Non-profit firms boost GDP with $465b, says bureau

National Bureau of statistics Chief Executive Officer, Dr. Yemi KaleThe National Bureau of statistics (NBS) at the weekend said non-profit organisations (NPOs) contributed 0.5 per cent to the nation’s Gross Domestic Product (GDP) through $465 billion expenditure in 2017.
The bureau’s Chief Executive Officer, Dr. Yemi Kale, who spoke at the 13th anniversary symposium of Lifeline Care Association in Abuja, regretted that the figure was comparatively small compared to what these organisations command in the informal sector of the economy.
Noting that the country had recorded about 500,000 non-profit firms, he, however, lamented that only 80,000 of them were registered with the Corporate Affairs Commission (CAC).

Kale enjoined the affected organisations to prioritise the nation’s numerous against the backdrop that Nigeria is the third largest country of focus for assistance by the United States foundation.
Represented by Dr. Olarewaju Isiaka, the NBS boss called on the NPOs to re-strategise with a view to taking on tasks that are currently within the purview of the state but which they could effectively deliver.
He said: ‘’The parlous state of social infrastructure, increasing effects of global economic uncertainties and even the expected impacts from climate change (notwithstanding), the expectations on state to deliver basic public services will likely remain stretched.
“This calls for greater humanitarian services and presents a unique opportunity for non-profit organisations like Lifeline Care Association to fill in and operate within the space.”
In his remarks, the founder of the organisation, Dr. Nkem Momah, said the event was to encourage participants to imbibe honesty and avoid self-aggrandisement.
He added that the symposium was an opportunity for the group to rally public support for the services it renders as emergency rescue agents.
“It was also an opportunity for us to unveil our new set of trustees and patron,” Momah stated.

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