The National Bureau of Statistics (NBS) plans to release new figures for Gross Domestic Product (GDP) in December, after changing the way they are calculated in a move towards boosting the reported size of its economy.
Nigeria is updating its Gross Domestic Products (GDP) base year to 2010 to give a better indication of the size and composition of its economy. The data will be released on December 10, this year. Currently, the country’s GDP is based on production patterns of 1990.
Mr. Yemi Kale, the Statistician General, NBS, confirmed that 2010 would be the new base year, according to an e-mailed response to questions from Bloomberg last week.
He said in May that the agency was also considering 2012 as a possible base year, after consulting experts from inside and outside government.
The schedule for release of the new GDP data has been changed several times. While the statistics bureau’s website still mentions a target of October 24, Kale said in May that it might not happen until next year.
Nigeria’s economy, the second-largest in sub-Saharan Africa, was estimated at $268.7bn last year and is forecast to expand 7.2 per cent this year by the International Monetary Fund.
The true size and composition of the economy hasn’t been properly reflected in the annual calculations, which don’t capture the activities of companies created since 1990, according to Kale.
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