Economies are steered by the power of data. Policymakers use data-driven approaches to craft and implement reforms. However, this trend towards quantification can create limitations. While translating complex economic behaviours into mathematical models offers the promise of precision and objectivity, it can overlook the intricate realities of daily life.
The recent experience of fuel subsidy removal in Nigeria illustrates how reliance on quantitative data alone can lead to outcomes that diverge significantly from intended benefits, particularly when nuanced realities of daily life are overlooked.
While comprehensive data analysis is undeniably crucial for informing sound economic…
Source: Nigerian Tribune
