Nigeria Starts Process to Review GDP Base

By Sahabi Abdul

The National Bureau of Statistics,  Nigeria’s official data repository, has started a review process to create a new base for determining the country‚Äôs gross domestic product.

Having compiled a list of business establishments in the country, the agency is now embarking on a survey for detailed analysis of the identified organizations,  the NBS said in a statement on its website.

Information and data gathered through the survey will be used to determine the value of Nigeria’s domestic output in the decade from 2010, providing sectoral information both at federal and state levels.

Market scene: Nigerians at work.

They will also help  “determine the sectors that drive the Nigerian economy and those that require government intervention to improve,” according to the statement.

All of Nigeria’s 36 states will be covered in the survey and a total of 17 sectors of the economy have been identified for analysis.

The last time Nigeria rebased, or changed the way its GDP was calculated, in April 2014, it was able to include nascent sectors such as telecommunications, technology and the movie industry. The result was an 89 percent increase as Nigeria leapfrogged South Africa to become Africa’s biggest economy, estimated at about 500 billion dollars.