Emefiele Urges Media To Report Gains Of GDP Rebasing

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The Governor of Central Bank of Nigeria (CBN), Mr Godwin Emefiele, has urged media practitioners in Nigeria to educate the people on the gains of the nation’s rebased Gross Domestic Product (GDP).

Emefiele made the call at the opening of the 19th seminar for Finance Correspondents and Business Editors on Wednesday in Kaduna.

 “I urge our business editors and financial correspondents to inform and educate the various economic agents and stakeholders on the gains of rebasing the economy. This is our chance to tell our story by ourselves and let the world hear about the Nigerian resurgent economy,” he said.

Emefiele, who was represented by the Director, Research Department of CBN, Mr Charles Mordi, said that 19 years gap before the economy was rebased posed a challenge in recording Nigeria’s accurate economic reality.

According to him, sectors like telecommunications, information technology and distributive trade of our economy recorded tremendous growth within the gap of 19 years.

“It would be unrealistic to stick to the 1999 base year figures given such structural changes, in addition to changes in the price structure over these years.

“Given these dynamics, GDP rebasing becomes inevitable in order to ascertain more accurate estimates of the size and structure of the economy,” he said.

 (NAN)

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