The National Bureau of Statistics (NBS) on Tuesday released its first prices data compiled through a crowd-sourcing initiative.
This innovative approach to data collection marks a significant milestone in the NBS’ efforts to provide timely and accurate statistical information to policymakers, researchers, and the general public.
According to a press release issued by the statistics agency, the crowd-sourcing initiative, which started several months ago, aims to compile 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.
In addition, the initiative aims to modernize data collection, providing timely and accurate statistics. The Bureau hereby invites citizens to participate by submitting price data and feedback to build a robust statistical system for a rapidly changing economy.
The Bureau disclosed that the data collection was carried out in all the 36 states and the Federal Capital Territory (FCT), adding that by leveraging the power of crowd-sourcing, it 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.
Speaking on the data-sourcing feat, Statistician-General of the Federation and Chief Executive Officer of the Bureau, Prince Adeyemi Adeniran, said: “We are thrilled to release our first prices 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.”
The crowd-sourced prices data provides insights into prices of essential food items such as Rice (Local), Beans (White), Maize (White), Garri, Yam, etc commonly consumed by Nigerians, offering a snapshot of daily food costs.
The NBS further disclosed that it planned to update the prices data on a daily basis with a view to equipping entrepreneurs, policymakers and researchers with a valuable planning information for tracking price movements and informing decision-making.
It added that the crowd-sourced data remained accessible to the public through a dedicated public dashboard, where users can view, analyze, and download the data in real-time, further enhancing transparency and accessibility.
The Bureau reiterated its determination 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 statistics agency, however, stressed that the prices data compiled through crowd-sourcing remained different from the ones compiled for Consumer Price Index(CPI) as prices data for CPI computation are collected on a specific or predetermined outlets every second and third week of the month while prices data collected via crowd-sourcing are collected randomly from different respondents every day.
The management maintained that as it engages in this collaborative effort with the public, it welcomed feedback from stakeholders that enhance improvement in the daily data sourcing exercises and advised that anyone seeking for more information about the crowd-sourced prices data, should visit the NBS website at www.nigerianstat.gov.ng.
Economists and planners believe that publication of the crowd-sourced prices data is a significant achievement for the statistics agency and demonstrates its commitment to innovation and collaboration.
They noted that by collaborating with citizens and leveraging technology, the Bureau was better positioned to provide more timely and accurate statistical information that will help to drive economic growth and development.
