Kwara Government to Compute Gross Domestic Product for First Time Since Creation
Kwara State Governor AbdulRahman AbdulRazaq has sanctioned an exercise to compute and compile the state’s Gross Domestic Product (GDP) for the first time since its establishment in 1967.
This historic initiative, set to be conducted in collaboration with the National Bureau of Statistics (NBS), marks a significant milestone for the state.
In a statement issued by the Kwara State Bureau of Statistics, the bureau announced, “The bureau of statistics has received an approval of His Excellency for the exercise which is the first of its kind in the history of the state.”
The statement further invited stakeholders to a sensitisation programme on the GDP computation, scheduled for Saturday, July 6, 2024, at the State Banquet Hall in Ilorin. The actual GDP exercise will commence on July 13, 2024.
The bureau has urged all sectors of the economy, both public and private, to cooperate fully with the data collection teams, emphasizing that the exercise is crucial for the state’s growth and development.
Alhaji Nasiru Ibrahim, the Pioneer Permanent Secretary of the Bureau of Statistics, highlighted the significance of this development.
“What we had in 2011/2012 was a rebased GDP exercise conducted by the NBS with the base year being 1990. Unfortunately, Kwara did not pay the counterpart funds of about N14.1 million to have its own data,” he explained.
“Since 2012, the bureau had been asking Kwara to pay its counterpart funds, but it wasn’t paid. Essentially, Kwara has not conducted a GDP exercise since its creation, and that means a whole lot. I am the happiest person that this is happening because we have always been calling for it.”
The absence of reliable GDP figures has been a significant drawback for the state’s economic growth.
Defined as the economic temperature of a state, GDP measures the size of an economy and provides crucial data for investors to make informed decisions.
The reliance on UN estimates since a 2007 UNDP report has limited the state’s economic planning and investment strategies.
Governor AbdulRazaq’s approval for this exercise is expected to provide a clearer picture of Kwara State’s economic standing and potential. This will aid in more effective policy-making and attract investment by offering reliable economic data.
Alabi Shola Taiwo, the Press Secretary of the Kwara State Bureau of Statistics, conveyed the importance of this initiative for the state and its people, urging cooperation from all stakeholders to ensure the success of the exercise.
The sensitisation programme and the subsequent GDP computation mark a new chapter in Kwara State’s economic management and planning, setting the stage for more informed and strategic economic development in the years to come.
