Market News

 By : Joseph Chibueze, Abuja

•Crowd-sources price changes, consumer feedback

The National Bureau of Statistics (NBS) is set to launch its first price data collected through crowdsourcing. This new initiative will see the agency provide daily price movement information for public consumption and reference.

The new approach to data collection, the agency said, marks a significant milestone in its efforts to provide timely and accurate statistical information to policymakers, researchers and the public.

The crowdsourcing initiative is meant to compile price data daily from a wide range of sources, including open markets, supermarkets, neighbourhood shops, bulk and discount stores, street outlets and large shops.

The NBS, however, explained that the plan is different from its monthly consumer price index (CPI). The data collection, it said, has commenced and covers all 36 states and the Federal Capital Territory (FCT)

By leveraging the power of crowd-sourcing, the bureau has been able to collect a vast amount of data that will help to provide a more accurate picture of price movements in the economy.

Statistician-General of the Federation and CEO of NBS, Semiu Adeniran, while speaking on the new project, said the NBS was thrilled to release its 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,” he said. He said the data provides insights into prices of essential food items such as rice (local), beans (white), maize (white), garri, yam, among others that are commonly consumed by Nigerians, offering a snapshot of daily food costs.

He said the bureau plans to update the data daily, equipping entrepreneurs, policymakers and researchers with a valuable tool to track price movements and informed decision-making.

The NBS boss said the crowd-sourcing initiative aims to modernise data collection, providing timely and accurate statistics. He appealed to citizens to participate by submitting prices and feedback to build a robust statistical system for a rapidly changing economy.

He noted that the institution is committed to ensuring the quality and accuracy of the data collected through crowd-sourcing. “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 release of the crowd-sourced prices data is a significant achievement for us and demonstrates our commitment to innovation and collaboration. By working together with citizens and leveraging technology, the NBS can provide more timely and accurate statistical information that will help to drive economic growth and development,” he said.

He said the crowd-sourced data is accessible to the public through a dedicated public dashboard, where users can view, analyse and download the data in real time, further enhancing transparency and accessibility.