NBS collaborate Bauchi govt, trains stakeholders on GDP computation in Bauchi

By Samuel Luka

Bauchi Stakeholders are undergoing a five days training session in the area of computation of Gross Domestic Product (GDP) in Bauchi state.The training programme is been carried out by the National Bureau of Statistics in collaboration with Bauchi State Bureau of Statistics.The organisers said that the training programme themed “Efficiently Calculating GDP for Bauchi State, Nigeria” is aimed at exposing the participants to the most modern and effective practices of GDP monitoring and calculation. Declaring the programme open, the Commissioner of Budget, Economic Planning and Multi-lateral Coordination, Amina Mohammed Katagum stressed the importance of accurate data for planning which she stated, will translate into economic growth and development. Represented by the Permanent Secretary of the Ministry, Jibrin Mohammed Yusuf, the Commissioner assured that the Ministry, as the center 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 observed that as the world continue 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.”She said however, that with the complexity and ever-changing dynamics of the global economy, keeping track of GDP and accurately computing it can be challenging.According to her, in order to address the 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.The Statiscian General of Bauchi state said that the training programme meant to equip participants with the necessary skills and knowledge to efficiently and accurately calculate GDP and ensure that the economic performance of Bauchi State is adequately reflected.The Lead Facilitator from NBS Headquarters in Abuja, Jamilu Umar stated that the training is essential because it will provide the participants with in-depth knowledge on the concept of GDP and its significance in measuring economic activity.”Participants will gain a clear understanding of the components that make up GDP, such as consumption, investment, government spending, and net exports.” He added.Jamilu Umar stressed that by understanding the intricacies of GDP, the participants will be better equipped to accurately measure and interpret economic performance.He added that the programme will cover the practical aspects of collecting and compiling data for GDP calculation and that the Participants would learn about the different data sources and methods used in the compilation process, including surveys, administrative records, and national accounts.Umar further explained that the participants will also be trained on data quality, consistency, and the importance of using internationally accepted standards and methodologies, thereby, equipping them with the necessary statistical skills to analyze and interpret GDP data.”This include, 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”, he said. Jamilu Umar informed that the programme will also delve into the specific challenges faced when computing GDP in the context of Bauchi State, including the unique economic structure, data availability, and limitations in data collection and compilation.