Nigeria Cannot Build a $1 Trillion Economy with Outdated Data, Says Speaker Abbas
Speaker of the House of Representatives, Tajudeen Abbas, has stressed the importance of reliable and up-to-date data in achieving Nigeria’s economic ambitions, warning that the country cannot build a $1 trillion economy on outdated statistics and weak information systems.
Abbas made the remarks while highlighting the critical role of data in national planning, policymaking, investment decisions, and economic development. According to him, accurate information is essential for governments to identify challenges, allocate resources effectively, and implement policies that deliver measurable results.
The Speaker noted that countries that have achieved significant economic growth often rely on robust data systems to guide development strategies and monitor progress. He emphasized that Nigeria must strengthen its statistical infrastructure if it hopes to achieve sustainable growth and compete effectively in the global economy.
According to Abbas, policymakers, investors, and development partners depend on credible data to make informed decisions. He warned that relying on outdated or inaccurate figures could undermine economic planning and slow the country’s progress toward key development goals.
The lawmaker also called for greater collaboration among government agencies, research institutions, and stakeholders responsible for data collection and analysis. He said improving the quality of national statistics would enhance transparency, accountability, and evidence-based governance.
Abbas further stressed that reliable data is crucial for attracting local and foreign investment, as investors often assess economic indicators and market information before committing resources to a country.
As Nigeria continues to pursue economic reforms and long-term development objectives, the Speaker maintained that modernizing data systems should remain a national priority. He added that accurate information would help authorities better understand population trends, employment patterns, infrastructure needs, and other key indicators necessary for economic transformation.
Experts have long argued that effective planning depends on quality data, with many calling for increased investment in technology, digital record systems, and statistical agencies to improve data collection and analysis nationwide.
Abbas reiterated that achieving Nigeria’s economic aspirations would require strategic planning supported by credible information, innovation, and evidence-based decision-making.
Reported by Theophilus Ezekiel, Lumidys Blog Nigeria.
