…as NBS commences five-day training for survey towards GDP computation in Bauchi
The need for the availability of an accurate database for economic planning, which will translate to growth and development of the Gross Domestic Product (GDP) in Nigeria, has been stressed.
The Bauchi State Commissioner of Budget, Economic Planning and Multilateral Coordination, Amina Mohammed Katagum, made the assertion while declaring open a five-day training course for a survey to compute Bauchi State’s Gross Domestic Product (GDP), organised by the National Bureau of Statistics (NBS) in collaboration with the Bauchi State Office of the Statistician-General.
The training theme, “Efficiently Calculating GDP for Bauchi State, Nigeria: A Comprehensive Training Programme,” aimed to expose the participants to the most modern and effective practices of GDP monitoring and calculation.
Represented by the Permanent Secretary of the Ministry, Jibrin Mohammed Yusuf, the Commissioner assured that the Ministry, as the centre point of planning, will rely on the Office of the Statistician General of the State in working out near-accurate development plans.
She urged the participants to pay attention to the training and, at the end, master efficient and effective ways of calculating GDP for economic growth and development.
In her remarks, the Statistician General of the State, Mrs Esther Gagara, stated that,
“As the world continues to evolve and economies grow, the importance of accurately measuring a country’s economic performance cannot be overstated.”
According to her, “Gross Domestic Product (GDP) is the most widely used measure of economic activity, giving insight into the overall health and growth of a nation’s economy.”
Esther Gagara stressed that, “For Bauchi State, one of the 36 States in Nigeria, calculating GDP has become crucial in formulating policies and making informed decisions.”
“However, with the complexity and ever-changing dynamics of the global economy, keeping track of GDP and accurately computing it can be challenging,” she added.
The Statistician General stated that, “To address this challenge, the government of Bauchi State is investing in a comprehensive training program for its officials and key stakeholders involved in the computation of GDP.”
She stressed that, “This program aims to equip participants with the necessary skills and knowledge to efficiently and accurately calculate GDP, ensuring that the economic performance of Bauchi State is adequately reflected.”
The Lead Facilitator from NBS Headquarters in Abuja, Jamilu Umar, stated that, “But why is this training programme essential, and what can participants expect to learn? Firstly, the training program will provide in-depth knowledge on the concept of GDP and its significance in measuring economic activity.”
He added that, “Participants will gain a clear understanding of the components that make up GDP, such as consumption, investment, government spending, and net exports.”
According to him, “By understanding the intricacies of GDP, participants will be better equipped to accurately measure and interpret economic performance.”
He added that, “Moreover, the programme will cover the practical aspects of collecting and compiling data for GDP calculation. Participants will learn about the different data sources and methods used in the compilation process, including surveys, administrative records, and national accounts.”
The participants will also be trained on data quality, consistency, and the importance of using internationally accepted standards and methodologies, just as the training programme will equip participants with the necessary statistical skills to analyse and interpret GDP data.
This includes understanding the different GDP growth rates, inflation adjustments, and the importance of using constant prices to compare GDP over time. Such skills are critical in providing accurate and reliable GDP estimates.
The programme will also delve into the specific challenges faced when computing GDP in the context of Bauchi State. This includes the unique economic structure, data availability, and limitations in data collection and compilation.
Participants will gain insights into how to address these challenges and ensure that the computation process is efficient and accurate.
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Furthermore, the training programme will highlight the importance of using GDP data for policy formulation and decision-making.
From budget planning to foreign investment attraction, GDP data plays a crucial role in guiding economic policies. Participants will understand how to use GDP data effectively and communicate its significance to stakeholders and the public.
In conclusion, the training programme for computing GDP in Bauchi State, Nigeria, will be a valuable investment in the state’s economic growth.
By equipping participants with the necessary skills and knowledge, the programme will ensure the accurate measurement of the state’s economic performance.
This, in turn, will aid in the formulation of effective policies and decision-making that will drive Bauchi State towards sustainable economic growth and development.
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