Ekiti News reports that the Government of Ekiti State has computed the Gross Domestic Product (GDP) of the State for the year 2018-2022.
Mr. Niyi Adebayo, the State Commissioner for Budget, Economic Planning and Performance Management disclosed this during the 2024 First Quarter Meeting of the State Consultative Committee on Statistics (SCCS) in Ado-Ekiti.
The Commissioner stated that the data collection stage had been concluded and figures are currently being analyzed by the National Bureau of Statistics.
Adebayo explained that the data collected would enable a breakdown of the State’s GDP on a Local Government basis for the first time in the history of the State.
The Commissioner added 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 an economy.
Adebayo noted that the computation of the data and breakdown of the GDP on LG basis would help in understanding the structure of the State’s economy and help in shaping Government policies and programmes to address identified peculiarities.
The Commissioner added that the State Statistical Master Plan (ESSMP) which is the domesticated policy document that guides the coordination and effective functioning of the entire State statistical system would soon be reviewed.
He stated that the review would target situation analysis of five thematic areas of the plan including Organizational Development, Human Resources Development, Data Development, Data Management and Infrastructure/Equipment Development.
Adebayo while reiterating the commitment and support of Governor Biodun Oyebanji for the State’s statistical ecosystem, said that the Governor 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, adding that the review would enable identification of gaps which are at variance with the standard requirements and global best practices for necessary adjustments.
The Commissioner 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, stressing the importance of commitment, responsiveness and resourcefulness in achieving the desired goals.
Mrs. Dolapo Ojo, the Acting Statician General of the State, in her remarks, said that the GDP exercise would help bolster economic stability.
Ojo, who is also the Director, Research Census and Survey (RC&S) of the Bureau, stated that the GDP would help Government to identify and strengthen viable sectors of the economy that can largely cushion the effects of the contemporary economic situation.