Nigerian Government Urged To Focus On Accurate Statistics

StatisticsNigeria’s current administration has been urged to give attention to the production and usage of accurate statistics in all sectors for the nation to be among the top 20 economies in the world by the year 2020.

While addressing a National Stakeholders Validation Workshop in Kaduna on Thursday, the Statistician General of the Federation, Dr Yemi Kale, stressed that accurate and credible data in strategic development plans, would enable the government make better decisions for enhanced policy making.

Dr Kale further stated that Nigeria needed a robust and reliable statistics in order to effectively implement the Sustainable Development Goals and effectively monitor its socio-economic programmes.

He further pointed out that most of the nation’s past economic policies failed due to lack of well-informed decisions that would catalyse social and economic development.

The statistician also debunked speculations that Nigeria’s unemployment rate was on the increase.

Aid Policy Formation 

The timing of the workshop organised by the National Bureau of Statistics is very important, as it coincided with a period of increasing focus and demand for accurate data and statistical information.

With no clear and accurate number of unemployed youths, health profile of citizens and poverty indices, the meeting, therefore, focused on sensitising relevant stakeholders on the enormous task of data generation, as entailed in the Sustainable Development Goals.

It will also review and update the National Strategic Development Plan for 2015- 2019.

The representatives of the European Union, Professor Peter Osanaiye and the Governor of Kaduna State, Nasir El-Rufai, stressed the need for the Nigerian government to strengthen the nation’s Bureau of Statistics in order to get an accurate data which will aid policy formulation.

Other stakeholders at the meeting, underscored the importance of statistics for national planning and effective policy making.

They stressed that labour statistics, which are the critical data that government needed to address the problem of unemployment, was a key social problem that human societies around the world have continued to struggle with.

Although, there are reporters that Nigeria is making impressive progress in terms of economic growth rate, the need to transform the nation’s statistical system for an effective data collection has been an issue of major concern to all successive governments.

It is hoped that at the end of the meeting, participants would come up with better suggestions on how to effectively promote the production and use of statistics.

NBS Urges Substantial Attention For Accurate Statistics

NBS Urges Substantial Attention For Accurate StatisticsThe National Bureau of Statistics (NBS) has appealed to President Muhammadu Buhari to give substantial attention to the production and usage of accurate statistics in all sectors.

The Statistician General of the Federation, Dr. Yemi Kale, made the called while speaking at the National Stakeholders Validation Workshop in Kaduna State, Northwest Nigeria.

Dr. Kale said for Nigeria to be among the top 20 economies in the world by the year 2020, the present administration must give much consideration to the production and usage of credible data.

He stressed the importance of accurate and credible data in strategic development plans, in order to make better decisions for enhanced policy making.

The NBS boss observed that Nigeria needed robust and reliable statistics in order to effectively implement the Sustainable Development Goals and effectively monitor its socio-economic programmes.

While discrediting speculations that Nigeria’s unemployment rate was on the upsurge, he added that most of the past economic policies failed due to lack of well- informed decisions that would catalyse social and economic development.

The Director of Field Services and Methodology, NBS, Felicia Abioye, hinted that the meeting would review and update the National Strategic Development Plan for 2015- 2019.

The representative of the European Union, Professor Peter Osanaiye and Statistician General of Kaduna State, Bashir Bature, stressed the need for the Nigerian government to strengthen the nation’s Bureau of statistics in order to get an accurate data for policy formulation.

With no clear and accurate number of unemployed youths, health profile of citizens and poverty indices, the meeting was aimed at sensitising relevant stakeholders on the enormous task of data generation.

National Bureau Of Statistic Says 500,224 Jobs Created In 2014

Yemi KaleThe National Bureau of Statistic in Nigeria says 500,224 jobs have been created in the country this year.

A breakdown of the figures showed that 240,871 new jobs were created in the first quarter of 2014 while another 259,353 jobs were also created in the second quarter of the year.

The Statistician General of the Federation Dr. Yemi Kale, who announced the figures explained that the education and the manufacturing sector were the major drivers for jobs.

