Wars are lost on information and inadequate intelligence. It is the same for our economy – having reliable data is like having your own army. Precise, error-free and timely economic data are important in informing policy decisions. Key production and economic statistics explain the dimension of economic response. Without reliable data, policymakers cannot determine how badly the economy is hurting, how the people are faring and more importantly, how to improve the economy.
Good policies are the bedrock of vibrant nations because great policy choices transform nearly every aspect of citizens’ lives. The policies set in place by officials at all levels of government establish rules, regulations and procedures that guide the actions of citizens within their jurisdiction. Public policy decisions are primarily made to improve the health, safety and well-being of citizens, and may set standards for educational institutions, transportation operations and housing facilities.
These policies are set in place, informed by data. The availability of data, timely and accurate data provides relevant information to policymakers. The efficiency of a policy relies on available data. Data helps to uncover the truth, thus the availability of data gives insights into the happenings in the country.
Statistical Shortfall in Nigeria
At the base of the challenges faced in data availability in Nigeria is the paucity of financing. The main statistical house in Nigeria, the National Bureau of Statistics (NBS) is barely funded as the budget for the organization reveals. There has been an up and down growth in the yearly budget to the organization.
Despite the paucity of funding, the NBS has over the years improved the efficiency in data provided. However, the problem persists despite NBS’ best effort. In addition to the funding issue, the agency lacks institutional support from the government.
Crucial data are released in the off-period, making them untimely to use by policymakers. For example, the GDP figure for a previous quarter is released at the end of the next quarter. That is, when the next quarter is over. As such, making policy decisions to improve the following quarter based on the releases figure is impossible.
Tackling Data Disruption
The time to make a great push for investment in better data is now. Our low-equipped statistical system is always dependent on external support and struggles to produce quality data needed for advancement.
Identifying the relevant quality data for guiding social, economic and environmental policies is fundamental. This will set the pace for quality data-driven policy towards achieving economic potentials. This is the goal of creating a data-driven programme of action that will enhance the transformational shift in the well-being of the people.
To achieve this, it is recommended that new goals be accompanied by an independent and monitoring system, with regular opportunities to report on progress and shortcomings at a high political level. Furthermore, there is a call for a data revolution for sustainable development, with a new international initiative to improve the quality of statistics and information available to citizens.
Nigeria’s challenge of producing local data can be realized when the data revolution is accompanied by a capacity revolution. This empowers data producers and users to navigate through – and make full use of – the newly emerging data ecosystem.