Connect with us

Business

FG, World Bank Begin Process To Rebase Nigeria’s GDP

Published

5 years ago

on

The Federal Government in collaboration with the World Bank have commenced the process to rebase Nigeria’s Gross Domestic Product (GDP).
GDP is the final value of the goods and services that are produced within a nation’s geographic boundaries during a specified period of time, normally within a year.
Also, rebasing of GDP entails the replacement of the old base year used for compiling the GDP with a new, more recent, base year for computing the constant price estimates.
In its bid to rebase Nigeria’s GDP, the National Bureau of Statistics (NBS) announced on Wednesday that following the successful completion of listing of establishments, a component of National Business Sample Census (NBSC), the NBS commenced National Business Sample Survey (NBSS), otherwise known as the survey of establishments.
It said the NBSS was also a component of NBSC which involves in-depth study of sampled establishments based on the sectors identified in business sample census.
The bureau’s spokesperson, Ichedi Sunday, said in a statement issued in Abuja that ‘the objectives of the National Business Sample Survey include to rebase the Gross National Product from 2010 to 2018/2019’.
The objective also includes “to provide sectorial data at national and state levels, determine the structure of the Nigerian economy, determine the sectors that drive the Nigerian economy and those that require government intervention to improve them.”
Others, he said, were to serve as a benchmark for subsequent commercial and industrial sector statistics surveys.
According to the bureau, the survey covers the 36 states of the federation, including the Federal Capital Territory.
It said, “In all, 17 sectors of the Nigerian economy will be covered during the survey exercise. Already, data collection on the survey by NBS staff has commenced with lodgments of questionnaires in the selected establishments.
“NBS appeals to the selected establishments to provide the necessary information for the survey as their participation is germane for the successful completion of the survey exercise.”
The NBS last rebased the country’s GDP in April 2014, as it announced changes to the way it calculated GDP, changing the calculation to more accurately reflect current prices and market structure.
At the time, the overall estimate of the nation’s economy size increased significantly as the estimate of total GDP of Nigeria increased from N42.4 million ($270 billion) to N80.2 trillion ($510 billion), an 89 per cent increase.
Analysts explain that GDP rebasing enhances planning and investment decisions, as the performance of government in revenue collection, capital spending, among others, are made clearer.

Related Topics:
Continue Reading

Business

FEC Approves Concession Of Port Harcourt lnt’l Airport

Published

6 days ago

on

November 10, 2025

By

The Federal Executive Council (FEC) on Thursday approved the concession of the Port Harcourt International Airport to private investors for more efficient management and improved service delivery.
Minister of Aviation and Aerospace Management, Festus Keyamo, disclosed this while briefing journalists at the State House, Abuja, shortly after the meeting, presided over by President Bola Ahmed Tinubu, Thursday.
Keyamo, however, assured aviation workers that the concession would not result in job losses, stressing that the government remains committed to protecting workers’ rights while pursuing reforms to make the aviation sector more viable.
“We have two major airports now that we have approvals in terms of the business case to begin to finalise with private investors. One of them is the Port Harcourt International Airport. Let me assure the unions that nobody will lose his job as a result of these concessions. I am pro-union, pro-workers, and I will engage them to ensure they are comfortable with the process, Keyamo said.
The Minister noted that the move was part of government’s effort to ensure that airports operate sustainably.
He explained that many airports currently run at a loss, with revenue from Lagos, Abuja, and Kano used to subsidise others.
“Before we came in, Port Harcourt was a no-go area — no investor was interested. But today, because of the activities of this government, it has become the beautiful bride. Over six investors competed to manage the airport,” he said.
Keyamo also listed other aviation-related approvals secured from FEC, including contracts for the maintenance and support services for airport management solutions across Nigeria’s five international airports; Abuja, Lagos, Kano, Port Harcourt, and Enugu, as well as the procurement and installation of advanced tertiary power systems and navigational aids.
Additionally, the Council approved the purchase of 15 airport rescue and firefighting vehicles to meet International Civil Aviation Organisation (ICAO) standards and the construction of a permanent headquarters for the Nigerian Airspace Management Agency (NAMA) in Abuja.
Another significant approval was the exclusion of all Federal Airports Authority of Nigeria (FAAN) residential properties within and around airports from sale to private individuals, a move aimed at preserving operational safety and security within airport environments.
FEC also approved the concession of biometric verification systems at airports to integrate passengers’ National Identification Numbers (NIN) into boarding processes, enhance aviation security, and curb the use of fake identities.
Keyamo said the ministry also secured approvals for contracts under its 2024 budget to improve lighting systems at airports, enabling night operations and helping local airlines increase passenger capacity and revenue.
“These reforms are designed to make our airports safer, more efficient, and commercially sustainable. We are bringing them to global standards,” the minister affirmed.
Continue Reading

