 04, 2021 0

Price of cooking gas increased in December — NBS

By Yinka Kolawole

ECONOMY

The National Bureau of Statistics (NBS) has commenced the National Business Sample Survey (NBSS) aimed at re-basing the nation’s Gross Domestic Product (GDP) among other motives.

In a statement yesterday, Head, Public Affairs and International Relations, NBS, Sunday Ichedi, said that the NBSS, a component of National Business Sample Census (NBSC), involves in-depth study of sampled establishments based on the sectors identified in NBSC, in furtherance of the successful completion of listing of establishments.

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He said: “The survey is aimed at re-basing the Gross Domestic Product (GDP) from 2010 to 2018/2019, provide sectoral data at national and state levels and determine the structure of the Nigerian economy.

Ichedi also said it was aimed at determining the sectors that drive the economy and those that require government intervention to improve them, adding that it would serve as a benchmark for subsequent commercial and industrial “Sector Statistics Surveys”.

Recall that in April 2014, NBS announced changes to the way it calculated GDP, changing the calculation to more accurately reflect current prices and market structure, thus giving more weight to Nigeria’s movie industry, known as Nollywood and mobile phone services that had recently experienced rapid growth.

As a result, Nigeria’s estimated GDP increased by 89 percent, moving it from Africa’s second biggest economy (after South Africa) to the continent’s biggest economy

Ichedi further stated: “The survey which is done in collaboration with the World Bank would cover the 36 states of the federation, including the Federal Capital Territory.

“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 exercise.”

According to him, the survey which will cover 17 sectors of the economy will be carried out within three weeks.

The post GDP rebasing: NBS commences National Business Sample Survey appeared first on Vanguard News.