CBN harps on Investment in Data Infrastructure to boost Raw Materials development

•Bags award for support to Financial Journalism

The Central Bank of Nigeria (CBN) has called for increased investment in data infrastructure to accelerate raw materials development and strengthen the country’s industrial base.

The apex bank said dependable data systems are essential for unlocking opportunities across Nigeria’s agricultural and manufacturing sectors, adding that poor data collection, weak storage systems and limited analytics have constrained local sourcing and slowed efforts to reduce dependence on imported inputs.

Speaking at  the Center for Financial Journalism Bullion Lecture held on Thursday in Lagos, Director of Statistics at the CBN, Mr. Usman Moses Okpanachi, who represented the Governor of the Bank, Mr. Olayemi Cardoso, said the country must prioritise data-driven strategies to achieve sustainable industrial growth.

The theme of the lecture was, “From Resources to Prosperity: How Raw Materials Development, Value Addition and Innovation Can Catalyse Nigeria’s Economic Transformation.”

Okpanachi said investment in data infrastructure would help policy makers, investors and manufacturers make informed decisions on production, supply chains and financing opportunities. He noted that stronger data systems would also support risk management and attract investments into the raw materials value chain.

According to him, stakeholders must work together to build systems that will make credible information readily available for industrial planning and economic development. He also expressed the willingness of the CBN to partner with relevant institutions in promoting innovation and financing opportunities in the sector.

At the event, the CBN received an award for outstanding corporate social performance in recognition of its consistent support for the Bullion Lecture and its contribution to the development of financial journalism in Nigeria.

The organisers said the award reflected the bank’s steadfast commitment to initiatives that inspire excellence, foster societal impact and set high standards for corporate social responsibility.

Also speaking, the Director-General of the Raw Materials Research and Development Council, Prof. Nnanyelugo Ike-Muonso, reiterated the importance of the proposed 30 per cent Value Addition Bill to Nigeria’s industrial development agenda.

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He said the legislation, when enacted, would make Nigeria’s manufacturing sector more globally competitive by encouraging local processing of raw materials before export. He added that the bill aligns with President Bola Tinubu’s Renewed Hope Agenda on industrialisation and economic diversification.

Ike-Muonso maintained that greater value addition would create jobs, boost exports and deepen industrial capacity.

In his welcome address, Chairman of the Board of Trustees of the Centre for Financial Journalism, Prof. Akpan Ekpo, described the Bullion Lecture as a catalyst for national development over the last decade.

He said through sustained dialogue on macroeconomic stability, monetary policy, human capital development and sustainable growth, the platform has contributed to shaping a more resilient socio-economic system.

Ekpo added that the Centre had also strengthened journalism practice through specialised training programmes that equip reporters with skills to interpret complex financial data, report accurately and hold institutions accountable.