Federal Government and Governor Babatunde Fashola of Lagos yesterday stressed the need for the computation of Gross Domestic Product (GDP) in states, saying “it is paramount for the country’s development.”
They made the remark at the flag-off of the South-West states’ GDP computation project held at the State House, Alausa, Lagos, organised by the National Planning Commission in collaboration with Anambra State government, Nigeria Governors Forum and the National Bureau of Statistics.
Speaking on behalf of the Federal Government, Minister/Deputy Chairman, National Planning Commission, Dr. Shamsuddeen Usman, said that it would rapidly spur growth and development in the country.
According to Usman, “the inclusion of states’ GDD in the national data frame work would promote accountability, create awareness of the outcome of efforts at the sub national levels, as well as, enhance its’ comprehensiveness and reliability as a measure of economic activity.”
He added “when states GDP is computed in states, it would give room for improved management of both the sub-national and national economies and generate healthy competition among the states.”
Usman said the estimated cost of the GDP computation project in the country is N1,044 billion, where the federal government would contribute N313.3 million, the 36 states and FTC are contributing the sum of N522 million or N14.1 million each while the development partners are to contribute N208.9 million.