Presently, 1990 is being used as the base year and the rebasing exercise will change it to 2010.
The process will take into account new sectors of the economy that have sprung up over the last twenty three years. This is a very important statistical exercise, which when completed will give a more realistic and true estimate of the value and size of economic activities in Nigeria.
Data will be collected from major establishments in the Manufacturing, Building and Construction, Mining and Quarrying, Transportation, Hotels and Restaurants, Wholesale and Retail and Business Services sectors of the economy amongst others, across the thirty six states of the Federation and the Federal Capital Territory.
The new GDP figures will give greater weight to communications, entertainment and mining.
The statistical office is being assisted by technical teams from the African Development Bank, International Monetary Fund and World Bank and the official release date is likely in February of 2014.