NBS data reflects the reality of the time – Prof. Ojowu
A member of the Economic Advisory Council (EAC) of President Muhammadu Buhari’s administration, Prof. Ode Ojowu, has expressed satisfaction with the relatability of reports released by the National Bureau of Statistics (NBS) on the performance of the economy. Speaking in an exclusive interview with CBD MediaEdge, Prof. Ojowu confirmed that the reports of NBS were […]
A member of the Economic Advisory Council (EAC) of President Muhammadu Buhari’s administration, Prof. Ode Ojowu, has expressed satisfaction with the relatability of reports released by the National Bureau of Statistics (NBS) on the performance of the economy.
Speaking in an exclusive interview with CBD MediaEdge, Prof. Ojowu confirmed that the reports of NBS were a true reflection of the nature of Nigeria’s economy where, contrary to what many may expect, there was growth in Gross Domestic Product (GDP) in the second quarter attributable to the resilient nature of the Nigerian economy. He said, “The Nigerian economy is overly resilient, if not, the pressure on the economy is enough to explode it.”
The former adviser to President Olusegun Obasanjo on economic affairs said farmers are motivated by the need to survive by all means and to have an occupation. The second reason was the availability of varieties of crops in Nigeria which, unlike many other countries, there is a limit to the diversification of production.
The don commended NBS as an organisation that has improved in its data collection methodology, which was recently digitalised and thereby allowing raw data collection in the remotest part of the country.
In the report released last week by NBS, Nigeria’s GDP grew by 3.54% year-on-year in real terms in the second quarter of 2022, an improvement compared to the 3.11% growth recorded in the previous quarter.
Nigeria’s non-oil sector contributed 93.67% to the nation’s GDP in the second quarter of 2022, higher than the share recorded in the second quarter of 2021 which was 92.58% and also higher than the first quarter of 2022 recorded as 93.37%.