An article in the Economist on the revisions to Nigeria’s GDP commented: "The GDP revision is not mere trickery. It provides a truer picture of Nigeria’s size by giving due weight to the bits of the economy, such as telecoms, banking and the Nollywood film industry, that have been growing fast in recent years."a. What does the article mean by "giving due weight" to the sectors of the economy that have been growing quickly?b. How did the Nigerian National Bureau of Statistics accomplish the task of giving these sectors their due weight?c. Why does making this change in calculating GDP provide a truer picture of the size of Nigeria’s economy?

According to the comment of an article in the Economist on the revisions to Nigeria’s GDP, which reads:

"The GDP revision is not mere trickery. It provides a truer picture of Nigeria’s size by giving due weight to the bits of the economy, such as telecoms, banking and the Nollywood film industry, that have been growing fast in recent years."

a. By "giving due weight" the article means inclusion to the sectors of the economy that have been growing quickly

b. The Nigerian National Bureau of Statistics accomplish the task of giving these sectors their due weight by updating data.

c. Because the change gave accurate data in calculating GDP a truer picture of the size of Nigeria’s economy.

Explanation:

a) The lack of budget and/or trained staff processing data accurately and with outdated methods caused that the sectors of economy that grew quickly, did not get the correct due weight when calculating GDP, therefore giving due weight' means that many sectors of the economy that were not previously recorded, are now included.

b) Updating 1990 GDP obsolete data, which was used by the government in 2010, came up with the fact that many sectors that had dramatically grown at a very fast rate, and underground economy were not included in the calculation, so the new data base the NNBS was given on GDP, including businesses surveys, gave these sectors their due weight.

c) Having innacurate data, where key activities are not in the registers, cause GDP´s underestimation giving a fake picture of their economy, changing it to an udated data base gave a truer picture of the size of Negeria´s economy.

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