Business

Senate Orders NAFDAC To Ban Sachet Alcohol Production by December 2025 ………Lawmakers Warn of Health Crisis, Youth Addiction And Social Disorder From Cheap Liquor

Published

6 days ago

on

November 10, 2025

By

The Senate has issued a decisive order to the National Agency for Food and Drug Administration and Control (NAFDAC), directing it to enforce a total ban on the production and sale of alcoholic beverages in sachets and small plastic bottles by December 2025, warning that no further extension of the deadline will be tolerated.

The upper chamber’s resolution followed an exhaustive debate on a motion sponsored by Senator Asuquo Ekpenyong (Cross River South), during its sitting, last Thursday.

Ekpenyong who raised the alarm over NAFDAC’s repeated extensions of the phase-out date, despite the grave health and social risks posed by sachet-packaged alcohol reminded the Senate that NAFDAC had initially fixed 2023 as the deadline before shifting it to 2024, and later to 2025, a pattern he said had emboldened manufacturers to lobby for further delays.

He warned that another extension would amount to a betrayal of public trust and a violation of Nigeria’s commitment to global health standards.

Ekpenyong said, “The harmful practice of putting alcohol in sachets makes it as easy to consume as sweets, even for children.

“It promotes addiction, impairs cognitive and psychomotor development and contributes to domestic violence, road accidents and other social vices.”

“Some responsible manufacturers have already complied in good faith. But they are now suffering unfair competition from those who continue to produce and sell non-compliant products. This is both unethical and dangerous.”
The motion drew wide bipartisan support, with lawmakers condemning the proliferation of cheap, high-alcohol-content drinks sold in small sachets, describing them as “silent poisons” targeted at vulnerable Nigerians.

Senator Anthony Ani (Ebonyi South) said sachet-packaged alcohol had become a menace in communities and schools.

“These drinks are cheap, potent and easily accessible to minors. Every day we delay this ban, we endanger our children and destroy more futures,” he said.

Senate President, Godswill Akpabio, who presided over the session, ruled in favour of the motion after what he described as a “sober and urgent debate”.

Akpabio said “Any motion that concerns saving lives is urgent. If we don’t stop this extension, more Nigerians, especially the youth, will continue to be harmed. The Senate of the Federal Republic of Nigeria has spoken: by December 2025, sachet alcohol must become history.”

closing remarks, Akpabio commended senators for taking what he described as a “historic and moral stand” to protect Nigerians from a “slow-killing culture”.

According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.

“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”

closing remarks, Akpabio commended senators for taking what he described as a “historic and moral stand” to protect Nigerians from a “slow-killing culture”.

According to him, “This is not just about alcohol regulation. It is about safeguarding the mental and physical health of our people, protecting our children, and preserving the future of this nation.

“We cannot allow sachet alcohol to keep destroying lives under the guise of business.”

“The Senate has spoken clearly. The time for excuses is over. Let this harmful practice end, for the health, safety and sanity of our nation
With this resolution, the Senate has effectively placed NAFDAC and allied agencies under legislative mandate to ensure that by December 2025, sachet and small-volume alcoholic drinks are completely phased out across Nigeria, with no further extensions permitted.

