Tag: NBS

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 Nigerias 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 countrys 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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Nigeria generated N1.53 tr VAT in 2020, grows by 29% – NBS

Aminu Imam

Nigeria generated a total sum of N1.53 trillion revenue from Value Added Tax (VAT) in 2020, up by 29.3% when compared to N1.18 trillion recorded in 2019. This is contained in the Sectoral Value-added tax (VAT) Report, recently released by the National Bureau of Statistics (NBS). According to the report, VAT revenue grew by 29.3% compared to N1.18 trillion recorded in 2019 and 38.2% increase, as against N1.11 trillion in 2018. Despite the economic downturn experienced by the country due to the lockdown measures put in place by the government…

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COVID-19: More people returning to agriculture than other businesses NBS

Ishaku Yohanna

The agriculture sector showed the highest increase in people returning to work in July and August, the National Bureau of Statistics (NBS) has said. The NBS disclosed this in its fourth COVID-19 impact monitoring report. Details of the impact monitoring report said the increase is mostly due to the harvesting season. Despite the fact that many non-farm family businesses have reopened since the start of the crisis, some of these businesses closed again between July and August, it said. The NBS said as of August, about 35 per cent of…

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Nigerias capital importation drops by 77.8% in Q2 – NBS

Ishaku Yohanna

Capital importation into the country declined by 77.8 percent in the second quarter of 2020, a new report by the National Bureau of Statistics (NBS) has shown. The total capital imported into the country in the second quarter stood at $1.29 billion, down from $5.85 billion in the first quarter. This figure represents the lowest recorded since the first quarter of 2017 when the total capital imported stood at $908 million. Only six states out of 36 states and the federal capital territory (FCT), received capital investments in Q2 2020.…

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