ABSTRACT
There is a revolution brewing in the increased interest in statistics. Statistics is the evidence on which policies are built and are also a crucial part of our lives. The relevance of statistics in our day-to-day activities and wider society at large has led to calls for increased attention to statistical literacy in recent times. To be statistically literate is to be able to make sense of statistics, that is, to think critically about the information being presented, to understand the context, and to be able to tell the story in the data.
The use of statistics in national development is very critical. The availability of timely and reliable statistics enhances macroeconomic stability and increases national welfare. However, it is important for the users, especially the researchers, to understand statistics so that they can be informed, evaluate the reliability and usefulness of information, and make necessary decisions.
The main objective of this work is to highlight the importance of statistics in measuring socioeconomic indicators, especially in the area of policymaking at national and international levels. This work also showcases how modern statistical techniques can be applied in businesses and industries to make well-informed decisions about the policies and projects of individuals and government. The work recommends the importance of developing and maintaining a reliable, up-to-date, and easily accessible database for users and policymakers when needed.
