• Thursday, June 20, 2024
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NBS adopts AI to enhance Food Price Watch report

NBS begins rebase of GDP, inflation basket rejig amid new economic realities

The National Bureau of Statistics (NBS) says it will now use Artificial Intelligence (AI) to generate statistical data on the Food Price Watch report.

The NBS selected Food Price Watch monthly report, shows the average prices of food items in the 36 states nationwide, indicating their inflation percentage.

Adeyemi Adeniran, chief executive general of the NBS, disclosed this during the first bi-annual meeting of the National Consultative Committee of Statistics, in Keffi, Nasarawa State.

He said the initiative will help the production and weekly publication of crowd-sourced data on food prices using AI while complementing the current manual crowd-sourcing methods.

Adeniran added that the new initiative will complement the traditional methodology of data collection and analysis, ensuring accurate provision of data to aid the federal government’s decisions.

Abdullahi Sule, governor of Nasarawa State said Nigeria has the potential of big data and data science in various sectors such as finance, healthcare, and agriculture.