Continue Reading

Business

NCDMB Council, Mgt Seek Improvements In Corporate Governance, Performance

Published

6 days ago

on

November 10, 2025

By

Governing Council and top Management of the Nigerian Content Development and Monitoring Board (NCDMB) in Ikot Ekpene, Akwa-Ibom State held a two-day retreat to deepen understanding of statutory responsibilities, corporate governance principles and strategies for enhanced performance, among others.
The event, held recently, and attended by the Minister of State for Petroleum Resources (Oil) and Chairman of the Governing Council of the Board, Heineken Lokpobiri, the Minister of State for Petroleum Resources (Gas) and Co-Chairman of the Council, Ekperikpe Ekpo, and other members of the Governing Council, was in pursuant of the Board’s shared purpose to sustain momentum and achieve key milestones in local content development in the oil and gas industry,
Represented by the Board’s Director of Capacity Building, Engr. Abayomi Bamidele and a host of other Directors, the Executive Secretary of the Board, Engr. Felix Omatsola-Ogbe said the event was the first retreat by the current Council since its inauguration in the first quarter of 2024.
In his opening address, Lokpobiri  thanked Members of the Council and Management for the sense of duty demonstrated in their support and attendance of the Retreat.
He said the event was intended to introduce Members to the workings of the Board as chief implementer of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, 2010, and their own statutory roles as supervisors of the agency who have to ensure its effectiveness and success in the delivery of its mandate.
Drawing attention to different sections of the enabling law of the Board, the Minister reiterated the need for the Council and Management to act within statutory limits to foster understanding and trust, which he said were required for team spirit.
He said the NCDMB has become a business enabler to the oil and gas industry, creating optimum conditions for indigenous companies to thrive and thus deepen local content as envisioned by the NOGICD Act.
While noting that there was still room for improvement, he charged the Management to be more forthcoming with information on the activities of the Board as well as challenges whenever they arise.
The Minister of State for Petroleum Resources (Oil), Senator Lokpobiri, thanked the Governor for the warm reception accorded them and for sustaining the standard of performance and service delivery attained by his predecessors.
Earlier in his welcome address, the Executive Secretary of the Board, Engr. Felix Omatsola Ogbe, represented by the Director, Capacity Building, Engr. Bamidele Abayomi, expressed profound appreciation to the Chairman and Co-Chairman of the Governing Council and other participants stating that the event represented a unique opportunity for mutual interaction, strategic bonding, and a deeper understanding of the operations, challenges, and aspirations of the Board.
He said the event was the first retreat for the current Council since its inauguration in the first quarter of 2024, noting that the functions of the Council, which revolve around providing policy direction, approving strategic operational plans, and ensuring effective implementation of the Nigerian Content Policy, are outlined in Section 75 of NOGICD Act, adding 5that the commitment of its members to the vision and mandate of the Board has been instrumental in sustaining momentum and achieving key milestones.
Ogbe noted that the Retreat would bring to light challenges faced by the NCDMB stating that the invaluable guidance of council members on how best to surmount such was required, whether through policy directives, regulatory interventions, or strategic partnership.
He hinted that heads of the Directorates of the Board were available to provide detailed insights into their operations, achievements and constraints, citing the establishment of the Nigerian Content Intervention Fund (NCIF), the successful implementation of the 10-Year Strategic Road Map (2017-2027), and commitment to deepening local content which he said was currently at 56 per cent, up from five per cent in 2010, as contributory factors in its attainment of significant in-country value retention and attraction of investments to the oil and gas industry.
Responding, the Governor expressed appreciation to the NCDMB for not only choosing Akwa Ibom for the Retreat but for a number of interventions in capacity building in his State.
He drew attention to the State’s development of an Oxygen Production Plant and its plans for utilisation of compressed natural gas (CNG), expressing hope of collaboration with the Board in such areas.
On the NCDMB’S team at the Retreat were Engr. Bamidele Abayomi, Director, Capacity Building; Naboth Onyesoh, Director Legal Services, Mr. Silas Ajimijaye, General Manager, Monitoring and Evaluation – Midstream, Ms. Tassala Tersugh, General Manager, Midstream, Mr. Teddy Bai, Deputy Manager, Government Relations, Engr. John Barigha, Supervisor, Marine Vessel Categorisation, Ikenna Ezeguzo, Supervisor, Movable Assets, and Mr. Prince Foncha, Officer, Corporate Communications Division.
The Tide reports that a major highlight of the Retreat was the paper presentations by renowned experts and thought leaders drawn from different professions.
Highpoints of the event was a courtesy visit by the Governing Council and Management of the Board to the Governor of Akwa Ibom State, Pastor Udo Eno, at Government House, Uyo..
By Ariwera Ibibo-Howells, Yenagoa
Continue Reading

Trending