NBS downtime leaves Nigerians and businesses in limbo, financial planning disrupted

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January 15, 2025
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2 min read
National Bureau of Statistics (NBS)

The website of the National Bureau of Statistics (NBS) remains inaccessible as of the morning of January 15, despite assurances that operations would resume today. The prolonged downtime has left Nigerians and businesses without access to critical economic data, hampering financial planning and decision-making.  

It has been almost a month since a cyberattack crippled the bureau’s online infrastructure, prompting the agency to warn the public to disregard any updates on its platform until the problem was resolved. Last week, the head of price statistics at the NBS, Ayo Andrew hinted that the website will be online by January 15, building anticipation among Nigerians. 

While addressing concerns about the hack at a workshop organised by the Nigerian Economic Summit Group, Andrew assured that the December Consumer Price Index (CPI) report would be released on January 15. “December CPI would be released on January 15th,” he stated.

The NBS also indicated that old and new inflation figures are expected to be published before the end of January. However, as of the time of writing this report, the promised figures remain unavailable as the NBS has, so far, failed to restore its services. 

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As a key macroeconomic indicator, inflation data plays a critical role in the financial planning process of Nigerian households and businesses.  Many families rely on these figures to understand price trends which inform their household budgets, especially as the cost of living continues to rise.

For businesses, inflation data is an essential tool for price setting, demand forecasting, supply chain management, and other critical aspects of strategic decision-making. Hence, the absence of this information turns financial planning into guesswork, creating uncertainty across sectors.  

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Additionally, without reliable inflation data, the Central Bank of Nigeria (CBN) may struggle to appropriately adjust its monetary policy rates to align with current economic conditions when its monetary policy committee meets for the first time this year. 

Since the bureau’s site went offline on December 18, 2024, analysts and other stakeholders reliant on the NBS have been unable to access critical economic and financial data, drawing criticism from both international and local quarters. The incident has also heightened cybersecurity concerns in the country, highlighting the urgent need for stronger defence frameworks against cyberattacks. 

For now, Nigerians and businesses are left in a state of uncertainty, waiting for the NBS to restore operations and deliver the data crucial for navigating the country’s economic challenges.

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A versatile and experienced writer who enjoys demystifying complex financial data for easy consumption.
A versatile and experienced writer who enjoys demystifying complex financial data for easy consumption.
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