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OYEBANJI STRESSES IMPORTANCE OF HAVING RELIABLE DATA

….Flags off Compilation of State GDP

Ekiti State Governor, Mr. Biodun Oyebanji has said that his administration would continue to place high premium on the production of statistics and generation of reliable data for proper planning and effective management of the State’s economy

Governor Oyebanji gave the assurance in Ado-Ekiti during the flag-off ceremony of the computation of the State Gross Domestic Product (SGDP) for 2018-2022.

Speaking through the State Head of Service, Engr. Sunday Komolafe, the Governor noted that computation of the Gross Domestic Product (GDP) would aid planning and formulation of policies that will ultimately bring about all round development of the State.

Governor Oyebanji stressed that “GDP is important because it gives information about the size of the economy and how an economy is performing. The growth rate of real GDP is often used as an indicator of the general health of the economy”.

Oyebanji iterated his commitment to the provision of quality data that are accurate, complete, valid, consistent, unique, timely and fit for purpose that investors can leverage upon to take critical decisions, adding that GDP is an important measurement for economists and investors because it tracks changes in the size of the entire economy and provides insights into the factors driving economic growth or holding it back.

Stressing that the exercise would assist in assigning priorities to the sectors of the economy where intervention by the government are needed, adding that the exercise would enable the government ascertain not only the total size of the economy but also identify the contribution of each sector of the economy.

“The GDP is one of the essential indicators that will help us to clearly see the picture of where we are and enable us to do peer-review with the other States in the federation. It is often said that what cannot be measured cannot be successfully managed, hence we are placing a high premium on the production of statistics for use in the State” he said.

While appreciating the efforts and cooperation of the National Bureau of Statistics ( NBS) and the private sector operators, the Governor maintained that the present administration was poised to ensure an even and all round development of the State without any political sentiment or prejudice, saying the government will continue to work on improving the investment environment in the State through but not limited to tax incentives, institutionalization of business enabling legal framework and policies, and provision of requisite infrastructure.

In his welcome address, the State Commissioner for Budget, Economic Planning and Performance Management, Mr. Niyi Adebayo noted that the exercise was timely as there is the need to measure the size of the economy, identify the major drivers and determine the areas government should focus for additional growth and development.

He said the Gross Domestic Product of a State was very important economic indicator that will guide the policy makers and planners to come up with appropriate initiative that will have positive impact on the citizens’ well-being.

Adebayo explained that the exercise will be driven by the State Bureau of Statistics in collaboration with the National Bureau of Statistics to have a comprehensive coverage adopting a hybrid approach comprising both Top- down and bottom- up methods so that the contributions of the establishment and institutions in the exclusive list of the Constitution of the Federal Republic of Nigeria to the State economy will be captured.

Posted in Ekiti State News Bulletin
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