In the wake of a significant cyberattack that incapacitated the National Bureau of Statistics (NBS) website on December 18, 2024, the Nigerian Marketing Research Association (NIMRA) has announced a strategic initiative to develop a private sector-driven alternative for economic data dissemination. This move underscores the critical importance of data accessibility and reliability in shaping informed business strategies and government policies.
The recent NBS website breach exposed vulnerabilities in the nation’s data infrastructure, highlighting the risks associated with a centralized data repository. NIMRA President Seyi Adeoye emphasized the necessity for private sector engagement in bolstering the country’s data resilience. He stated, “The NBS website hack just shows that it is important for private practitioners within the data analytics space to do a lot more and also collaborate more closely with NBS and with all the global organizations also interested in having data about Nigeria and the economy.”
In response to the data accessibility challenges, NIMRA is spearheading several key initiatives. The association plans to conduct extensive studies focusing on household expenditure and socioeconomic classifications. These efforts aim to enrich the public domain with diverse datasets, facilitating more nuanced economic analyses. Recognizing the value of collaboration, NIMRA intends to work alongside NBS and other stakeholders to co-create robust data points. This partnership seeks to harmonize methodologies and enhance the credibility of economic data. Additionally, the association is advocating for heightened cybersecurity measures to protect critical data assets. Adeoye highlighted the global nature of cyber threats and the need for deploying best-in-class security protocols to safeguard data integrity.
For professionals in the marketing and market research sectors, NIMRA’s proactive approach presents several significant implications. The development of alternative data sources ensures continuous access to reliable information, crucial for crafting effective marketing strategies and conducting thorough market analyses. Incorporating multiple data sources allows for cross-validation, leading to more accurate insights and informed decision-making processes. Emphasizing robust cybersecurity measures reassures professionals about the integrity and confidentiality of the data they rely upon.
This initiative aligns with broader economic trends in Nigeria. Notably, the country’s economy experienced a 3.84% growth in the fourth quarter of 2024, the fastest in three years, driven largely by the services sector. Such growth underscores the increasing demand for accurate and timely economic data to inform policy and business decisions.
NIMRA’s commitment to establishing a private sector alternative for economic data marks a pivotal step toward enhancing Nigeria’s data infrastructure. For marketing and market research professionals, this development promises more resilient, diverse, and secure data sources, empowering them to navigate the evolving economic landscape with greater confidence and precision.
