The National Bureau of Statistics (NBS) is working on an appropriate index for Nigeria for the purpose of improving household data collection for use by the private sector, public sector and non-profit institutions.

Yemi Kale, the Statistician- General of the Federation/ Chief Executive Officer, National Bureau of Statistics disclosed this at the Nigerian Marketing Research Association (NiMRA) Breakfast Summit themed : “ Harmonising Living Standard Measurement in the Market & Social Research Industry in Nigeria” held in Lagos .

Describing appropriate index as a composite measure of variables, Kale said that index allows for harmonisation of several different aspects of living standards into one easy to compare measure, even as he said that such indices can be compiled in order to capture movements within different regions and income classes.

Speaking through a representative, the chief executive officer, NBS said that in designing appropriate index for Nigeria, components of the index must match economic position of households in the country.

According to him, the Living Standards Measurement Study (LSMS) co-ordinated by the Word Bank was initiated in 1980 in developing countries around the world for the purpose of improving household data collection. He added that panel datasets allow for a more accurate analysis.

Lanre Fasakin, NiMRA president said there’s a need for all the segments of the market research industry to speak with one voice and therefore harmonising the Living Standard Measurement criteria becomes important.

According to him, “More than what is said; the profile of who said it will help you to put the findings into perspectives. There’s a lot of disconnect here in a situation where different segments in the industry use different sets of criteria to arrive at the definition of socio-economic classification”.

Fasakin said that they are looking to a situation where the professionals across board would have the same definition in their heads with regard to what constitutes a particular socio-economic class and the variables that make up a particular class.

http://businessdayonline.com/2014/10/nbs-developing-appropriate-living-standards-index-for-nigeria/#.VEDM2GddUwJ