The Nigerian Marketing Research Association (NIMRA) has pledged to establish a private sector alternative for economic data provision in response to the recent cyberattack on the National Bureau of Statistics (NBS) website. This incident, which rendered the NBS website inaccessible since December 18, 2024, has highlighted the vulnerability of relying solely on a single government entity for crucial economic information. NIMRA President, Seyi Adeoye, emphasized the necessity of private sector involvement in generating and disseminating economic data, arguing that this would not only provide a backup in case of future disruptions but also offer valuable alternative perspectives and analyses, enriching the overall data landscape for both government and business decision-making. Adeoye stressed the importance of collaboration between private data practitioners, the NBS, and international organizations interested in Nigerian economic data, such as the World Bank, to create a more robust and resilient data ecosystem.
The cyberattack on the NBS website underscored the urgency of establishing alternative data sources. Adeoye condemned the attack while acknowledging its role in bringing the issue of data security and redundancy to the forefront. He criticized the current situation where the NBS serves as the primary source of economic data, contrasting it with the practice in other countries where multiple organizations contribute to data collection and analysis. NIMRA’s commitment to developing alternative data sources is a direct response to this vulnerability, aiming to create a more secure and reliable information landscape for Nigeria. Adeoye outlined a plan to initiate consultations and subsequently roll out studies, making the data publicly available for use by both the private and public sectors. This initiative promises to enhance planning and decision-making capabilities across various sectors of the Nigerian economy.
NIMRA’s commitment to data provision aligns with its stated objective of contributing to Nigeria’s economic development by championing reliable data and market insights. This commitment was reiterated during the association’s 2024 Annual General Meeting, where plans were unveiled to expand the availability of crucial datasets, including household expenditure and socioeconomic classification data. Adeoye emphasized the importance of these datasets and outlined plans for a roundtable forum to address the collection and dissemination of such information. He stressed that NIMRA’s involvement would complement the NBS’s efforts, providing additional data points and perspectives. This collaborative approach is expected to create a more comprehensive and nuanced understanding of Nigeria’s socioeconomic landscape.
The development of multiple large data-gathering organizations within Nigeria is crucial for comparison and analysis, mirroring the approach taken by international organizations like the International Monetary Fund and the World Bank. Adeoye pointed out the lack of comparable data sources to the NBS, limiting the ability to cross-reference and validate information. This year, NIMRA aims to address this gap by providing an alternative source of data, fostering a more robust and reliable system of economic information. The availability of multiple data sources will allow for greater scrutiny, comparison, and validation, leading to more informed decision-making. This initiative aims to bring Nigeria’s data landscape in line with international best practices, where multiple organizations contribute to a more comprehensive and reliable data ecosystem.
NIMRA’s initiative involves collaboration with the NBS, bringing together private practitioners and the agency to co-create data points. This partnership aims to leverage the expertise of both sectors, combining the NBS’s established infrastructure and data collection capabilities with the private sector’s analytical skills and market insights. This collaborative approach is expected to enhance the quality, relevance, and timeliness of economic data, benefiting both government policymakers and private sector businesses. By working together, NIMRA and the NBS can create a more comprehensive and dynamic data ecosystem that better reflects the complexities of the Nigerian economy.
Beyond data collection, NIMRA also highlighted the critical importance of investing in cybersecurity, particularly in the context of data-driven decision-making. Adeoye acknowledged the global nature of cyber threats, citing examples of attacks on institutions like the U.S. Treasury. He stressed the need for robust cybersecurity measures for institutions like the NBS, given the sensitivity and importance of the data they handle. Adeoye emphasized the continuous nature of the challenge, recognizing that any system created by humans can potentially be breached. Therefore, he advocated for a proactive and constantly evolving approach to cybersecurity, employing best-in-class technologies and practices to protect critical data assets. This emphasis on cybersecurity underscores the understanding that reliable data provision hinges not only on collection and analysis but also on the security and integrity of the data infrastructure.