Nigeria needs stronger data system to achieve $1tn economy - Speaker Tajudeen

Nigeria's ambition to achieve a $1 trillion economy faces a significant hurdle: the lack of a robust and credible statistical system, stated House of Representatives Speaker Abbas Tajudeen.

Speaking at a public hearing on the Statistics Bill, 2025, Tajudeen emphasized that accurate data is fundamental for effective governance, economic planning, and investment decisions. He likened planning without reliable statistics to building a house on quicksand, stressing that every policy and investment must be data-guided.

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To plan without accurate data is to build a house on quicksand. For Nigeria to achieve its goal of becoming a $1 trillion economy, every policy decision, budget allocation and infrastructural investment must be guided by data that is accurate, timely and beyond reproach.

The proposed bill aims to replace the nearly two-decade-old Statistics Act of 2007. It seeks to modernize Nigeria's statistical framework by strengthening the National Bureau of Statistics, improving coordination among data-producing agencies, enhancing data quality, institutionalizing digital collection methods, and establishing sustainable funding. Tajudeen noted that the current law predates transformative technologies like AI and big data analytics, which are now central to policymaking.

This reform is designed to reposition Nigeria's statistical institutions to meet contemporary demands. A coordinated system will eliminate duplication, reduce burdens on citizens and businesses, and foster greater confidence in official figures, ensuring that investors in Abuja, London, or New York can trust Nigeria's economic data.

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We need a system that inspires absolute trust, whether an investor looks at our numbers in Abuja, London or New York.