International Journal of Statistics and Applied Mathematics
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International Journal of Statistics and Applied Mathematics

2022, Vol. 7, Issue 3, Part A

Understanding and meeting different user needs for consumer price index in Nigeria

Author(s): Nnadede Augustine Chinatu

Abstract: Price statistics with particular reference to Nigeria has huge data potential irrespective of the numerous challenges. When you think you have done enough to make various data sets available and a fresh/new user comes with new request, you will discover you still have a lot of work to do. Very key problems to solve as far as meeting different user needs are concerned are those of identifying and understanding the users and their needs. Apart from international organizations like IMF, World Bank and a few others, all local prices data users are haphazard users. They come for data when they are in need of it and have never taken time to compile a series for their own use. Contractors (both government and non government) are not left out. They come each time they want to revalue their contracts waiting for another phase of revaluation without making any effort to keep the series for economic study of their own system. Traders and business people both in the formal and informal sectors who should be major users of prices data ignore it leaving consumers to arbitrary increases in prices. This paper will attempt to among other things; identify prices statistics users, understand prices statistics users with a view to making provision for their needs, carry out Sensitization exercises and timely dissemination of the required data. Several data sets are lying unused in the database looking for users. In the days past, consumers are allowed to step out first with their needs before the suppliers are able to supply. Today to make our product (prices data) relevant and remain in business, we need to carry out sensitization exercises with lots of advertisement to awake user needs to our product. By so doing, we keep staying in business and make popular the use of prices statistics. Analyzed consumer prices data from the National Bureau of Statistics have been used to create user awareness, explanations made and dissemination channels made clearly available for every user.

DOI: 10.22271/maths.2022.v7.i3a.825

Pages: 54-59 | Views: 171 | Downloads: 7

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How to cite this article:
Nnadede Augustine Chinatu. Understanding and meeting different user needs for consumer price index in Nigeria. Int J Stat Appl Math 2022;7(3):54-59. DOI: 10.22271/maths.2022.v7.i3a.825
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