The National Bureau of Statistics (NBS) has released the long-awaited rebased gross domestic product (GDP) figures, updating the base year to 2019.
The last GDP rebasing exercise was conducted in 2014, with a
base year of 2010.
In a statement on Monday, Adeniran Adeyemi, statistician-general
of the federation, said rebasing is conventionally done every five years
depending on resource availability and the technical capacity of the
statistical office.
“As we are all aware, economies are dynamic. They change
continually with innovation and new technologies, which alter the production
and consumption patterns of individuals, households, firms, and government,”
Adeyemi said.
“Given these changes, it is only right that the parameters
used to estimate the size, structure, and movements in the economy are updated
periodically, ensuring an accurate and realistic picture of the economy.
“This is why statistical offices worldwide undertake the
process of rebasing. This is not a Nigerian affair; it is a global practice,
conventionally done every five years, of course, depending on resource
availability and the technical capacity of the statistical office.”
He said the rebasing of the economy was not done by the
government to fulfil any set target or objectives, but rather a routine
activity.
“It is also essential to state that the conduct of this
exercise is not instituted or directed by the government to fulfil any set
target or objectives. This is merely a routine activity, as I mentioned
earlier, one that NBS undertakes in fulfilment of our mandate and as a
responsible producer and manager of official statistics in Nigeria,” Adeyemi
said.
‘BY FAR THE MOST COMPREHENSIVE OF ANY REBASING EXERCISE
CONDUCTED BY NBS’
Adeyemi said the rebasing exercise was better than those
previously conducted by the NBS, as it included some activities that were
missing in previous reports.
He said the NBS has added the business sample census and the
agriculture sample census, the Nigerian living standards survey, and the
revised Nigerian labour force survey, amongst others.
“The process of conducting this rebasing exercise, just like
any other, requires a massive amount of granular data, and I am proud to say
that this one is by far the most comprehensive of any rebasing exercise
conducted by the Bureau,” the statistician-general said.
“For those who can recall, when presenting the results of
the 2014 rebasing exercise, with a base year of 2010, the Bureau mentioned that
two major activities were missing: the Business Sample Census and the
Agriculture Sample Census.
“Under this round, however, not only have both censuses been
conducted, but other notable data collection activities have also been carried
out. This includes the Nigerian Living Standards Survey, which provided data on
Households operating non-farming enterprises.
“Other data collection activities include the National
Agricultural Sample Survey, the Annual Business Establishment Survey, the
Revised Nigerian Labour Force Survey, and a range of administratively sourced
data from Ministries, Departments, and Agencies of the government.”
Adeyemi further said due to the elaborate data collection
activities embarked on by the bureau, it recorded significant improvements in
the coverage of activities such as digital economic activities, water
transportation, activities of pension funds administrators, and National Health
Insurance Authority (NHIA).
Others are the activities of modular refineries, the
Nigerian Social Insurance Trust Fund (NSITF), domestic households as employers
of labour, informal sector activities, and quarrying and other mining
activities.
“In addition to this enormous pool of data harnessed during
the exercise, other technical and methodological enhancements have also been
adopted to align the GDP estimates with international best practices and
improve their quality,” he said.
“One such application is the use of Financial Intermediation
Services Indirectly Measured (FISIM) in relevant economic activities, including
Crude Oil and Natural Gas, Oil Refining, Cement, Rail Transport, and Financial
Institutions.”
He said all the changes, improvements, and enhanced coverage
give “us the confidence that these numbers released today represent the best
estimates of Nigeria’s national economic output”.
Adeyemi added that NBS collaborated with relevant partners
and stakeholders, both locally and internationally, from the government,
academia, the private sector, civil society, the development space, and the
media, for the rebasing exercise.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com