FG Cautions Against Delays in Future GDP Reports

The Federal Government has issued a stern warning to relevant agencies responsible for the country’s economic data collation and dissemination, stressing the need to ensure that future Gross Domestic Product (GDP) reports are released promptly. This directive follows concerns raised over the negative impact of delays in the publication of such critical economic indicators on policy planning, investor confidence, and market performance.

Speaking at a press briefing in Abuja, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said timely GDP reporting is a vital component of effective economic governance. He emphasized that GDP figures are not just statistical outputs but tools that inform government policy, guide private sector investment decisions, and shape public perception of economic performance.

“Economic data must be delivered when it is most needed, not after the moment has passed,” Edun stated. “Delays in GDP reporting disrupt our ability to make timely and evidence-based policy decisions. They also create uncertainty in the market, which is counterproductive to our economic growth agenda.”

The Minister’s comments came after the recent quarterly GDP report was released later than expected, causing speculation and concern among economists, investors, and development partners. Analysts argue that such delays can undermine transparency and hinder Nigeria’s efforts to position itself as a predictable and reliable investment destination.

Edun noted that while the computation and verification of GDP data require technical diligence, agencies must strike a balance between accuracy and timeliness. He called on the National Bureau of Statistics (NBS) and other relevant bodies to adopt improved data collection methods, leverage digital technology, and strengthen inter-agency collaboration to avoid unnecessary reporting lags.

According to the Finance Minister, global best practices dictate that GDP reports be published within a strict timeframe after the end of each quarter, with clear schedules communicated to stakeholders in advance. He added that Nigeria must align with these standards to maintain credibility in the eyes of international financial institutions and rating agencies.

“The timeliness of economic data is as important as its accuracy,” he stressed. “In a rapidly changing global economy, even a few weeks’ delay can mean the difference between proactive planning and reactive firefighting.”

In response to the government’s warning, the Statistician-General of the Federation, Adeyemi Adeniran, assured that the NBS is committed to meeting future deadlines. He explained that the recent delay was due to unexpected technical challenges in data processing and verification, compounded by logistical issues in obtaining some sectoral data from key contributors.

“We acknowledge the concerns raised and are taking concrete steps to ensure that such delays do not recur,” Adeniran said. “Our priority is to maintain both the accuracy and timeliness of our reports, as they serve as the foundation for sound economic decision-making.”

Economists have welcomed the government’s emphasis on punctual GDP reporting, noting that up-to-date economic data is crucial for assessing the health of the economy and crafting effective interventions. They argue that timely reporting could also help Nigeria better respond to external shocks such as commodity price fluctuations, currency volatility, and geopolitical developments.

Professor Chioma Nwokorie, an economic analyst, pointed out that countries with efficient statistical reporting systems often experience smoother policy implementation. “If policymakers have access to the latest GDP figures on time, they can adjust fiscal and monetary measures more effectively,” she explained. “It also sends a positive signal to investors that the country is serious about transparency and economic governance.”

The business community has also expressed support for the initiative. The Lagos Chamber of Commerce and Industry (LCCI) noted that delays in GDP data publication can create an information gap that makes it difficult for companies to plan production, investment, and expansion strategies.

LCCI President, Gabriel Idahosa, urged the government to back its warning with tangible support for data agencies. “The NBS and related institutions need adequate funding, modern technology, and skilled manpower to deliver on their mandate,” he said. “This should not be a one-off directive but part of a broader reform of Nigeria’s statistical system.”

To further strengthen the process, the Federal Government announced plans to introduce a policy framework mandating strict timelines for the release of key economic data, including GDP, inflation, unemployment, and trade figures. This framework will also establish a monitoring mechanism to track compliance and ensure accountability.

Officials revealed that discussions are underway to integrate artificial intelligence and automated data analytics into Nigeria’s economic data systems. This, they said, would speed up data processing, reduce human error, and allow for quicker verification without sacrificing accuracy.

The push for timely GDP reporting is part of the broader economic reforms under the Renewed Hope Agenda, aimed at fostering transparency, attracting investment, and driving sustainable growth. The government has pledged to work closely with both domestic and international partners to strengthen Nigeria’s statistical capacity.

As the country prepares for the release of its next quarterly GDP figures, stakeholders will be watching closely to see if the new commitment to punctuality is upheld. For the government, meeting this target is not only a matter of administrative discipline but also a test of its resolve to align Nigeria’s economic management practices with global standards.

 

With reforms underway and political will expressed at the highest levels, observers say the real challenge will be sustaining the momentum and ensuring that Nigeria’s economic data systems are robust enough to consistently deliver timely and reliable reports—helping policymakers, investors, and citizens alike make informed decisions in an increasingly competitive global economy.