Tag: National Bureau of Statistics

Nigeria’s inflation rate rises to 27.33 percent in October – NBS

Aminu Imam

Nigeria’s headline inflation rate for October increased to 27.33 percent from 26.72 percent in September. The National Bureau of Statistics, (NBS), disclosed this in its Consumer Price Index report released yesterday. The October 2023 headline inflation rate represented an increase of 0.61 percentage points, when compared to the September 2023 headline inflation rate. Furthermore, on a year-on-year basis, the headline inflation rate was 6.24 percentage points higher, when compared to the rate recorded in October 2022 (21.09 percent), indicating that the headline inflation rate (year-on-year basis) increased in October 2023,…

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Just In: Nigeria GDP records significant growth – NBS

Aminu Imam

Nigeria’s Gross Domestic Product (GDP) grew by 5.01% (year-on-year) in real terms in the second quarter of 2021, the National Bureau of Statistics, (NBS), has said. The NBS disclosed this in the latest report on the nation’s GDP entitled: Nigerian Gross Domestic Product Report (Q2 2021) released on Thursday. It explained that the increase in the GDP index marked three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020. “Year to date, real GDP grew 2.70% in 2021 compared to -2.18%…

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Nigeria’s economy grows 0.51% in Q1-2021 on oil recovery – NBS

Aminu Imam

The nation’s Gross Domestic Product (GDP) increased by 0.51 percent in the first quarter of 2021. This is according to the first-quarter GDP report released by the National Bureau of Statistics, (NBS), yesterday. Nigeria had recorded an increase of 0.11 percent in the fourth quarter of 2020. With the latest figure, the country has recorded its second consecutive quarter growth since the economy fell into recession in 2020. The NBS report further stated that, “Nigeria’s GDP grew by 0.51% (year-on-year) in real terms in the first quarter of 2021, marking…

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Lagos, Rivers, FCT, Delta top 2020 IGR chart – NBS

Aminu Imam

…States IGR drops to N1.31tr in 2020 Lagos, Delta, Kaduna and Ogun States topped the 2020 Internal Generated Revenue (IGR) chart in the country, a report released by the National Bureau of Statistics (NBS) has shown. The NBS disclosed this on Friday, in its “Internally Generated Revenue At State Level” report for the fourth quarter and full-year 2020 published on its website. The NBS said Lagos State recorded the highest IGR of N418.99bn, closely followed by Rivers, with N117.19bn and the FCT with N92.05bn. Delta State recorded N59.732bn; Kaduna N50.768bn;…

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Nigeria’s inflation rate surges to 18.17% in March – NBS

Aminu Imam

…Highest in over 4 yrs Nigeria’s Consumer Price Index, (CPI), which measures the rate of increase in the price of goods and services, increased to 18.17 percent in March 2021. This is according to the March 2021 consumer price index/inflation report released by the National Bureau of Statistics, (NBS), yesterday. This is 0.82 percent points higher than the rate recorded in February 2021 (17.33 %). The March figure is the highest since January 2017 when it climbed 18.72 %. The food inflation figure also increased by 1.16 % on a…

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Nigeria records highest trade deficit since 1981 – NBS

Aminu Imam

Nigeria has recorded its biggest foreign trade deficit since 1981 as the trade balance stood at a deficit of N7.38 trillion in 2020. This is according to available data obtained from the National Bureau of Statistics, (NBS).  According to the recent foreign trade report, total imports in the year 2020 was valued at N19.9 trillion surpassing the total exports of N12.52 trillion, indicating a trade deficit of N7.38 trillion. This is the second time Nigeria is recording a negative trade balance in the past 10 years.  In 2016, during a…

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23.2 m Nigerians jobless as unemployment hits 33% – NBS

Aminu Imam

…Highest on record…Imo, Jigawa tops with highest unemployed Nigeria’s unemployment rate rose to 33.3 percent in the fourth quarter of 2020 (Q-4 2020), compared to 27.1 percent in Qj2, according to data published by the National Bureau of Statistics (NBS), yesterday. This is the highest unemployment rate in the country’s history. According to the NBS, this means that 33.3 percent of the labour force in Nigeria, or 23.2 million persons, either did nothing or worked for less than 20 hours a week, making them unemployed by the definition in Nigeria.…

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7 out of 10 bank loans given to Lagosians – NBS

Aminu Imam

The latest data from the National Bureau of Statistics reveals Lagos state borrowers obtained 77.7% of all banking sector loans by value given to states across the country. Lagos State is the commercial capital in the country and has dominated economic activities in the country since the country’s independence.   According to the data about N15.1 trillion out of N19.4 trillion of the loans went to Lagos State in the third quarter of 2020, a 13.86% rise from the same period in 2019.  Total loans given to beneficiaries in Lagos State…

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November inflation rate climbs further, hits 14.89% – NBS

Aminu Imam

As country’s external reserve sinks to 8-month low After attaining the highest level in 30 months in October, Nigeria’s headline inflation climbed further to 14.89 percent, the latest figures by the National Bureau of Statistics (NBS) have shown. This is the 14th straight month the rate has quickened. This may be attributed to the rise in food prices initially caused by border closures, dollar restrictions and the recent banditry attacks that are preventing farmers from producing food.  The report published on the website of the bureau yesterday shows that the…

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Again, Nigerian economy officially dips into recession

Aminu Imam

Recession may linger through Q4, 2020 – LCCI Despite recession, Nigeria’s economy fastest growing in Africa – UK envoy Nigeria entered a second recession in the third quarter of this year, for the first time in five years, according to figures released by the National Bureau of Statistics (NBS) yesterday.  The NBS, according to its third quarter (Q3) GDP report, said the country’s GDP in real terms declined by -3.62% year-on-year (YoY) in Q3, 2020, the second contraction in 2020, thereby marking a full-blown recession and second consecutive contraction from…

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