Still On The Rebasing Of Our GDP: What They Did Not Tell Us By Ismael Taiwo
As a well-groomed in the field of Statistics. I took my time to do my research on what led to the sudden growth of our GPD which portrays us as the Africa’s largest economy and the 26th world’s largest economy.
I took a Punch Newspaper this morning to read details of the caption that says “Nigeria is the Africa’s largest economy and the 26th in the world”. There, I saw the explanation of the DG of the National Bureau Statistics (NBS) and the Statistician-General of the Federation, Dr. Kunle Kalejaiye that says our GDP was improved due to the upgrading of our base year from 1990 to 2010. He further backed his analysis on the ground that some certain sectors of the economy like
Telecommunications, ICT and others made them to upgrade the base year because of the non-existence of the sectors in 1990.
As far as I agreed with the data but one can only deduce that the growth in the GDP is on nominal growth not real GDP. The GDP is the market value of the good and services produced in a country within a given period of time. It is an important indicator to measure the growth of the economy. While there is different between growth and development in an economy, it will be very important to note that we are only experiencing growth in the figures without substantial
improvement in the key-sectors that reflect in the standard of living of the entire populace.
Why are we seeing figures on papers everyday without physical reflection in our economy? If adequate steps can be taken to gear up the recent growth of GDP by providing adequate infrastructures, employment opportunities, stable power supply and security of lives and properties. By this, the common man can only smell the improvement of the economy. I want Nigerians to know without being misinformed that we only supercede South-Africa in terms of nominal GDP growth as a result of the current base year we are adopting but South-Africa is not our match when we are talking on real GDP and the level of standard of living/per capital income which the common man on the street can feel.
Nigerians are tired of hearing figures that don’t impact positively in their lives. Rather, there is a need for the economic team to design a robust policy that will better the lives of Nigerians rather than mere figures than only speak volume without development.
Ismael Taiwo A.
Writes from Challenge, Ibadan.
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