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Business

Statistician-General of the Federation says Nigeria to rebase GDP in 2021

Nigeria is set to rebase its GDP in the later part of 2021, the Statistician-General of the Federation has revealed.

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Dr Yemi Kale, National Bureau of Statistics, NBS, Federation Account Allocation Committee, FAAC

Dr. Yemi Kale, Statistician-General of the Federation/CEO Nigerian National Bureau of Statistics has disclosed that Nigeria would rebase its GDP later this year.

Dr. Kale disclosed this at the media conference on the significance of the on-going National Survey of Establishment (NSE) on Thursday in Abuja.

He revealed that after the GDP is rebased, the NSE would include information on 17 economic activities which would have more data on the present economic realities in the country.

READ: Absence of sound statistical system will impede actualization of SDGs – Yemi Kale

“It would also provide useful information for policymakers on the activities driving the Nigerian economy and those that require government intervention and serve as a benchmark for subsequent commercial and industrial sector statistics.

“In the wake of the COVID-19 pandemic when many businesses and commercial activities have been impacted severely, a survey such as this, with the information to emanate, is extremely invaluable to designing and planning for the post-COVID-19 long term growth and development of the private sector in Nigeria,” Kale said.

Kale added that another major factor for the re-basing is the National Agriculture Sample Census, to be held later this year, citing that the NBS  enumerated over 1.4 million business establishments in the National Business Sample Census (NBSC) 2020/21 which commenced in October 2020.

READ: Nigeria’s GDP growth to rebound between 1.7% and 2.0% in 2021 – United Capital report

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

“The data retrieved from the businesses during the listing exercise were the establishment’s contact details, nature of the business and ownership structure, number of employees, and GPS location.

“The sample survey which commenced with the training of field personnel two weeks ago, essentially, takes a sample of the enumerated business establishments under the listing exercise,” he added.

READ: NBS’ Yemi Kale explains reason behind late publication of employment data

What you should know

  • The last time Nigeria rebased its GDP was in 2014 which made the economy surpass South Africa’s as the largest in Africa. Dr. Yemi Kale said the economy expanded to an estimated N80 trillion ($488 billion) for 2013.
  • Meanwhile, Nigeria’s Gross Domestic Product (GDP) in real terms declined by -3.62% (year-on-year) in Q3 2020, thereby marking a full-blown recession and second consecutive contraction from -6.10% recorded in the previous quarter (Q2 2020).

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Business

Nigeria signs pact with Morocco’s OCP Group to aid fertilizer production

The pact is expected to utilize Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and one million tons of phosphate fertilizers.

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Nigeria has signed a pact with OCP Africa to aid the second phase of the Nigerian Presidential Fertilizer Initiative in Morocco. The pact was signed by the Nigerian delegation led by the Minister of State for Petroleum, Timipre Sylva and officials of Nigeria Sovereign Investment Authority (NSIA).

This was disclosed in a statement issued by NSIA and seen by Nairametrics on Tuesday.

This is expected to utilize Nigerian gas and Moroccan phosphate to produce 750,000 tons of ammonia and one million tons of phosphate fertilizers annually by 2025.

To achieve the 750,000 tons target, a number of agreements were signed between OCP Africa, the Fertilizer Producers and Suppliers Association of Nigeria, and the NSIA in order to commit to the second phase of the Nigerian Presidential Fertilizer Initiative.

Similarly, a Shareholders’ Agreement was also signed between OCP Africa and the NSIA for the creation of the Joint Venture Company. This agreement would oversee the development of a versatile industrial platform that will produce ammonia and fertilizers in Nigeria.

It stated, “a Memorandum of Understanding between OCP Africa, the Nigerian National Petroleum Corporation, and NSIA was sealed. The objective of this pact is to evaluate the opportunity of an equity investment by the NNPC in the JVC and for its support on gas.”

What you should know

  • The business visit is a follow up to the industrial project which was officially launched in June 2018 following the success of the first phase of the Presidential Fertilizer Initiative supported by OCP.
  • Through these agreements, the OCP Group has confirmed its commitment to the development of sustainable and inclusive agriculture in Nigeria.
  • The project was first announced during the official visit to Morocco of President Muhammadu Buhari and it is aimed at developing a versatile industrial platform in Nigeria.
  • Recall that in 2016, OCP Group first partnered with the Fertilizer Producers and Suppliers Association of Nigeria under the Presidential Fertilizer Initiative, supported by the Nigerian Sovereign Investment Authority.
  • This collaboration stretched across the entire agricultural value chain, from the introduction of customized fertilizers adapted to local soils and crops to improving the availability of fertilizers in the local market at competitive prices.
  • The partnership also included farmer support initiatives, supply chain development projects along with the strengthening of a close distribution system.
  • These joint efforts have led to the renovation of 13 blending units and packaging for fertilizers and installation by private operators of more than 14 new factories.

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Business

FG declares ‘no-fly zone’ in Zamfara, bans mining activities in the State

The imposition and enforcement of a ban on all mining activities in Zamfara with immediate effect is until further notice.

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President Muhammadu Buhari has banned mining activities in Zamfara State, as it declared a ‘no-fly zone’ in the northern state.

This was disclosed by the National Security Adviser (NSO), retired Maj. Gen. Babagana Monguno, during the State House briefing at the end of the meeting of the National Security Council on Tuesday.

At the meeting, which was presided by President Buhari, he said;

“The President has approved, based on our recommendations, the imposition and enforcement of a ban on all mining activities in Zamfara with immediate effect until further notice.

“He has directed the Minister of Defence and the National Security Adviser to deploy massive military and intelligence assets to restore normalcy to that part of the country.

“He has also approved that Zamfara State should be declared ‘a no fly zone’ with immediate effect.”

 

President Buhari said, “I join the affected families and the people of Zamfara State in welcoming and celebrating the release of the abducted students of GGSS Jangebe. This news bring overwhelming joy. I am pleased that their ordeal has come to a happy end without any incident.

“We are working hard to bring an end to these grim and heartbreaking incidents of kidnapping. The Military and the Police will continue to go after kidnappers. They need the support of local communities in terms of human intelligence that can help nip criminal plans in the bud.”

 

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