Inflation Data Uncertain Amid NBS Website Hack.

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Nigeria’s National Bureau of Statistics (NBS) is struggling to recover from a cyberattack on its official website, which occurred on December 18, 2024. 

As of January 14, 2025, the website remains inaccessible, sparking concerns about the timely release of critical economic data, including the Consumer Price Index and inflation data.

The hack came on the heels of the NBS’s controversial Crime Experience and Security Perception Survey, which revealed that Nigerians paid an estimated N2.3tn in ransom within a year. This has led to speculation about a possible link between the survey’s release and the cyberattack.

Despite assurances from the NBS that efforts are underway to restore the website, the prolonged downtime has disrupted access to critical economic data. This has raised concerns among policymakers, analysts, and investors who rely heavily on the bureau’s statistics for decision-making.

In a related development, the NBS has announced plans to introduce three new indexes in its monthly CPI. However, the continued inaccessibility of the NBS website casts doubt on how this critical report will be disseminated.

The NBS has earmarked N35m in its 2025 budget proposal for cybersecurity and data centre management. Additionally, the Nigerian Marketing Research Association has pledged to develop private-sector alternatives to ensure the availability of economic data in situations like this.

The Central Bank of Nigeria has also moved its Monetary Policy Committee meeting, previously scheduled for January 27 and 28, 2025, amid the uncertainty surrounding the NBS’s data release.

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