The World Bank has advised that Nigeria could surpass the statistical performance of countries like South Africa, Brazil, Mexico, and Colombia if it commits to investing between $10 million and $15 million annually in its national data system.
This recommendation was presented by Johan Mistiaen, the World Bank’s Practice Manager for West and Central Africa, during a strategic engagement with the Minister of Budget and Economic Planning, Senator Abubakar Atiku Bagudu, in Abuja.
According to Mistiaen, strengthening Nigeria’s statistical framework is essential to achieving sustained reforms and effective planning.
He explained that the National Bureau of Statistics (NBS), as the country’s central data agency, must be equipped with the financial and technical resources necessary to deliver timely, credible, and comprehensive socio-economic data.
“The current statistical infrastructure falls short when compared with Nigeria’s aspirational peers such as Brazil, South Africa, and Mexico,” Mistiaen noted. “However, with an annual investment of around $10 to $15 million, Nigeria could not only match but potentially outperform these economies in data capability and delivery.”
Mistiaen’s presentation, titled “Next-Level Statistics to Support Nigeria’s Reform and Growth Agenda,” showed the pivotal role of data in shaping macroeconomic policy, attracting investment, and ensuring government accountability.
In response, Senator Bagudu reaffirmed the Federal Government’s commitment to strengthening the independence and capacity of the NBS.
He noted that reliable data remains central to the administration’s agenda to drive economic growth, reduce poverty, and monitor public sector performance.
Recent data from the NBS indicates progress in some areas. Nigeria’s inflation rate, after rebasing the Consumer Price Index, slowed to 23.18% in February 2025.
In the same period, GDP growth for Q4 2024 was recorded at 3.84%.
However, the World Bank maintains that gaps remain in data quality, frequency, and accessibility across many statistical domains.
The global lender noted that a modern, well-funded statistical ecosystem would enable Nigeria to produce more granular insights on employment, productivity, trade, and household welfare—metrics necessary for evidence-based policymaking.
The proposed investment would support data digitization, expand household and enterprise surveys, build capacity at the state level, and enhance coordination between government agencies and development partners.
With Nigeria’s economy facing multiple headwinds—including inflationary pressure, high debt servicing costs, and structural bottlenecks—analysts say the country’s ability to make data-driven decisions is now more critical than ever.
The World Bank reiterated its readiness to collaborate with Nigeria on reforming its statistical system, stating that robust and transparent data is a non-negotiable tool for achieving inclusive and sustainable development.
