By OKEOGHENE AKUBUIKE

The National Bureau of Statistics (NBS) has released its first prices data, compiled through a groundbreaking crowd-sourcing initiative.

This is contained in a statement by Mr Folorunso Alesanmi, Head, Public Relations, NBS, issued to newsmen on Tuesday in Abuja.

According to the statement, the 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.

It said the crowd-sourcing initiative, which started several months ago, aimed to compile price data daily, from a wide range of sources, including open markets and supermarkets.

Other sources, it said, included neighbourhood shops, bulk and discount stores, street outlets and Large Shops.

The statement noted that data released today provided insights into prices of essential food items such as rice (local), beans (white), maize (white), garri, yam and others, commonly consumed by Nigerians, while 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,? it stated.

The statement added that data collection was done in all the 36 states, the FCT and in all the Senatorial districts.

It noted that by leveraging the power of crowd-sourcing, the bureau was able to collect a vast amount of data that would help provide a more accurate picture of price movements in the economy.

The statement quoted Adeyemi Adeniran, Statistician-General of the Federation, as saying ?we are thrilled to release our first prices data compiled through crowd-sourcing.

?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,?.

It added that the crowd-sourced data was accessible to the public through a dedicated public dashboard, where users could view, analyse and download the data in real time, further enhancing transparency and accessibility.

?The NBS crowd-sourcing initiative aims to modernise data collection, providing timely and accurate statistics.

?The bureau hereby invites citizens to participate by submitting price data and feedback to build a robust statistical system for a rapidly changing economy,? the statement said.

According to the statement, the NBS remain committed to ensuring the quality and accuracy of the data collected through crowd-sourcing.

?To this end, the agency has implemented a range of quality control measures, including data validation and verification processes, to ensure that the data is reliable and trustworthy,? it said.

It said the release of the crowd-sourced prices data, was a significant achievement for the NBS and demonstrated the agency?s commitment to innovation and collaboration.

?By working together with citizens and leveraging technology, the NBS can provide more timely and accurate statistical information that will help to drive economic growth and development,? it said.

However, the statement also said that the price data compiled through crowd-sourcing was not the same as the ones compiled for the Consumer Price Index(CPI).

?Prices data for CPI computation are collected on specific or predetermined outlets, every second and third week of the month.

?But, prices data collected via crowd-sourcing, are collected randomly from different respondents everyday.

?As we engage in this collaborative effort with the public, we welcome feedback from stakeholders that will propel us for improvement,? it stated.

The statement urged the public and other stakeholders to visit the NBS website at www.nigerianstat.gov.ng. for more information about the crowd-sourced prices data. (NAN)

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