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Sectorial Breakdown of Losses Strike Caused the Economy -National Bureau of Statistics

By on January 20, 2012

The National Bureau of Statistics released an in-depth report on its website in order to account for the losses the Nigerian economy experienced during the nationwide strike that lasted just over a week. According to the NBS, the organization used international best practices to account for the losses using estimations based on GDP.

The NBS in making this report available also took into account that the strike was partial in some areas of the country, had no effect on certain economic activities (such as crude oil production), and was non-effective on certain days of the week i.e weekends. The NBS in computing its estimates took into consideration these facts and applied weights on the data to make up for the anomalies.

In a statement available on the website of the Statistics Bureau, “NBS arrives at the estimated losses by projecting the GDO for the 1st quarter of 2012 based on historical weighted growth rates for the 1st quarters of the last three years (2009-2011). This is divided by 90 days to arrive at GDP/day”

Source: NBS; All figures are in Naira

The entire report and its methodology may be viewed here