Cyber Crisis At NBS: Will Nigerians Get Timely Inflation Data?

Cyber Crisis At NBS: Will Nigerians Get Timely Inflation Data?

The National Bureau of Statistics (NBS), Nigeria’s primary agency for economic data, is still grappling with the aftermath of a cyberattack that targeted its website on December 18, 2024. As of January 14, 2025, the website remains offline, casting doubt on the release of key economic data, including the Consumer Price Index (CPI) and inflation figures, which are typically published on the 15th of every month.

The breach occurred shortly after the NBS unveiled its Crime Experience and Security Perception Survey, which revealed that Nigerians paid an estimated N2.3 trillion in ransom payments over the course of a year. This sensitive information has sparked speculation that the hack might be connected to the release of the survey.

In response, the NBS confirmed the cyberattack on its official X (formerly Twitter) account, assuring the public that recovery efforts were underway and advising users to disregard any information from the compromised platform. However, the extended downtime has disrupted access to vital economic statistics, causing concern among analysts, policymakers, and investors who depend on the data for informed decision-making.

The NBS had also planned to introduce three new indexes as part of its rebased CPI, but the continued inaccessibility of the website raises uncertainty about how and when this important update will be communicated.

The NBS spokesperson, Joel Ichedi, acknowledged the delay in restoring the website, citing an ongoing investigation into the attack and the extended holiday period, which has hindered recovery efforts. He assured that the website would soon be accessible to the public.

In its 2025 budget proposal, the NBS has earmarked N35 million for cybersecurity and data center management. In addition, the proposal includes plans to modernize the agency’s infrastructure and improve service delivery.

Meanwhile, the Nigerian Marketing Research Association has pledged to create alternative data sources to ensure the continued availability of critical economic data, especially in situations like this. The association stressed the importance of diversifying data sources to mitigate the impact of disruptions from official channels.

As the NBS works to recover from the attack, the Central Bank of Nigeria has rescheduled its Monetary Policy Committee meeting, which was initially set for January 27 and 28, 2025. The new schedule now sets the first meeting for February 17 and 18, 2025.