Ekiti completes computation of state 2018-2022 GDP

The Ekiti State government, on Sunday, said it has completed the computation of the Gross Domestic Product (GDP) of the state 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 2024 First Quarter Meeting of the State Consultative Committee on Statistics (SCCS).

Mr Adebayo said the data collection stage had been concluded and figures were currently being analysed by the National Bureau of Statistics (NBS).

According to him, the data collected would enable a breakdown of the state’s GDP on a local government basis for the first time in the state’s history.

Mr Adebayo stressed that proper computation of the monetary values of all finished goods and services produced in the state in the reference period would show the size, structure and main drivers of the economy.

He said the computation of the data and breakdown of the GDP on a local government basis would help in understanding the structure of the state’s economy and help in shaping government policies and programmes to address identified peculiarities.

He added that the State Statistical Master Plan (ESSMP), the domesticated policy document that guides the coordination and effective functioning of the entire state statistical system would soon be reviewed.

The commissioner explained that the review would target situation analysis of 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, for the state’s statistical ecosystem, Mr Adebayo said Mr Oyebanji recently approved the review of all policy and legal documents guiding the coordination of the State’s Statistical System, including the ESSMP and facilitated prompt release of funds for the computation of the state’s GDP.

He added that the review would enable the identification of gaps which are at variance with the standard requirements and global best practices for necessary adjustments.

He urged all stakeholders, especially those responsible for generating primary statistical data, to reciprocate the governor’s good gesture by renewing their dedication to duty and ensuring timely delivery of high-quality and accurate data.

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

In her remarks, the Acting Statistician General, also the Director Research, Census and Survey (RC&S) of the Bureau, Dolapo Ojo, said that the GDP exercise would help bolster economic stability.

She added that it would help the government to identify and strengthen viable sectors of the economy that can largely cushion the effects of the contemporary economic situation.