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PMI Hits 56% In April 2022
According to its Purchasing Managers Index for the month, Stanbic IBTC Bank has said that the Nigerian private sector’s growth quickened in April. The PMI grew to 55.8 in April, up from 54.1 in March. The report stated that the headline PMI signaled a sharp improvement in business conditions in Nigeria’s private sector. According to…
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Inflation: Nigeria Has Surpassed 16.0% Rate 25 Times In 88 Months
The National Bureau of Statistics has published that the consumer price index for April 2022 increased to 16.82 percent on a year-on-year basis. The recent figures are 1.3 percent points lower compared to the rate recorded in April 2021 (18.12) percent but 0.9 percent higher than March 2022. According to NBS the headline inflation rate…
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“We depend on the forest”: Logging Worsens Climate Impacts For Indigenous People In Nigeria
Despite providing habitation and means of survival for indigenous people in host communities, deforestation in Southern Nigeria is gradually pushing several forest kinds of wood indigenes into extinction. Micheal Otu (47) farms cassava and plantain in the indigenous community of Okonde Boki Local Government, in Nigeria’s southeastern Cross River state. Over 20 years, he has…
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In Four Years, Workers In Formal Sector Earn N159tn
According to data from the National Bureau of Statistics, employees in Nigeria’s formal sector earned N159.01 trillion from 2018 to 2021. This was contained in its ‘Nigerian Gross Domestic Product Report’. The NBS said the total compensation of employees in the nation, based on the GDP and expenditure at current purchasers’ value, was N34.36tn…
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Bank Loans To Govt Rise To N16.32tn
Figures obtained from the Central Bank of Nigeria have shown that the total net credit by the Nigerian banking sector to the government rose by N2.2 trillion in the first quarter. The CBN’s data on ‘Money and credit statistics’ have shown the net credit to the government rose from N14.12tn as of the end of…
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Nigeria’s Inflation hits 16.82% In April 2022
Latest figures from the National Bureau of Statistics have revealed that the Consumer Price Index rose to 16.82 percent in April from 15.92 percent in March. The NBS disclosed this in its ‘Consumer Price Index April 2022’. The report read in part, “In April 2022, the consumer price index, which measures inflation increased to 16.82…
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Nigeria’s Oil, Gas Reserves Spike
Figures released by the Nigerian Upstream Petroleum Regulatory Commission, have shown that the country’s oil reserves increased by 0.136 billion barrels to 37.046 billion barrels as of January 31, 2022. Nigeria’s gas reserves also grew by 2.09 trillion cubic feet to 208.62TCF as of January 31, 2022, according to data released by the NUPRC. Announcing…
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Nigeria’s Oil Production Falls Over Poor Maintenance
Nigeria’s oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency, the World Bank has said, adding that Nigeria was yet to benefit from increasing oil prices as a result of declining oil production and fuel subsidy. The Washington-based bank said this in a new report titled ‘Migration…
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Nigerians’ Household Consumption Spending Rises To N108tn
The National Bureau of Statistics has said that Nigerian residents spent N108.47 trillion on household consumption in 2021 in nominal terms. The figure is 11 percent higher than the N97.72tn recorded in 2020. This is an increase amid double-digit inflation of 15.92 recorded in march 2022. The NBS, which disclosed this in its recent Expenditure…
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11 ECOWAS Countries In Debt Distress
A new report by the Nigerian Economic Summit Group and the Open Society Initiative for West Africa has disclosed that the eleven economic communities of west african states countries are currently in debt distress based on debt sustainability analysis. The countries are Nigeria, Benin, Burkina Faso, Cabo Verde, the Gambia, Ghana, Guinea Bissau, Liberia, Niger,…