Nigeria unveils enhanced data platform to drive FDI
In a bid to ensure the availability of reliable data and also drive foreign direct investment to the country, the National Bureau of Statistics, NBS, last week launched the Enhanced General Data Dissemination System, EGDDS.
Unveiling the platform in Abuja, the Statistician General of the Federation, Dr. Yemi Kale, said the initiative will help to promote transparency and improve the level of investor confidence in the Nigerian economy, as investor can now access data on a wide range of issues in real time
Kale added that the new platform would also enable the NBS to provide key macroeconomic statistical information covering 15 data categories along with their respective sources.
He said with the launch of the new platform, Nigeria had now become the first country in sub-Saharan Africa to satisfy the EGDDS requirement as well as launch its operation without waste of time.
The data categories include national accounts, Consumer Price Index, general government operations, central government operations, central government gross debt, depository corporations’ survey and the central bank survey.
Others are interest rate, stock markets, balance of payments, external debt, official reserves assets, merchandise trade, international investment position and exchange rate.
He said that as a result of the new initiative, each of the affected agencies was expected to upload its dataset onto an open data platform, which would be linked to the National Summary Data Page domiciled in the bureau.
“The IMF introduced the General Data Dissemination System in order to provide a framework for countries that aim to develop their statistical systems within which they can work towards disseminating reliable data.
“The NSDP aims at serving as a one-stop-shop for essential macroeconomic and financial data within the context of the EGDDS. As the coordinator of the Nigerian statistical system, we consider this as one of those initiatives that will help to improve on the dissemination of data both within Nigeria and across the globe,” he said.
The EGDDS, an initiative of the International Monetary Fund, IMF, followed the launch of the data standards initiative by the fund in the 1990s, with the aim of enhancing member countries’ data transparency and promoting development of sound statistical system.