Capital importation declines by $14.31bn in 2020 — NBS

By Cynthia Alo

The National Bureau of Statistics (NBS) is currently collaborating with other data producing agencies in Nigeria to put up the necessary infrastructure to modernize the National Statistical System.

This was disclosed by the Minister of State, Budget and National Planning, Prince Agba, during the 2021 African Statistics Day, ASD, celebration last week.

ASD is a yearly advocacy aimed at raising awareness on the importance of Statistics in the management of a nation’s economy.

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While speaking on the theme “Modernizing National Statistical Systems to support Socio-cultural Development in Africa”, the Minister noted that, the 2021 celebration is in line with an aspect of the vision of the current administration is devoted to raising awareness on the importance of credible statistical production processes and the usage for evidence-based policy formulation.

He stated: “The NBS, the apex statistical agency in Nigeria in collaboration with other data producing agencies are putting in place necessary infrastructure in an effort to modernize the National Statistical System.

“This is in an effort to facilitate the production of basic statistical information capable of meeting the expectations of the nation.

“Let me use this opportunity to urge all users of statistics to establish close communication with producers of statistics as a way of ensuring that data produced are relevant and can be used.

“As a matter of fact, statistical information are such important tools that their production processes need to be demand-driven, apart from other regular statistical exercises.

“This, therefore, calls for a strong synergy between producers and users of statistics. I believe this was one of the objectives that the declaration of African Statistics Day was aimed at achieving.”

In his remarks, the Statistician-General of the Federation, Dr. Simon B. Harry, commended the Economic Commission for Africa (ECA) for the consistent and efficient arrangement it has been making to ensure that all African countries celebrate this day.

He stated: “Sociocultural integration enhances economic growth and development. It is a key strategy for strengthening intra-regional trade and is expected to produce considerable economic gains for Africa.

“The progress of sociocultural integration must be supported by high quality, timely and comparable social statistics. These provide data for tracking various aspects of sociocultural integration, including trade, infrastructure, labour mobility, capital investment, productive capacity, and monetary and financial integration.”

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