A
abujagirl
Guest
On Sunday, the Nigerian government will release its new Gross Domestic Product (GDP) figure. Minister of Information, Mr Labaran Maku made this known in Abuja while briefing State House correspondents on the outcome of the weekly FEC meeting, which was presided by Vice-President Namadi Sambo.
Maku said,"we received today a report from the Coordinating Minister of the Economy and the Minister of Finance, Dr Ngozi Okonjo-Iweala, that after nearly 15 years Nigeria is now ready to rebase its Gross Domestic Product (GDP), after more than one year of hard work by the Federal Ministry of Finance, the Federal Ministry of National Planning, the Chief Statistician of the Federation and International Agencies particularly the IMF, Economic Commission for West Africa, the African Development Bank and other agencies.
"Right now, the Federal Executive Council was briefed today that on Sunday, by the grace of God, at the Transcorp Hilton Hotel around 2:00 p.m., Nigeria will formally release the new GDP figures for the country.
Maku said that the new GDP would specify the rate of growth or decline, impact, challenges, and performance of each sector of the economy in line with international standards.
He said that sectors such as telecommunications and Nollywood that had been unexploited, but, which had recorded significant growth and made massive impact on the economy in recent years, would now be taken into account.
"For the first time in 15 years, we will know, scientifically, what the new GDP is and the contributions of every sector to the economy. We will be able to know the sectors that recorded the most progress and which ones are lagging behind.
"We will also know a few economic sectors that have emerged in the last 10 years, which have not been captured properly in the last GDP. For example, the telecom sector, which emerged in the year 2000; we can know scientifically the impact the sector has made on the Nigerian economy and GDP growth.
"Secondly, the Nollywood industry is another huge sector that has blossomed, particularly in the last 10 years, making significant contributions to job creation, but not captured in the GDP. Now we have rebased the GDP to really know, scientifically, how much impact it has made on the economy", he explained.
Maku said,"we received today a report from the Coordinating Minister of the Economy and the Minister of Finance, Dr Ngozi Okonjo-Iweala, that after nearly 15 years Nigeria is now ready to rebase its Gross Domestic Product (GDP), after more than one year of hard work by the Federal Ministry of Finance, the Federal Ministry of National Planning, the Chief Statistician of the Federation and International Agencies particularly the IMF, Economic Commission for West Africa, the African Development Bank and other agencies.
"Right now, the Federal Executive Council was briefed today that on Sunday, by the grace of God, at the Transcorp Hilton Hotel around 2:00 p.m., Nigeria will formally release the new GDP figures for the country.
Maku said that the new GDP would specify the rate of growth or decline, impact, challenges, and performance of each sector of the economy in line with international standards.
He said that sectors such as telecommunications and Nollywood that had been unexploited, but, which had recorded significant growth and made massive impact on the economy in recent years, would now be taken into account.
"For the first time in 15 years, we will know, scientifically, what the new GDP is and the contributions of every sector to the economy. We will be able to know the sectors that recorded the most progress and which ones are lagging behind.
"We will also know a few economic sectors that have emerged in the last 10 years, which have not been captured properly in the last GDP. For example, the telecom sector, which emerged in the year 2000; we can know scientifically the impact the sector has made on the Nigerian economy and GDP growth.
"Secondly, the Nollywood industry is another huge sector that has blossomed, particularly in the last 10 years, making significant contributions to job creation, but not captured in the GDP. Now we have rebased the GDP to really know, scientifically, how much impact it has made on the economy", he explained.