The National Bureau of Statistics (NBS) on Tuesday released its first price data compiled through a groundbreaking crowdsourcing initiative.
This innovative approach to data collection marks a significant milestone in the NBS’s efforts to provide timely and accurate statistical information to policymakers, researchers, and the general public.
The crowdsourcing initiative, which began several months ago, aims to compile price data daily from a wide range of sources, including open markets, supermarkets, neighbourhood shops, bulk and discount stores, street outlets, and large shops.
Data collection was conducted across all 36 states, the Federal Capital Territory (FCT), and all senatorial districts.
Folorunso Alesanmi, Head of Public Relations, stated that by leveraging the power of crowdsourcing, the Bureau has been able to collect a vast amount of data to provide a more accurate picture of price movements in the economy.
“We are thrilled to release our first price data compiled through crowdsourcing. 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,” said Prince Adeniran, Statistician-General of the Federation.
The data released provides insights into the prices of essential food items such as locally produced rice, white beans, white maize, garri, yam, and other staple foods commonly consumed by Nigerians, offering a snapshot of daily food costs.
The NBS plans to update this data daily, equipping entrepreneurs, policymakers, and researchers with a valuable tool for tracking price movements and informing decision-making.
The crowdsourced data is accessible to the public through a dedicated dashboard, where users can view, analyse, and download the data in real time, further enhancing transparency and accessibility.
The National Bureau of Statistics’ crowdsourcing initiative aims to modernise data collection by providing timely and accurate statistics.
The Bureau invites citizens to participate by submitting price data and feedback to help build a robust statistical system for a rapidly changing economy.
Folorunso Alesanmi stated that the NBS is committed to ensuring the quality and accuracy of the data collected through crowdsourcing.
To this end, the agency has implemented a range of quality control measures, including data validation and verification processes, to ensure the data is reliable and trustworthy.
The release of the crowdsourced price data is a significant achievement for the NBS and demonstrates the agency’s commitment to innovation and collaboration.
He noted that by working together with citizens and leveraging technology, the NBS can provide more timely and accurate statistical information to help drive economic growth and development.
However, it is important to clarify that the price data compiled through crowdsourcing is not the same as that used for the Consumer Price Index (CPI). Price data for CPI computation is collected from specific, predetermined outlets every second and third week of the month. In contrast, price data collected via crowdsourcing is gathered randomly from different respondents daily.
“As we engage in this collaborative effort with the public, we welcome feedback from stakeholders that will propel us towards improvement,” Alesanmi further stated.
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