The concept behind data has often been defined in different wants based on the context and its intent. In the current purpose for the Nigerian case, data may be defined as a component of factual information that is manipulated for the purpose of economic reasoning, debate or calculations. The generation of data may also be conceived as the mechanism of collecting factual set of information concerning particular aspects of development with particular interests such as economic planning. This papers sets pace for the development of immense data generation aimed at engaging an economic debate, calculation and economic development. At the federal levels in Nigeria, the National Bureau of Statistics is one of the government corporations within the bloc of National Planning Commission (Biersteker, 2014, p28).
The corporation is charged with duties of coordinating the country’s statistic system, publishing and storage of data on virtually all aspects of the economy and the society without use of the population census or other associated activities that are placed on the National Population Commission. The National Bureau of Statistics of Nigeria is anticipated to carry out the necessary surveys and census that are required towards gauging the status of economic development while at the same time illuminating functioning of the country’s social-economic system besides present the country through a medium term.
1.1. Problem Statement
Data analysis is an important function in economic planning. In many instances, an economy with poor data management prospects is deemed to fail. Data collection and analysis is an important function of every government while every government department charged with the responsibility of collecting data and subjecting it to the planning department must execute their function with caution for accuracy and adherence to work ethics. Huge economies like Nigeria require complex data analysis and management prospects in order to enhance the potential for future manipulation and correction of possible economic misdeeds. This study proposes a big data analytics process aimed at enhancing the Nigerian economy which has been recently entangled in economic turmoil. Big data analysis is crucial to enhanced resource management.
1.2. Research Questions
i). What approaches can Nigeria undertake to Data Analysis to enhance economic growth?
ii). What are the shortcomings in Nigerian data collection and analysis instruments?
iii). What measures can be adopted to enhance data management in Nigeria?
1.3. Research Objectives
i). To determine the best approaches to Nigerian data analysis for enhanced economic growth
ii). To identify the weaknesses of the Nigerian data collection and analysis instruments.
iii). To provide possible solutions to data management in Nigeria for enhanced economic growth
Chapter 2: Literature Review
Economic development has been one of the fundamental concerns of many economies globally. Economic development is anchored on economic growth as well as the structural transformation of the economy at large. In order to realize the latter, effective data analysis is very crucial assuming that data collection instruments are effectively generating accurate data from the economy both locally and internationally. Economic development is anchored on the changes in the local and international economies that prescribe to changing demands and supplies of various products and services in the economy. The flow and tapping of the resources is also very crucial alongside prevailing tastes and preferences of the local and international consumers. Data entails a body of facts gathered from the economy. It is a basic requirement for economic transformation of any country or region. It helps monitor the current situation as well as project on the future situation of an economy.
2.1. Economic Data Collection and Analysis
The facts attributable to any economy are very important as it facilitates appreciation of the current economic situation with respect to structural growth and changes of the economy which assists in projecting future growth. Besides, the availability of economic data is also essential in enhancing the understanding of the functioning of the economic systems as well as the pace of growth of the economy (Sanusi, 2010, p89). Regarding the knowledge of the state the real and achievable goals of economic growth may also be set for an economy over a given period of time. In this regard, data collection and analysis provides the basis for short-term and long-term predictions of an economy.
One of the fundamental features of the Nigerian economy is that it is a mixed economy comprising of institutional arrangements where both private and public sectors coexists. In this regard, the country’s productive resources are virtually owned by the latter economic agents. However, there is a paramount need to understand the manner in which these agents operate in the economy as well as the level of data simulation that the country encompasses. The data available in the country’s National Bureau of Statistics indicates that the proportion of government final expenditure as part of the GDP has been increasing with the recent available level at 12.5 percent as at 2011 (Boboye & Ojo, 2012, p134). Similarly, the latest data from the World Development Indicators also prescribes to the idea that the whole expenditure by the government of Nigeria excluding grants stood at 8 percent in 2004 but had risen to about 10 percent as at 2008 (Osabuohien & Egwakhe, 2008, p35).
Although there has been evidence that the dominant sector in the economy has been the private sector, there are counter-arguments that the government of Nigeria has been the biggest single controller of a huge component of the country’s GDP and expenditure. One fundamental issue is that increase in government expenditure is a stimulant of economic activity. However, clear data must exist to support this assertion as well as to leverage the levels of government consumption (Adofu & Abula, 2010, p28). Private consumption can also be monitored and leveraged indirectly within an economy often based on the price mechanism.
Chapter 3: Methodology
3.0. Research Resign
This study will be conducted through a set of computer aided interviews as well as face-to-face interviews to identify the key areas of the Nigeria economy. This will be critical in clearing prevailing doubts over the economic growth drivers of the country. Besides, this study will also generate data from secondary sources including government publications that are essential for the determination of accuracy of media posting that shows the economy skewed to the private sectors as opposed to the public sector.
3.1. Research Framework
This study will be based on a framework of understanding the Nigerian Economy based on the environmental aspects that shapes the country’s economy as far as the human population structure is concerned. In this regard, this study will be established on the framework shown below:
3.2. Sampling Procedure
Based on the size of the data across the economy, this study will adopt stratified random sampling strategy that will target the two main sectors of the economy, public and the private sectors. This will provide an opportunity for the development of a data synthesis prospect that will enhance an understanding of mechanisms of big data analysis that would be adopted for enhanced economic growth in Nigeria being a presumed high potential economy but discredited by ineffective data collection, analysis and management within its economic sectors. In essence, the country has a wide capacity for economic growth but the growth has been short-lived over time due to ineffective planning and management of the natural and artificial resources by the two main economic agents, the public and the private sectors.
From this study, it is expected that big data analytics is one of the crucial path to enhanced economic growth of Nigeria. In particular, the adoption of big data analytic mechanism increase the potential for the improvement of structural features of the economy of Nigeria since there has been sufficient evident to demonstrate that a significant segment of the economy is dominated by the informal sector as well as peasant operators. This implies that less advanced data analytics cannot tap into the production from the informal sector as it is devoid of the capacity to reach out to field production.
Majority of the production in the informal sector is likely to go unrecorded or even realized an aspect that derails the overall planning process for the country, eventually derailing economic growth and development. For instance, one of the main sectors of the economy, Agriculture is peasant in nature while the accruing distributive trade is informal. This study will therefore enhance the data collection, analysis and presentation for the economy thus, enhancing its planning process in future.
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