Business
Statistician Advises FG On Training, ICT Policies
A statistician, Mr Oladejo Ajayi has advised the Federal Government to effectively implement Statistics Act, Information and Communication Technology (ICT) policy to strengthen the statistical system.
Ajayi, who was the first Director-General of the then Federal Office of Statistics, gave the advice in an interview with The Tide soruce in Abuja, yesterday.
The statistician also stressed the need for training of officials in the system as it would go a long way in improving their job.
He said that effective implementation of the policies would also enhance administrative statistical system in the country.
“The policies are there, for instance, there is Statistics Act, which specifies clearly how the system should be coordinated.
“There is ICT policy in Nigeria; these are infrastructure required for putting data together for other sources.
“ Also, the technical understanding in terms of training is very important and this is the area the country needs to improve on,” he said.
Ajayi, also an international consultant on statistics said those in the data industry needed to be trained to be able to receive the shock of receiving data from different sources.
“There are policies and well defined programmes on statistics but implementation is usually the problem,” he emphasised.
The consultant, however, advised the government to reposition the National Statistical System for data revolution.
According to him, data revolution is changing the way of collecting data to make positive decision, in revolution something new comes up and replaces the old.
He said that the National Statistical System should be robust, pro-active and well-coordinated to accommodate data coming from other sources, “that is, talking about the age of big data”.
“We have a Federal System of Government and there are three tiers of government, Federal, State and Local government.
“If the statistical production systems at all these levels are not well coordinated, even for basic tradition data, how can we add all other sources of data which are really very big?
“Take for instance, the data that is going through telephones, internet and other means of communication.
“The country should be ready to handle all these when it looks at the technical issues and standardise various information required to go into production of big volume of data,” he said.
He further advised the private sector to support the efforts of government, saying“ one should not expect the Federal or State Government to do these things alone’’
Ajayi advised the country to take a cue from South Africa, adding that the country was ahead of Nigeria in data revolution, sharing and handing of big volume of data.
“I think there are a lot of lessons Nigeria can learn from South Africa as it has done in terms of using ICT for data gathering and processing.
“Although, the country is far ahead of Nigeria; the statistical system is also weak but they have ICT to back it up, that is covering some of the gaps,” Ajayi said. (NAN)
Credit to Nigeria’s private sector rose to N83.26 trillion in June 2026 from N81.04 trillion in May, signifying a positive balance of N2.22 trillion month-on-month.
Year-on-year, the figure represents a nine per cent increase compared with the N76.13 trillion recorded in June 2025. The latest figures come as the CBN continues to balance efforts to control inflation with the need to support economic growth and expand credit to businesses.
The CBN data shows that credit to Nigeria’s private sector increased by approximately 2.74 per cent month-on-month between May and June 2026. Also, the CBN data noted that credit to the government fell slightly to N40.03 trillion from N40.38 trillion. Other assets, net, dropped to N10.76 trillion from N12.63 trillion.
The credit surge signifies sustained growth in lending to businesses and other private-sector borrowers during the month. The rise in private sector credit was recorded alongside an increase in net domestic credit, despite declines in credit to government and other assets.
Further analysis of the report says that compared with June 2025, private sector credit rose by about N7.13 trillion yea-on-year but net domestic credit increased by approximately N1.87 trillion during the month.
The CBN’s relatively tight monetary policy stance notwithstanding, more banks still loaded funds to the private sector within the period. The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) held its 306th meeting on July 20 and 21.
The Committee reviewed recent developments in the global and domestic economies, assessed emerging risks to the outlook and considered their implications for monetary policy and retained all rates.
The Committee decided to retain the Monetary Policy Rate at 26.5 per cent; the Standing Facilities Corridor around the MPR at +50/-450 basis points and retain the Cash Reserve Requirement (CRR) for Deposit Money Banks at 45.00 per cent, Merchant Banks at 16.00 per cent, and non-TSA public sector deposits at 75.00 per cent.
The MPC decision means that credit extension in the private sector will likely continue to rise because of rising confidence in the sector and calls by stakeholders for banks to invest in the private scetor instead of government securities.
