Tinubu laments impact of inadequate data on economic growth

President Bola Tinubu said absence of a comprehensive date has hindered not just the growth of Nigeria but the entire Africa for decades.

Tinubu said this, yesterday while speaking at the 2023 Comptroller General of Customs Conference held in Lagos.

Speaking on the theme, ‘Leveraging data analytics for secure and efficient trade facilitation in customs operations’, Tinubu who was represented by his vice, Kashim Shettima, said the inadequacy has impeded the government’s ability to make informed decisions, thereby perpetuating a cycle of missed opportunities and suboptimal performance.

He explained that in a move to address these challenges, the government has appointed tech-savvy individuals in critical public offices. Tinubu said the appointments are to ensure not only strategic planning but also the cultivation of Nigeria as a hub of refined minds in the global knowledge economy.

The President vowed that his administration would not only commit to deploying data to make decisions within the government, but also address the historical inadequacies of Nigerian policymaking.

Tinubu said his administration was on track to establish a robust public service system that upholds data integrity at its core as well as aspires to position Nigeria as the preferred destination for all stakeholders involved in export and import activities through the Nigeria Customs Services (NCS).

Tinubu said data also guarantees the security of national borders as it is easy to determine the traffic of people and goods around a specific border and share information with other countries through a mere punch on the computer keyboard.

He commended the ambition of the NCS to build a rich database and utilise data analytics in establishing a public service system that upholds data integrity.

Also speaking, the Comptroller General of Customs, Adewale Adeniyi, said the theme of the conference placed a spotlight on the indispensable role of technology in trade facilitation, adding that the NCS commitment to using meticulous data management to improve security and trade and to positively engage stakeholders is actively on and running.

He said NCS would not rest until it meets its goal of integrating and streamlining customs operations to international standards and significantly contributes to the economic prosperity of the country.

The Lagos State Governor, Babajide Sanwo-Olu, said the service performs critical roles in revenue collection, trade as well as securing national borders against the influx of illegal items.

The governor said to the N1 trillion gross domestic product (GDP) target of Tinubu, the NCS must play a critical role by leveraging technology to analyse data accurately and demonstrate the ability to form a well-thought-out decision.

He noted that the role of the NCS is very critical to economic sustainability, adding that Lagos State would continue to provide the enabling environment for trade as well as contribute to revenue generation.