The Lagos Chamber of Commerce and Industry (LCCI) has lamented that Nigeria has no reliable data base for businesses and investors to use for planning. It said for the country to achieve the desired level of development, premium must be placed on data and statistics.
At the presentation of the Nigerian Business Confidence Index in Lagos, LCCI President, Mr. Goodie Ibru, urged the federal and state governments to give more financial support to the National Bureau of Statistics (NBS) to strengthen it's capacity to provide the data and statistics needed for the end users.
He tasked all statistical agencies in the country on timely release of data for decision-making and planning. "In fact, decision-makers lack regular access to useful leading economic indicators to aid them in making business decisions even in the midst of rising risk profiles in Nigeria. The Lagos Chamber of Commerce has decided to mitigate this concern by producing a template for the Nigerian Business Confidence Index (BCI)."
He said the objective was to produce an initial BCI that would form the basis for a continuous quarterly BCI survey, analysis and report for the country.
"It is a tailor-made estimate of the business environment from the perception of top private sector players in Nigeria. Among several benefits of the BCI, we expect to see an increase in the quality and flow of information through the business and regulatory landscape, decision makers can begin to make more timely and informed decisions," he said.