In a move to improve how Nigeria monitors daily market conditions, the National Bureau of Statistics (NBS) has unveiled its first-ever set of crowd-sourced price data, aimed at enhancing the accuracy and timeliness of economic reporting.
Announced on Tuesday, the initiative is part of NBS’s broader strategy to modernize data collection, using technology to offer a more real-time understanding of price movements in markets across the country. The Statistician-General of the Federation described it as a “major step forward” in making Nigeria’s economic data more responsive and accessible.
The new program gathers daily price information from a broad range of sources—including local markets, supermarkets, roadside vendors, neighborhood shops, and major retail outlets—across all 36 states, the Federal Capital Territory, and every senatorial district. The items covered include key staples like garri, yam, maize, local rice, and white beans—foods that make up the core of Nigerian household diets.
Unlike the Consumer Price Index (CPI) data, which is collected during specific periods each month at selected outlets, the new crowd-sourced figures are gathered randomly every day from diverse contributors. According to the Bureau, this makes the new platform more reflective of real-time fluctuations and broader buying behaviors.
The price data is now publicly accessible through an online dashboard, where users can view, analyze, and download current market prices across different regions. To ensure data accuracy, the NBS has built-in multiple layers of quality control, including validation and verification processes.
The Bureau encouraged public participation in the program to support more inclusive and representative data. Citizens are invited to contribute price information and feedback, helping build what the NBS hopes will become a more robust statistical system that benefits the government, entrepreneurs, researchers, and everyday consumers.
The platform’s launch underscores NBS’s commitment to innovation, transparency, and collaboration, to empower decision-makers and the public with reliable, up-to-date economic data.
