NBS Releases Maiden Prices Dashboard for Real-time Guide to Policymakers, Researchers, Others

•Clarifies crowd-sourced prices different from CPI equivalent

James Emejo in Abuja

National Bureau of Statistics (NBS) yesterday announced the release of its maiden prices data, compiled through crowd-sourcing initiative.

The innovative approach to data collection marked a significant milestone in NBS’ efforts to provide timely and accurate statistical information to policymakers, researchers, and the general public.

The release was conveyed in a statement in Abuja by NBS Head of Public Relations, Mr. Folorunso Alesanmi.

Alesanmi said data collection was done in all the 36 states, Federal Capital Territory (FCT), and in all the senatorial districts.

He said the crowd-sourcing initiative, which started several months ago, aimed at compiling prices data on a daily basis from a wide range of sources, including open markets, supermarkets, neighbourhood shops, bulk and discount stores, street outlet and large shops.

Leveraging the power of crowd-sourcing, he said the statistical agency had been able to collect a vast amount of data that would help provide a more accurate picture of price movements in the economy.

Statistician-General of the Federation (SGF), Prince Adeyemi Adeniran, said the crowd-sourcing initiative sought to modernise data collection, and provide timely and accurate statistics.

Adeniran described the initiative as 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”.

According to him, the data provides insights into prices of essential food items, such as local rice, beans, maize, garri, yam, among others, which are commonly consumed by Nigerians, offering a snapshot of daily food costs.

The SGF, however, explained that prices data compiled through crowd-sourcing was not comparable to those compiled for Consumer Price Index (CPI).

According to him, prices data for CPI computation are collected on a specific or predetermined outlets every second and third week of the month.

But prices data collected via crowd-sourcing were collected randomly from different respondents every day, he explained.

Adeniran said, “We are thrilled to release our first prices data compiled through crowd-sourcing.

“The Bureau hereby invites citizens to participate by submitting price data and feedback to build a robust statistical system for a rapidly changing economy.

“NBS 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 the NBS and demonstrates the agency’s commitment to innovation and collaboration.

“By working together with citizens and leveraging technology, the NBS is able to provide more timely and accurate statistical information that will help to drive economic growth and development.”

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.

The statistical agency plans to update the data on a daily basis, equipping entrepreneurs, policymakers and researchers with a valuable tool for tracking price movements and informing decision-making.