Home Economy Service sector contributed N1.2trn to Edo’s GDP in 2017 – NBS

Service sector contributed N1.2trn to Edo’s GDP in 2017 – NBS

by Business News Report

The National Bureau of Statistics (NBS) has said that Edo state’s service sector contributed N1.2 trillion to its N2.3 trillion Gross Domestic Product (GDP) in 2017. Commissioner for Finance, Hon. Joseph Eboigbe disclosed this while presenting the “2020-2022 Medium Term Expenditure Frame Work (MTEF),” at a-one-day workshop organised by the Ministry of Budget and Economic Planning, at the Government House in Benin City. The workshop was organised by the ministry in collaboration with the Edo State Employment and Expenditure for Result (SEEFOR) programme.

 Eboigbe said despite the vast land and gas deposit in the state, the agricultural and industrial sectors contributed less to the state’s GDP, noting that the information provided by the NBS has availed the state government with data to address the structural imbalance in the state.

According to him, “NBS published the GDP of Edo State covering the period 2013 to 2017, which measured economic activities in the state. It showed which sector contributed the most to the GDP, allowing the state to know the areas of focus. It broke the state into three sectors which include agricultural, industry and services sector.” He said the total GDP of the state for 2017 was N2.3 trillion, out of which the services sector contributed N1.2 trillion. In her welcome address, the Commissioner for Budget and Economic Planning, Princess (Mrs.) Otse Momoh Omorogbe said the workshop was organised to facilitate engagement with members of the public for improved service delivery and development. She said the workshop allows for the participation of residents in the state’s budget preparation, adding, “The state prepared a citizens’ budget which is a simpler form of the state’s approved annual budget. Its main objective is to present Edo State’s budgetary information in a manner that is easily digestible for its citizenry.”

Director of Budget, Ministry of Budget and Economic Planning, Oseh Michael, who delivered a paper on Edo State Citizen’s Budget, said the objective of the 2019 approved budget is to consolidate on government’s efforts in building a viable state. Michael noted, “The objectives of the 2019 budget is to consolidate on government’s efforts to build the Edo of our dreams and to reflect government’s desire to carry everybody along in its plans and projects, aimed at bringing growth and development to Edo State. Key goals of the budget are continuous investment in repairs of existing structures and the development of new socio-economic infrastructure; strengthening internal capacity for projects execution and governance; continuous investment in programmes and projects for wealth creation, particularly through industrialisation, agriculture and Micro Small and Medium Enterprises (MSME) development.”

One of the stakeholders at the event, Stella Ojeme of Child Protection Network, described the programme as apt as it gives stakeholders the opportunity to share ideas to enhance the 2020 budget. Ojeme urged the state government to ensure the budget covers the interest of the children who are exposed to abuse. President, Network for the Advancement of People with Visible Disability (NAPVID), Melody Omosah, said Edo State Government is on the right track, advising the government to ensure

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