Dr. Muda Yusuf, CEO of the Centre for the Promotion of Public Enterprise, criticized the National Bureau of Statistics (NBS) for not reflecting the contributions of the Marine and Blue Economy sector in its economic data.
He noted that the NBS only captures water transport, which is insufficient to represent the entire maritime sector. Yusuf emphasized that this omission is significant, as water transport’s contribution is minimal and does not reflect the broader impact of the maritime sector.
Speaking at the Maritime Reporters Association of Nigeria’s Breakfast Meeting, Yusuf highlighted the need to appreciate the significance of trade and the international trade ecosystem for economic transformation.
He pointed out that while the trade sector accounts for 16 percent of Nigeria’s GDP, this data primarily reflects domestic trade. The contributions of international trade and the maritime sector are not adequately captured.
Yusuf stressed that the maritime sector handles over 95 percent of Nigeria’s international merchandise trade, with a total trade value of N71.9 trillion in 2023. He called for the GDP to be rebased to correct this shortcoming, as the current data grossly underrepresents the sector’s economic impact.
(Vanguard)