Unemployment is one of the challenges confronting Nigerians between the ages of 16 to 65 years.

In March some job seekers died as a result of stampede at different locations they were meant to participate in a recruitment exercise of the Nigeria Immigration Service.

These challenge is not only peculiar to Nigeria but also a topic of discourse for policy makers in most developing economies.

The Federal Government through various initiatives such as the Subsidy Reinvestment Programme and the Youths With Innovation had initiated programmes to empower young people to bridge the unemployment gap and the latest statistics released by the Bureau of Statistics however showed that progress had been made in this regard.

“A total of 259.353 new jobs were also created between April and June 2014. This is attributed to jobs created from the education and manufacturing sector,” Yemi Kale said.

Despite the employment created from formal, informal and the public sector, the hope of many Nigerians is that more of these successes will be achieved in making unemployment a history in Nigeria.

GDP Rebasing Aimed At Better Economic Planning – Statistician General

Yemi KaleThe Statistician General of the Federation, Mr Yemi Kale, on Monday stressed that there was need to rebase the nation’s GDP so as to pave way for better policy making by the government and other stakeholders.

Mr Kale who was a guest on Channels Television’s business programme, Business Morning, said the rebasing was all about getting the data right for better economic planning.

According to him, the rebasing has not changed anything, but is all about measuring more accurately to give policy makers tools for policy making.

Meanwhile, the CEO, Financial Derivatives Limited, Mr Bismarck Rewane who was also a guest on the programme, stressed the need for the policy makers to use the figures to better the lives of the citizens.

He maintained that income inequality had remained a major concern in Nigeria while the seemingly increasing income is accruing to a few people.

The rebasing almost doubled Nigeria’s gross domestic product to more than $500 billion, that’s about 80.22 trillion Naira up from the 42.3 trillion Naira estimated before the rebasing.

The new figure shrank Nigeria’s debt-to-GDP ratio to 11 per cent for 2013, against 19 per cent in 2012. However GDP per capita income is put at $2,688.

Ministers, Policy Leaders React To Nigeria’s GDP Growth

Min of FinanceSome well-meaning Nigerians have been reacting to the national Gross Domestic Product as released by the National Bureau for Statistics, describing the exercise as very key in policy making by both the private and public sectors of the economy.

In an interview with Channels Television after the special press conference where the new figure of 510billion dollars was released by the NBS, Minister of Information, Mr Labarn Maku, said that the GDP could have done better if not for incessant insurgency in the land.

Also speaking, the Acting Governor of the Central Bank of Nigeria, Mrs Sarah Alade and the Director-General of the Securities and Exchange Commission, Mr Arunma Oteh, said that the new figure would definitely enable policy makers and analysts obtain more accurate set of statistics to work with.

For over two hours they sat listening to the presentation of the rebased GDP estimate for Nigeria 2010-2013, and the key point was that with the new figure of $510billion GDP, Nigeria now ranks as the 26th largest economy in the world, just behind Argentina, Belgium, and Poland, but ahead of Austria, South Africa, Venezuela and Colombia.

On a per capita basis, Nigeria stands at about $2,688 per capita and occupies the 121st position in the world; a figure with which Nigerians are being cautioned not to get carried away especially as the growth is coming amidst insecurity in the land.

How investors would apply the new figures in their judgement of where best to invest funds was of paramount importance and this could only be achieved if the investors had confidence in the figures.

Building this confidence was made possible by the injection of independent bodies in the data collection to ensure that the numbers were consistent.

The Minister of Finance and Supervising Minister of the Economy, Dr Ngozi Okonjo-Iweala, revealed, “The work that was done by the Chief Statistician and his team was subjected to review by a panel of six Nigerian experts; Professor Olu Ajakaye, Professor Akpan Expo, Dr. Ayo Teriba, Dr Doyin Salami, Profesor Garba and Dr, Yemi Fagbeunsi.

