NIGERIA TO IMPLEMENT IMF’S E-GDDS

Publication of essential macroeconomic data through the new NSDP will provide national policy makers, domestic and international stakeholders, including investors and rating agencies with easy access to information that the IMF’s Executive Board has identified as critical for monitoring economic conditions and policies

February 24, 2016 – Nigerian Government has agreed to implement International Monetary Fund’s Enhanced General Data Dissemination System (e-GDDS).

The e-GDDS, which was endorsed by IMF’s Executive Board in May, 2015 will become operational by April, 29, 2016, the IMF has said.
The e-GDDS is a National Summary Data Page (NSDP), which will be posted on the National Bureau of Statistics’ website, utilizing the Open Data Platform installed with the support of the African Development Bank(ADB).

“The page aims to serve as a one-stop publication vehicle for essential macroeconomic data. This makes Nigeria the largest economy in the first wave of countries in Sub-Saharan Africa to implement the recommendations of the e-GDDS”, the bank said in a statement.

According to IMF, publication of essential macroeconomic data through the new NSDP will provide national policy makers, domestic and international stakeholders, including investors and rating agencies with easy access to information that the IMF’s Executive Board has identified as critical for monitoring economic conditions and policies.

It explained that making this information easily accessible in both human and machine-readable formats, and based on an Advance Release Calendar will allow all users to have simultaneous access to timely data and will bring greater data transparency.