Why a Centralized data system will make Nigeria’s economy attractive to foreign investment

A centralized data system will make Nigeria’s economy attractive to investors, because they can accurately target key sectors with the highest return on investment as well as ensure tracking of such interventions.

The centralized system also helps businesses supporting successful transform that data into useful business knowledge through analytics initiatives.

This is the opinion of Alhaji Mohammed Tumala, Director Statistics Department, Central Bank of Nigeria (CBN).

You cannot converge data because Nigeria’s statistical system set up by the Statistics Act, established a decentralised statistical system,” he said.

He explained that with a coordinating authority, what happens is that due to Nigeria’s decentralized data system, government agencies collate cross-cutting data where no line ministry or government agency may have direct interference with the process.

“But the system we abducted is that a line ministry should be responsible first with the production of data in its own jurisdiction.

“So, the ministry of Education for instance is expected to put in place a process and drive same, collating education data.

“Other ministries are expected to do same and such data is to be forwarded to the Nigerian Bureau of Statistics (NBS).

“Those organisations that have the primary responsibilities of collating data should forward same to the NBS.

So, instead of harmonisation, what we need is a central storage so that anyone who uses Nigeria’s data gets it from one source and therefore, has a unique data,” he said.