“The Statistician(s) had all along an IMF consultant working with them because that is the key job of the multilaterals, particularly the IMF (International Monetary Fund). We later subjected the numbers again to checks through a team of multilateral institutions. The African Development Bank, the World Bank and the IMF, all took a look, so it’s been quite a rigorous process.”

One of the highlights of the new figure is that Nollywood (1.2%) and telecommunications (8.7%) have emerged as major areas alongside the agriculture sector (22%), with the share of oil and gas (15.9%) dropping in the new GDP; a lesson that Nigeria should double efforts to grow the other sectors.

The Bureau for Statistics expressed optimism that the exercise would be a regular issue, at least every five years; a challenge to both the private and public people to become more creative in policy making.

Rebasing The GDP: Nigeria Emerges As The Largest Economy In Africa

CBNNigeria has emerged the largest economy in Africa.

The Statistician-General of Nigeria, Dr. Yemi Kale, made this public at an event in Abuja on Sunday, April 6.

He announced that the current GDP of the country stands at $510 billion, and according to him, this makes Nigeria the largest economy in Africa.

Explaining the concept of GDP and how it is calculated, in a presentation on the process of rebasing the nation’s GDP, Dr. Kale noted that rebasing does not imply new figures only, but shows clearly the performance of the economy in data form.

He noted that rebasing and re-benchmarking of the GDP was just one of the things the country needs to get its statistics right.

He, however, warned that it was important that Nigerians “do not mix data with ideology”. He added, “We need to be more objective in the way we apply our data.”

The last time Nigeria rebased its GDP was in 1990.

 

Nigeria’s GDP For 2013 Is $510 Billion

CBNNigeria has emerged the largest economy in Africa

The Statistician-General of Nigeria, Dr. Yemi Kale, made this public at an event in Abuja on Sunday, April 6.

He announced that the current GDP of the country stands at $510 billion, and according to him, this makes Nigeria the largest economy in Africa.

Explaining the concept of GDP and how it is calculated, in a presentation on the process of rebasing the nation’s GDP, Dr. Kale noted that rebasing does not imply new figures only, but shows clearly the performance of the economy in data form.

He noted that rebasing and re-benchmarking of the GDP was just one of the things the country needs to get its statistics right.

He, however, warned that it was important that Nigerians “do not mix data with ideology”. He added, “We need to be more objective in the way we apply our data.”

The last time Nigeria rebased its GDP was in 1990.

 

Nigeria Now 26th Largest Economy In The World, And Its Per Capita GDP Is 121st In The World

CBNNigeria has emerged the largest economy in Africa

The Statistician-General of Nigeria, Dr. Yemi Kale, made this public at an event in Abuja on Sunday, April 6.

He announced that the current GDP of the country stands at $510 billion, and according to him, this makes Nigeria the largest economy in Africa.

Explaining the concept of GDP and how it is calculated, in a presentation on the process of rebasing the nation’s GDP, Dr. Kale noted that rebasing does not imply new figures only, but shows clearly the performance of the economy in data form.

He noted that rebasing and re-benchmarking of the GDP was just one of the things the country needs to get its statistics right.

He, however, warned that it was important that Nigerians “do not mix data with ideology”. He added, “We need to be more objective in the way we apply our data.”

The last time Nigeria rebased its GDP was in 1990.

Current GDP Structure Is Outdated – Statistician

The Statistician General of the Federation and Director General of the National Bureau of Statistics, Dr. Yemi Kale, has said that the current structure of the nation’s Gross Domestic Product (GDP) is outdated.

He said this on Business Morning while discussing the National Bureau of Statistics’s plan to rebase the GDP.

Rebasing the country’s GDP “is about getting our figures right” because it should be done every 5 years, as is the practice in many countries in the world, he said.

He further disclosed that the rebasing exercise was last carried out in 1990.

“We are basing our GDP which is basically structured by the economy and which policies have been based on a pattern, structure that existed in 1990.”

Changes in products, technology, policies over the past 23 years are yet to take effect on the current structure of the nation’s GDP, hence “we might, at the end of the day, misinform decision makers and therefore get our policies wrong”.