The World Bank has recommended that Nigeria invest between $10 million and $15 million annually to enhance its national statistical system, aligning its performance with countries like Brazil, South Africa, Mexico, and Colombia. During a recent courtesy visit to the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, Mr. Johan Mistiaen, World Bank Practice Manager for West and Central Africa, emphasized that the country’s statistical performance is currently lagging behind its aspirational peers. The World Bank’s proposal aims to help Nigeria improve its data collection and analysis capabilities, which are vital for effective policy formulation and economic growth.

Mistiaen’s presentation, titled “Next-Level Statistics to Support Nigeria’s Reform and Growth Agenda,” highlighted that consistent investment is needed to enhance the timeliness and quality of the country’s statistical data. With an annual investment of $10–15 million, Nigeria could significantly bridge the gap in statistical performance and better support development planning and reforms. This recommendation is part of the World Bank’s ongoing efforts to assist Nigeria in its quest for stronger economic data to guide its development strategies.

In response, Senator Bagudu assured the World Bank that the Federal Government remains committed to the autonomy of the National Bureau of Statistics (NBS), which plays a crucial role in the country’s data collection and analysis. He praised the NBS for its strong reputation and acknowledged the importance of the agency’s data for international assessments. The minister also thanked the World Bank for its continued technical and financial support to improve Nigeria’s statistical systems.

Prince Adeyemi Adeniran, Statistician-General of the Federation, expressed confidence in the NBS’s progress, noting that the agency had received its highest funding in the last decade. Adeniran emphasized that additional investments and collaboration with development partners would help the NBS meet the growing demand for accurate socio-economic data. As Nigeria faces challenges in its economic landscape, improving statistical performance is critical for informed decision-making and sustainable development.

source: naira metrics