| dc.description.abstract | • The National Bureau of Statistics (NBS) is re-basing the GDP to reflect current economic realities. The GDP was last rebased in 2014 using 2010 as the base year.
• In addition to including new areas like digital economy, pension fund administrators, National Social Insurance Trust Fund, modular refineries, domestic work, and illegal and hidden activities, the NBS is also proposing to include illegal activities such as prostitution and drug trading in GDP calculation.
• The inclusion of these activities in GDP calculation raises moral and ethical issues given that these activities are illegal under Nigerian laws.
• It could also send a wrong signal as to their recognition as legitimate economic activities and may undermine efforts to alleviate the socio-economic conditions that encourage people to be involved in such activities.
• Moreover, there is the challenge of data collection as these activities are conducted discreetly, without adequate tracking and data. Thus, quantifying the economic value of these activities may rely on assumptions and inaccurate data.
• It is suggested that the National Assembly, through its committees on National Planning and Economic Affairs, engage with the NBS and other relevant stakeholders to discuss the economic, social, legal and ethical implications of the proposal. | en_US |
