By Okeoghene Akubuike

The National Bureau of Statistics(NBS) says it plans to produce crowd-sourced data on food prices using Artificial Intelligence.

Prince Adeyemi Adeniran, the Statistician-General of the Federation and Chief Executive Officer, NBS, said this at the 1st Bi-Annual Meeting of the National Consultative Committee on Statistics(NCCS),2024 in Keffi on Tuesday.

The News Agency of Nigeria(NAN) reports that the three-day meeting has the theme “Understanding Big Data and Data Science: A New Perspective to Data Analysis and Dissemination.”

“Before the end of the year, we will commence the process of producing and publishing weekly crowd-sourced data on food prices using artificial intelligence and crowdsourcing methods for six pilot states in Nigeria.

“This will serve as an additional source of food price statistics to the conventional monthly Consumer Price Index(CPI) and Cost of Healthy Diet reports published by NBS,” he said.

Adeniran commended the Statistician-General of Kaduna State and the Kaduna State Bureau of Statistics for their stride in adopting big data and data science.

“I understand that they already have a Data Science Campus which is already operational.

“This serves as a veritable model for other State Statistical Bureaus or agencies, even as you work hard to develop your conventional statistical operations in your respective states,” he said.

He said the NBS would continue to guide and lead by ensuring the necessary framework for utilising technology to explore the full potential of big data and data science for official statistics.

Adeniran said the NBS was collaborating with the Office of National Statistics in the UK and the African Development Bank(AfDB) to establish Data Innovation Lab and the GIS Lab.

“All these efforts align perfectly with the vision of the NBS and with our aspirations under the new National Strategy for the Development of Statistics( NSDS) 2024 – 2028.

“The NSDS 2024-2028 was validated in April by stakeholders of the system which is to build a robust national statistical system.

“A system well equipped to provide more accurate data and respond to the ever-evolving socioeconomic and data landscape.

“By embracing these initiatives, we are laying a solid foundation for a more resilient statistical system that can effectively meet the dynamic needs of our society and drive informed decision-making across all sectors,” he said.

He said the benefits and potential of big data and data science were limitless, saying however, that harnessing them came with some sets of challenges.

“First, we must invest heavily and sustainably in the necessary infrastructure to effectively collect, store, manage, analyse, and disseminate this vast amount of information available within the system.

“We must also develop a statistical system that is awash with personnel skilled in data science, statistics, and data engineering, and this should be done sustainably and efficiently, across all levels of federal, state, and local government.

“Furthermore, we must ensure responsible data governance that addresses privacy concerns, ethical considerations, and data security, particularly for personal details contained in these records.

The NBS boss said the committee needed to also go further and begin to champion data literacy by raising public awareness about the importance of data in a data-driven world,” he said.
He added:

“This will be done by engaging more with our users and other actors within the expanded statistical system.

“By embracing big data and data science, we can unlock a new perspective for data analysis, and dissemination in Nigeria.

“This will, in turn, affect the way and manner in which policy-making is done for the good of our citizens.” (NAN)(www.nannews.ng)

By Okeoghene Akubuike

Stakeholders say the adoption of big data and data science will help reposition Nigeria’s statistical system to enhance effective statistical delivery.

They spoke at the ongoing 1st Bi-Annual Meeting of the National Consultative Committee on Statistics (NCCS), 2024 organised by the National Bureau of Statistics (NBS) in Keffi on Tuesday.

The News Agency of Nigeria (NAN) reports that the three-day meeting has the theme “Understanding Big Data and Data Science: A New Perspective to Data Analysis and Dissemination”.

Adeyemi Adeniran, Statistician-General of the Federation and Chief Executive Officer, NBS, said big data and data science were at the front burner of global discussions.

Adeniran said the theme was apt for the vision for the future of the statistical system and policy-making in Nigeria, considering the critical role that data played in decision-making.

He said for decades, conventional statistics had been the backbone of Nigeria’s national planning, policy formulation, and development progress.

“We have meticulously collected and analysed data, painting a clear picture of our nation’s social and economic landscape. However, the world around us is changing, and changing rapidly.

” We are generating data at an unprecedented rate, much more than we have ever done in our lifetime from mobile phone usage to social media interactions, sensor networks to financial transactions.

” This avalanche of information often unstructured and complex, is what we call big data. Big Data alone, however, isn’t enough, and that is where data science steps in and makes a difference.

” It is a powerful blend of statistics, computer science, and subject matter expertise. It equips us with the tools and techniques to unlock the hidden insights within this vast data ocean.”

Adeniran said the emergence of big data and data science was a major game-changer in the way data was handled in terms of how data was collected, processed, and disseminated.

” It presents us with vast opportunities to collect, analyse, and disseminate data in ways that were previously impossible.

“By embracing big data and data science, we can unlock a new perspective for data analysis, and dissemination in Nigeria, which will in turn affect the way and manner in which policy-making is done for the good of our citizens.”

Gov. Abdullahi Sule of Nasarawa State said big data and data science offered a new perspective on data analytics and dissemination.

Sule, represented by Munira Abdullah, the Commissioner for Finance, Budget and National Planning in the tate, said big data and data science had a lot of potential in the development of a country.

“In Nigeria, we have already seen the potential of big data and data science in various sectors such as finance, healthcare, and agriculture.

“For example, the use of data analytics has helped financial institutions to detect fraud and improve risk management.

