Business
NBS Urges Effective Production Of Statistics
The Statistician-General,
National Bureau of Statistics (NBS), Dr Yemi Kale, said recently that effective production of administrative statistics was capable of satisfying 70 per cent of data requirement in Nigeria.
Kale said this at a two-day stakeholders’ validation workshop on the “Compendium of Statistical Terms and Framework for the Production of Administrative Statistics’’ in Abuja.
Kale, who was represented by the Director, Field Services and Methodology in the bureau, Mrs Felicia Abioye, said that the programme was also aimed at providing the platform for proper assessment of implementation of the compendium.
“It is important to mention that instruments to be reviewed are critical to driving the process of statistical production in Nigeria, especially in the area of Administrative Statistics.
“Today’s occasion is also aimed at providing the platform for proper assessment of the implementation of the statistics component of the European Union Support to the Federal Government Public Service Reform Programme (EU-SUFEGOR).
“As for one of the implementing agencies of the EU-SUFEGOR Project, NBS is determined to leave no stone unturned.
This has become necessary as effective production of Administrative Statistics at this level is capable of satisfying about 70 per cent of data requirement in Nigeria.’’
The workshop was aimed at validating the compendium of statistical terms in the Ministries, Departments and Agencies (MDAs) under the European Union Support to the Federal Government Reform (SUFEGOR) Programme.
He, however, urged relevant stakeholders to support the implementation of a compendium of statistics to provide reliable data to the Federal Government.
“It is important that I re-emphasise the need for all stakeholders to support the implementation of the statistical component of the EU-SUFEGOR project.
“So as to provide government with comprehensive, timely and reliable statistics for the Federal Government Public Service Reform Programme.
“I urge you all as Ambassadors from your respective MDAs to accord this workshop the desired attention so that you will be able to add value to the work of the consultants.
“This is necessary as we must instill high sense of ownership in driving the process of statistical production in our respective MDAs. “
The statistician-General, therefore, urged the participants to come up with feasible ways and means of improving the delivery of good statistics in Nigeria.
Kale also expressed optimism that the recommendations from the workshop would help refocus the production of statistics for efficient and effective service delivery in the country.
Earlier in a welcome address, Abioye said that NBS would continue to explore new strategies in the production of data.
According to her, this will help consolidate the efforts being made in the production of statistics, a fundamental ingredient for development planning.
The committee was set up by the government to mediate in the face-off between it and the organised labour over the workers’ salary arrears.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.