The World Bank has advised Nigeria to invest between $10 million and $15 million annually in its statistical system to match the performance of South Africa, Brazil, Mexico, and Colombia.
World Bank Practice Manager for West and Central Africa, Johan Mistiaen, made this recommendation during a meeting with Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu. He noted that Nigeria's statistical system lags behind its aspirational peers, impacting economic planning and policy decisions.
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In response, Bagudu reaffirmed the government's commitment to strengthening the National Bureau of Statistics (NBS) and ensuring its independence. He highlighted the agency's recent improvements, including the consumer price index rebase, which saw inflation figures adjust to 23.18% in February 2025, and a GDP growth report of 3.84% for Q4 2024.
For small businesses, improved data collection could enhance market insights, economic forecasting, and policy planning, ultimately leading to better decision-making and business opportunities.
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