Nigeria bows to IMF, raises general data dissemination system

Following directives by Managing Director of the International Monetary Fund (IMF), Christine Lagarde that Nigeria establishes a general data dissemination system to serve as one-stop information bank on all macroeconomic information, the Federal Government has complied with the creation of a general data website on Nigeria.

Speaking in Abuja at the commissioning of the site, known as Enhanced General Data Dissemination System (e-GDDS), Statistician- General of the Federation Yemi Kale, said the new platform would be hosted at the headquarters of the statistics bureau.

He explained that Nigeria and the IMF has come a long way and yielded to the demand for such a national data bank, in order to disabuse the minds of some critics that Nigeria has no reliable national data bank which can be accessed by all.

“A mission of the International Monetary Fund (IMF) Statistics Department visited Abuja on the 15-19,2016, to assist the authorities with the implementation of the Enhanced General Data Dissemination System (eGDDS), which was endorsed by the executive board in May 2015.

“The mission supported the development of the National Summary Data Page (NSDP), which will be posted on the National Bureau of Statistics website, utilizing the Open Data platform installed with the support of the African Development Bank,” Kale said.

The statistician-General explained that the aim of the data site is to serve as a depository and publication vehicle for key macroeconomic data about Nigeria. By this compliance, Kale stated that Nigeria becomes the first member country of the IMF in the Sub-Saharan Africa to implement the enhanced data website.

According to him, by implication, the establishment of the website, among other things qualifies Nigeria for more technical assistance from the IMF, including the disbursement of a loan facility at highly discounted rate.

He further said that the data site is to provide countries that seek to access capital markets with key data and financial market information.

“Under these initiatives, and as part of the benefits accruable, it can help reduce the costs of borrowing in international capital markets,” he added.

He pointed out that four key agencies, the National Bureau of Statistics, Central Bank of Nigeria, Office of Accountant-General of the Federation and the Ministry of Finance, are responsible for the implementation of GDDS, which is now upgraded to Enhanced GDDS(e-GDDS).