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Nigeria’s GDP projected to rise as FG rebases economy

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Nigeria’s Gross Domestic Product (GDP) is projected to rise as the National Bureau of Statistics has commenced the process to rebase the nation’s economy.

The GDP is the value of the goods and services produced within a nation’s geographic boundaries during a specified period of time.

Premium Times reported a statement by the NBS as announcing on Wednesday that following the successful completion of listing of establishments, the bureau had commenced National Business Sample Survey, otherwise known as the survey of establishments for the purpose of rebasing the nation’s GDP.

The NBS in the statement by its spokesperson, Ichedi Sunday, said, “The objectives of the National Business Sample Survey include to rebase the Gross National Product from 2010 to 2018/2019.”

The World Bank puts the value of the Nigerian economy, the biggest in Africa, as of 2019 at $448.12 billion, up from $397.19 billion in 2018.

Nigeria tried to rebase its economy both in 2012 and 2013, but the government postponed the moves following the disruption caused by subsidy protests and other socio-economic uncertainties.

But in 2014, the nation finally rebased its GDP and the figures soared by 89.22 per cent, amid criticisms from labour unions and opposition parties.

The move pushed Nigeria’s GDP to N80.2 trillion, or $509.9 billion, rising from its original figure of N42.4 trillion, or $269.5 billion.

Although it could be deployed for political reasons, experts say that GDP rebasing makes planning and investment decisions more robust and informed, as it reflects the performance of the government in revenue collection, capital spending, and external debt.

According to the bureau, the current survey covers the 36 states of the federation, including the Federal Capital Territory.

It said, “In all, 17 sectors of the Nigerian economy will be covered during the survey exercise. Already, data collection on the survey by NBS staff has commenced with lodgments of questionnaires in the selected establishments.

“The NBS appeals to the selected establishments to provide the necessary information for the survey as their participation is germane for the successful completion of the survey exercise.”

It said the NBSS was also a component of National Business Sample Census, which involves in-depth study of sampled establishments based on the sectors identified in business sample census.

The objective also includes “to provide sectorial data at national and state levels, determine the structure of the Nigerian economy, determine the sectors that drive the Nigerian economy and those that require government intervention to improve them.”

Others, he said, were to serve as a benchmark for subsequent commercial and industrial sector statistics surveys.

The NBS last rebased the country’s GDP in April 2014, as it announced changes to the way it calculated GDP, changing the calculation to more accurately reflect current prices and market structure.

The overall estimate of the nation’s economy size increased significantly as the estimate of total GDP of Nigeria increased from N42.4tn ($270bn) to N80.2tn ($510bn), an 89 per cent increase.

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Igboho: Yoruba monarchs, others in Benin Republic court

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Many supporters of embattled Yoruba Nation agitator, Sunday Adeyemo aka Sunday Igboho, have stormed the Cour De’appal De Cotononu for his trial.
Some traditional rulers of Yoruba-speaking areas in Benin Republic are leading Igboho’s supporters to the court ahead of the arrival of Igboho, who was arrested in the country last week.
A group, Isokan Omo Odua, had mobilised supporters for the embattled supporter as a sign of solidarity.
BBC Yoruba reported that anxious supporters were seen outside the court premises waiting for the arrival of Igboho.

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Nigerian-American financial analyst Adenle wins award

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An international non-profit based in Seattle, United States of America, Women in Voice (WiV), has awarded its DEI In Voice award to Dr Omolabake Adenle.

 

Adenle, a Nigerian- American quantitative financial analyst, who won the award – which recognises outstanding contributions to advance diversity, equity, and inclusion in voice – “for making African languages accessible to voice solutions” had three other finalists in this category of the WiV awards.

 

Holder of a PhD in Bayesian Signal Processing from Cambridge University, the founder/chief executive officer of Aja.La Studios, which builds natural language and speech processing applications for under-resourced languagesm had in 2017 been a finalist in the 2017 Innovation Prize for Africa organised by the African Innovation Foundation.

 

Grateful for the WiV Award, she said it would help “contribute to the momentum needed to work towards making voice technologies accessible to all Africans” noting that “building a speech technology company that provides broad support of African languages is extremely challenging, (but) voice technologies will play a pivotal role in shaping the future of information and service access in Africa.”

 

It is her belief that ““digitising African languages will help make information more accessible to Africans.”

 

Formerly a vice president for quantitative and derivative strategies at Morgan Stanley in the United Kingdom, she started building African language-learning apps such as SpeakYorubaApp in her free time.

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Onochie to know fate on INEC job Tuesday

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The public is expected to know on Tuesday (tomorrow) the outcome of the screening of a Senate panel of the Special Assistant to the President on Social Media, Lauretta Onochie, and five others nominated for appointment as national commissioner of Independent National Electoral Commission.

The panel, it was learnt, would submit its report to the plenary on Tuesday.

Onochie, Prof. Muhammad Sani Kallah, Prof. Kunle Cornelius Ajayi, Saidu Babura Ahmad, Prof. Sani Muhammad Adam and Dr. Baba Bila were screened last Thursday by the Senate Committee on INEC nine months after President Muhammadu Buhari forwarded a request to the Red Chamber to confirm them.

Onochie’s nomination had sparked outrage from the opposition lawmakers and some from the All Progressives Congress and civil society groups, who argued that she was “too partisan” to be a commissioner in an important institution like INEC.

Others accused her of being a card-carrying member of ruling APC.

But the presidential aide said she had stopped being a member of any political party since 2019.

The screening session became rowdy when a member of the panel, Senator Michael Opeyemi Bamidele (APC, Ekiti) suggested that Onochie be placed on oath to swear that she did not belong to any political party.

But the suggestion was opposed by other committee members, who noted that putting Onochie on oath was against the Senate rule.

The Senate Committee Chairman, Senator Kabiru Gaya (APC, Kano), said his committee would look at all the documents before the panel, decide the nominees and forward its recommendations to the Senate.

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