National Bureau of Statistics (NBS) has introduced a crowd-sourcing initiative aimed at providing more accurate statistical information and data to policymakers and the general public.
According to a statement issued by Folorunso Alesanmi, head of Public Relations, the initiative, which commenced several months ago, involves compiling daily price data from a wide range of sources.
These include open markets, supermarkets, neighbourhood shops, bulk and discount stores, street outlets, and large retail shops.
Data collection has been conducted across all 36 States, the Federal Capital Territory (FCT), and every senatorial district.
However, the Bureau clarified that price data gathered through crowd-sourcing differs from the data used in computing the Consumer Price Index (CPI).
While CPI data is collected at specific, pre-determined outlets during the second and third weeks of each month, crowd-sourced price data is gathered randomly from different respondents daily.
By leveraging the power of crowd-sourcing, the Bureau has been able to gather a vast amount of data that offers a more nuanced picture of price trends in the economy.
“We are thrilled to release our first price data compiled through crowd-sourcing. This initiative represents a major step forward in our efforts to harness the power of technology and innovation to improve the quality and timeliness of our statistical data,” said Prince Semiu Adeyemi Adeniran, Statistician-General of the Federation and NBS CEO.
The newly released data offers insights into the prices of essential food items commonly consumed by Nigerians, such as local rice, white beans, white maize, garri, yam, and more. It provides a daily snapshot of food costs.
The NBS plans to update this data on a daily basis, offering entrepreneurs, policymakers, and researchers a valuable tool for monitoring price fluctuations and making informed decisions.
The data is accessible to the public through a dedicated dashboard, where users can view, analyze, and download it in real-time—enhancing transparency and accessibility.
“To this end, the agency has implemented a range of quality control measures, including data validation and verification processes, to ensure that the data is reliable and trustworthy,” the statement added.
The release of this crowd-sourced price data underscores the NBS’s commitment to innovation and collaboration.
By working with citizens and embracing technology, the Bureau aims to provide more timely and accurate statistics to drive economic growth and development