Ekiti completes calculation of the state’s GDP for 2018-2022

The Ekiti State The government on Sunday said it had completed the calculations of the state’s gross domestic product (GDP) for the year 2018-2022.

The state Commissioner for Budget, Economic Planning and Performance Management, Niyi Adebayo, made this known in Ado Ekiti during the first quarter 2024 meeting of the State Consultative Committee on Statistics (SCCS).

Mr. Adebayo said that the data collection phase has been completed and work is currently underway to analyze the data by National Bureau of Statistics (NBSs).

According to him, the collected data will allow for the first time in the state’s history to break down GDP into local government units.

Adebayo stressed that a correct calculation of the monetary value of all finished goods and services produced in the country during the reference period would show the size, structure and main driving forces of the economy.

He added that calculating the data and breaking down GDP into individual local governments will help understand the structure of the country’s economy and shape government policies and programs aimed at solving identified specific problems.

He added that a review of the State Statistical Plan (ESSMP), a unified policy document that governs the coordination and effective operation of the entire state statistical system, will soon be conducted.

The Commissioner explained that the review will analyse the situation in the five thematic areas of the plan, including organisational development, human resources development, data development, data management and infrastructure/equipment development.

Reiterating the commitment and support of the state governor, Biodun Oyebanji, to the statistical ecosystem of the state, Adebayo said Oyebanji recently approved the review of all policy and legal documents governing the coordination of the state statistical system, including the ESSMP, and facilitated the speedy release of funds for the calculation of the state’s GDP.

He added that the review will identify gaps that deviate from the requirements of standards and global best practices in order to make necessary adjustments.

He called on all stakeholders, especially those responsible for generating basic statistical data, to reciprocate the Governor’s good gesture by renewing their commitment to their duties and ensuring timely delivery of accurate and high-quality data.

He stressed the importance of commitment, responsiveness and resourcefulness in achieving intended goals.

In his remarks, the Acting Statistician General and Director of Research, Census and Surveys (RC&S) of the Bureau, Dolapo Ojo, said the GDP survey would help strengthen economic stability.

She added that this would help the government identify and strengthen viable sectors of the economy that can largely mitigate the effects of the modern economic situation.