The National Bureau of Statistics (NBS) launched its first crowd-sourced price data initiative, as announced by Folorunso Alesanmi, NBS Head of Public Relations, in Abuja.
This innovative data collection method, covering all 36 states, the Federal Capital Territory, and senatorial districts, marks a milestone in delivering timely and accurate statistics for policymakers, researchers, and the public.
The initiative, which began months ago, gathers daily price data from diverse sources like open markets, supermarkets, and street vendors. The crowd-sourced data, accessible via a public dashboard for real-time viewing and analysis, enhances transparency.
Statistician-General Prince Adeyemi Adeniran highlighted the initiative’s role in modernizing data collection through technology, offering insights into the prices of staple foods like rice, beans, and yams. Unlike Consumer Price Index (CPI) data, collected from specific outlets biweekly, crowd-sourced data is gathered randomly daily, making it non-comparable to CPI.
Adeniran invited citizens to contribute price data and feedback to strengthen the system, emphasizing quality control measures like data validation to ensure reliability.
The NBS plans to update the data daily, providing a valuable resource for tracking price trends and supporting economic decision-making.
WHAT YOU SHOULD KNOW
The NBS’s crowd-sourced price data initiative is a bold and innovative step toward modernizing Nigeria’s statistical system.
By leveraging technology and public participation, the NBS is addressing the need for timely, granular, and transparent economic data in a rapidly changing economy.
The initiative’s focus on essential food prices, daily updates, and public accessibility makes it a valuable tool for policymakers, businesses, and citizens alike.
ALSO READ TOP STORIES FROM VERILY NEWS
