Kwara State to compute GDP for first time ever

Kwara State Governor AbdulRahman AbdulRazaq has sanctioned the commencement of an exercise to compute and compile the state’s Gross Domestic Product (GDP) for the first time since its establishment in 1967. This landmark initiative will be conducted in collaboration with the National Bureau of Statistics (NBS), according to a statement released by the state bureau of statistics.

The Kwara State Bureau of Statistics, in a release signed by its Press Secretary, Alabi Shola Taiwo, announced: “The bureau of statistics has received an approval of His Excellency for the exercise which is the first of its kind in the history of the state.” This initiative aims to generate essential socioeconomic indicators to drive growth and development in Kwara State.

To ensure broad participation, the bureau has invited stakeholders to a sensitisation programme on the GDP computation and compilation. This meeting will take place on Saturday, July 6, 2024, at the State Banquet Hall in Ilorin. The actual exercise will commence on July 13, 2024.

The agency has called on all sectors, both public and private, to cooperate with the data collection teams. “The exercise is in the best interest of the state and its people,” the statement added.

Nasiru Ibrahim, the pioneer Permanent Secretary of the Bureau of Statistics, highlighted the importance of this exercise. “This will be a historic step for the state as it is the first since Kwara was created,” he said. He recalled that the previous GDP exercise in 2011/2012, conducted by the NBS, used 1990 as the base year. Unfortunately, Kwara did not pay the counterpart funds of about N14.1 million, resulting in the use of UN estimates for state GDP figures according to a 2007 UNDP Report.

Ibrahim emphasised the necessity of reliable GDP figures, explaining that they are crucial for understanding the size of the economy and facilitating informed decision-making by investors.