In a landmark move to modernize Nigeria’s economic data collection and enhance transparency, the National Bureau of Statistics (NBS) has rolled out its first-ever crowdsourced price monitoring initiative.Â
This cutting-edge project enables the agency to publish daily price movement data collected directly from Nigerians nationwide, marking a shift from the traditional monthly Consumer Price Index (CPI) reports.
Unlike the established CPI reports, which are released monthly, this new initiative collects real-time price information daily, drawing data from diverse sources, including local markets, supermarkets, neighborhood shops, street vendors, discount stores, and large retail outlets. The goal is to provide a more immediate and representative view of price fluctuations, particularly those affecting essential food items and daily commodities consumed by the average Nigerian.
The daily price feed is part of the NBS’s broader push to leverage technology and public participation to produce more accurate, timely, and actionable economic statistics. The agency has initiated data collection across all 36 states and the Federal Capital Territory (FCT), and the information is made publicly accessible through an interactive dashboard, allowing users to view, analyze, and download current price trends in real-time.
According to Semiu Adeniran, Statistician-General of the Federation and CEO of NBS, this initiative reflects the bureau’s dedication to innovation and the use of digital tools to transform statistical reporting. He emphasized that the real-time data will serve multiple stakeholders—entrepreneurs, researchers, policymakers, and everyday citizens—offering them valuable insights into market dynamics and supporting better-informed decisions.
This crowdsourced data stream will initially focus on everyday staples such as local rice, white beans, maize, garri, and yams—core components of most Nigerian households’ diets. With daily updates, the NBS aims to provide a more granular and up-to-date picture of how inflation and supply chain issues are affecting the average consumer.
To maintain credibility and prevent misinformation, the NBS has instituted a robust framework for data quality assurance. This includes data validation and verification checks to filter out inaccuracies and maintain a high standard of reliability. The bureau has also issued a public call encouraging Nigerians to contribute price data from their localities, thereby fostering a sense of shared responsibility and citizen engagement in national development.
What makes this initiative particularly impactful is its ability to reflect economic conditions in near real-time—something traditional monthly reports simply cannot achieve. With Nigeria facing rising inflation, fluctuating commodity prices, and food insecurity in some regions, timely access to such data could prove invaluable for both government intervention strategies and private sector planning.
This project positions the NBS as a forward-thinking agency embracing digital transformation to strengthen Nigeria’s economic resilience. By democratizing data collection and involving everyday Nigerians in the statistical process, the NBS is building a more inclusive, transparent, and responsive data ecosystem.