“In healthcare, data science has enabled the development of predictive models for disease out breaks and improved patient outcomes.

“However, there are still challenges to be addressed. We need to invest in infrastructure, develop the necessary skills and expertise, and ensure data privacy and security.

He urged the committee to embrace the potential of Big Data and Data Science.

“Let us work together to develop a data-driven culture in Nigeria, one that informs our decisions, improves our policies and drives economic growth,” he said.

Dr Hamidou Poufon, the Chief Social Policy Officer, UNICEF, said statisticians were the most important professionals in the world, and urged them to take their job seriously.

Poufon said reliable and real-time data was needed for decision-making and the development of any country.

He said UNICEF was committed to continuing to partner with NBS to move the statistical system forward as he hoped that the partnership would be sustained.

Mr Inuwa Abbas, a representative from The Central Bank of Nigeria (CBN), said the theme was relevant as big data and data science were making headway around the world.

Abbas said that Nigeria must close the gap and catch up with the rest of the world in utilising big data.

He said statistics required adequate funding, adding that CBN remained committed to collaborating with the NBS to ensure the proper adoption of big data and data science. (NAN)(www.nannews.ng)

Edited by Ese E. Eniola Williams

By Fortune Abang

Mr Ali Khwaja, Chairman of KTrade Securities, a Pakistani-based stock and commodity outfit, has predicted a decline in U.S. dollar value globally in the coming years.

Khwaja made this known on Thursday during a virtual analysis of the KTrade Securities research report.

He attributed restrictive fiscal policy to have contributed to decline of dollar value in the mid- and long-term in 2023.

“This includes a surge in the U.S. fiscal deficit and depletion of surplus savings: the projection indicates slowdown in growth as business investment weakens, ultimately affecting the U.S. economy,” he said.

This, according to him, is because direct and secondary sanctions implemented by the U.S. administration increased the risks of holding assets or raising finance in dollars.

“The use of the U.S. dollar as a tool to print money or control its reputation comes at the risk of the Global South.

“Its usage to implement sanctions has been the most damaging factor, as 28 per cent of the Gross Domestic Product (GDP) of the world is under sanctions.

“This is big enough for these countries to start thinking about using their own currency,” he added.

He explained that People’s diminishing confidence in the prospective decline of the USD could go along with hiking gold prices.

On treasury bills, the chairman said the U.S. Treasury’s funding of pandemic-related deficits contributed to the policy mix.

“T-bill issuance has increased by 125 per cent since 2019 and reserve balances are up by 118 per cent, and the Fed’s target rate is 125 per cent higher than in 2019.

“Therefore, interest payments on T-bills and reserve balances, together, are putting pressure on the U.S. economy.

“This will prompt the Fed to ease its stance over monetary policy in the next couple of years”, he quoted the report as saying.

Khwaja further said that due to depreciation of dollar, emerging economies stood to benefit, while financial mechanisms and investments may shift towards longer-term bonds.

He restated the need for cautious market navigation, urging investors to consider alternative avenues and be vigilant of broader economic trends amid decline in dollar value. (NAN)

Edited by Abiemwense Moru

By Ginika Okoye

Fidelity Bank Plc in partnership with Abbasid Charity Foundation and Sen. Wadada Ahmed have distributed food palliatives to no fewer than 1,000 families in Keffi, Nasarawa state.

Distributing the food items on Wednesday, Ms Victoria Abuka, the Team Lead, Corporate Social  Responsibility, Fidelity Bank said the gesture was to cushion the effects of the high cost of food items.

She added that the gesture was part of the bank’s initiative known as, “‘Fidelity Food Bank’.

Abuka said the initiative which commenced in April, 2003, was aimed at contributing to food security in the country.

She said that since the inauguration of the initiative, over 100,000 food packs had been distributed across the country.

“One of the major problem in the country now is food. People are hungry and it is difficult to pursue dreams and aspirations.

”That is why Fidelity Bank, as a socially responsible organisation, started the initiative for food distribution to families in dare need of food.

”We have visited over 100 communities across the country,” she said.

Abuka said the bank was working with 19 partners who identified communities to benefit from the initiative.

Hajia Hauwa Abbas, the Founder of Abbasid Foundation, said the food drive started when she was chosen as the bank’s food bank ambassador in the North.

She listed some of the beneficiary states to include Jigawa, Zamfara, Zaria, Kebbi, Bauchi, Kano and the Federal Capital Territory (FCT).

”I am very pleased with Fidelity Bank because as much as they are collecting money from us, they are giving us back, especially women.

Sen. Ahmed Wadada, representing Nasarawa West Senatorial District, said he partnered with the Fidelity Bank’s drive to provide food for his people.

Wadada, represented by his wife Zainab, said the move was in continuation of his philanthropic gesture to his constituents especially orphans and widows.

”We are here today to give back to our people and considering the hardship in the country, this is the little that we can do.

”I appeal to well-meaning Nigerians to try and collaborate to see how we can help the people that do not have some of the opportunities that we have,” he said.

Mrs Susan Nyikwagh, a recipient of the food pack, commended the bank and other partners for the gesture.

”I am so happy for receiving this gift in a time like this when things are not easy.

”The bank and their partners are wonderful,” she said.

The News Agency of Nigeria (NAN) reports that the food pack contained one kilogramme of rice, garri and packs of indomie. (NAN)(www.nannews.ng)

Edited by Greg Mmadakolam/ Ese E. Eniola Williams