Home Economy Twenty-two out of 36 States GDP records N63.8trn in 2017 – NBS

Twenty-two out of 36 States GDP records N63.8trn in 2017 – NBS

by Business News Report

National Bureau of Statistics (NBS) said the nominal Gross Domestic Product (GDP) for the 22 states in 2017 stood at N63.8 trillion or 56 per cent of Nigeria’s nominal GDP.

The NBS said this in its State Nominal Gross Domestic Product (2013 to 2017) Phase II posted on its website. The report provides estimates for the second phase of the States GDP compilation exercise covering an additional 10 states – Anambra, Bauchi, Ebonyi, Edo, Ekiti, Gombe, Jigawa, Kogi, Niger, Ondo – and the Federal Capital Territory (FCT). The bureau said by sector, the 22 states accounted for 57 per cent, 77 per cent and 48 per cent of agriculture, industry and services GDP at the national level.

It, however, said among the 22 states, services sector accounted for 67 per cent, while agriculture accounted for 22 per cent and industry, 11 per cent. It said the FCT had the highest gross domestic product at 10.6 trillion naira or 17 per cent of total states GDP. This, it said was followed by Akwa-Ibom and Rivers, each with eight per cent of total states GDP. In the FCT, it said services accounted for 81 per cent of GDP while industry and agriculture accounted for 18 per cent and 10 per cent respectively. In Akwa-Ibom, it said industry accounted for 65 per cent while services and agriculture accounted for 19 per cent and 16 per cent.

According to the report, the non-oil sector represented 98 per cent of total states GDP across the 22 states while the oil sector accounted for only two per cent It said the six states with the highest nominal GDP in 2017 were – FCT, Akwa-Ibom, Rivers, Delta, Bayelsa, Anambra – accounted for about 50 per cent of the total states GDP, or 27 per cent of Nigeria’s nominal GDP, in 2017.

The NBS said the report was expected to inform policymakers at all levels regarding absolute and relative magnitudes of economic activities in the reporting states. It said the report was also to inform policymakers in the reporting states even as the bureau continues efforts to complete the last phase of compilation for the remaining 15 states. GDP of an economy, including at state level, is a measure in monetary terms of production of all goods and services during a period.

Like the compilation at the national level, state accounts statistics are based on the guidelines and recommendations set out in the System of National Accounts 2008 (SNA 2008). The System of National Accounts provides an internationally-recognised framework and a comprehensive set of concepts, definitions and classifications for national accounting. Also, states GDP compilation is important and useful for various purposes. It provides important information to support evidence-based policymaking; it also helps to identify key drivers of economic growth in each state and assess the performance of the state economy. (NAN)

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