The National Bureau of Statistics (NBS) is set to launch its first price data collected through crowd-sourcing.

This new initiative will see the agency provide daily price movement information for the public.

This new approach to data collection, the agency said, marks a significant milestone in its efforts to provide timely and accurate statistical information to policymakers, researchers, and the general public.

The crowdsourcing initiative, which started several months ago, is meant to compile price data daily from a wide range of sources, including open markets, supermarkets, neighbourhood shops, bulk and discount stores, street outlets, and Large Shops.

The NBS, however, explained that this is different from its monthly consumer prices index (CPI).

It said the data collection was done in all 36 states and the Federal Capital Territory (FCT).

By leveraging the power of crowd-sourcing, the Bureau has been able to collect a vast amount of data that will help to provide a more accurate picture of price movements in the economy.

Statistician-General of the Federation and CEO of NBS, Prince Semiu Adeniran, while speaking on the new project, said NBS was thrilled to release its first price 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,” he said.

He noted that the data provides insights into prices of essential food items such as Rice (Local), Beans (White), Maize (White), Garri, Yam, etc., commonly consumed by Nigerians, offering a snapshot of daily food costs.

He said NBS plans to update this data on a daily basis, equipping entrepreneurs, policymakers, and researchers with a valuable tool for tracking price movements and informed decision-making.

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

He appealed to citizens to participate by submitting price data and feedback to build a robust statistical system for a rapidly changing economy.

He noted that NBS is 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,” he said.

“The release of the crowd-sourced prices data is a significant achievement for us and demonstrates our commitment to innovation and collaboration.

“By working together with citizens and leveraging technology, the NBS is able to provide more timely and accurate statistical information that will help to drive economic growth and development.

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

He said the crowd-sourced data is accessible to the public through a dedicated public dashboard, where users can view, analyse, and download the data in real-time, further enhancing transparency and accessibility.