The Federation’s general statistician says Nigeria will cut GDP again in 2021

Dr. Yemi Kale, Federation Statistician General / CEO of the Nigerian National Bureau of Statistics, has announced that Nigeria will rebuild its GDP later this year.

Dr. Kale announced this at the press conference on the importance of the ongoing National Survey of Establishment (NSE) in Abuja on Thursday.

He revealed that if GDP were rebased, the NSE would contain information on 17 economic activities that would contain more data on the current economic realities in the country.

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“It would also provide useful information to policy-makers about the activities that are driving the Nigerian economy and those that require government intervention, and serve as a benchmark for subsequent statistics of the trade and industrial sectors.

“Following the COVID-19 pandemic, which has severely affected many businesses and commercial activities, a survey like this with the information to be sent is invaluable in designing and planning long-term growth after COVID-19 and developing the private sector in Nigeria, ”said Kale.

Kale added that another major contributor to the start-up is the National Agriculture Sample Census, which is slated to be conducted later this year, and that the NBS is included in the National Business Sample Census (NBSC) 2020/21, which began in 2020 , counted over 1.4 million companies in October 2020.

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“The first component is the listing or enumeration of business and commercial establishments across the country, while the second part is the sample survey that is currently being conducted.

“The data retrieved from the companies during the listing was the company’s contact details, the type of business and ownership structure, the number of employees, and the GPS location.

“The sample survey, which began two weeks ago with the training of the sales force, essentially takes a sample of the listed businesses listed,” he added.

READ: NBS’s Yemi Kale explains the reason behind the late release of employment data

What you should know

  • The last time Nigeria rebuilt its GDP was in 2014, which resulted in South Africa’s economy outperforming as the largest in Africa. Dr. Yemi Kale said the economy expanded to an estimated N80 trillion ($ 488 billion) in 2013.
  • Nigeria’s real gross domestic product (GDP) decreased in real terms by -3.62% (year-on-year) in the third quarter of 2020, which means a full recession and a second consecutive decline of -6.10% in the previous quarter (Q2 2020) .

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