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Inflation Rate Rises To 15.63% After Eight Month Decline
Nigeria’s inflation rate has risen to 15.36 percent in December 2021, from 15.50 percent recorded in November 2021 after eight months of consistent decline. The Statistician-General of the Federation, Simon Harry, disclosed this during a press briefing at the National Bureau of Statistics, Abuja. Recall that data from the NBS had shown that headline inflation…
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Nigeria Loses N2.8tn Independent Revenue In Six Years
Nigeria has recorded a shortfall of N2.8 trillion in independent revenue from the federal government revenue generating agencies between 2015 and 2020. An analysis of data from the Budget Office has shown that over the years, many of these agencies have been underpaying revenue into the coffers of the Federal Government, thus making it difficult …
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External Reserves Drop First Week Of January
According to data from the Central Bank of Nigeria (CBN) on daily reserve movements, Nigeria’s external reserves dipped $24.3 million in the first week of 2022 to close at $40.49 billion as of 7 January 2021. This represents a 0.06% decline when compared to $40.42 billion recorded as of the start of the week. The…
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Over 3,000 Died By Road Crashes In Six Months
The National Bureau of Statistics has disclosed that a total of 3,121 persons were killed in road accidents in the first six months of 2021. The NBS in its Road Transport Data report released said that a total of 6,486 road crashes occurred within the review period, consisting of 3,301 and 3,185 cases recorded in…
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Bank Loans To Government Rise By 22.59%
According to the Central Bank of Nigeria report titled, ‘Deposit Money Bank’s sectoral allocation of credit’, bank loans to the government have risen by 22.59 percent, hitting N2.17tn as of the end of September 2021. This is a N400bn increase within the nine-month period from N1.77tn recorded in December 2020. According to the figures, bank…
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World Bank Forecasts Growth In Nigeria’s Economy
With a slight increase from the 2021 forecast, the World Bank has projected a 2.5 percent economic growth for Nigeria in 2022, and 2.8 per cent in 2023. In 2021, the bank estimated 2.4 per cent in economic growth. In its latest Global Economic Prospects report released by the bank, higher oil prices and activities…
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Nigeria’s diaspora Remittances Rise To $14.2bn
Nigeria’s diaspora remittances inflow rose to $14.2 billion in the nine months ending September 2021. This is up 10 per cent Year-on-Year, YoY, from $12.9 billion in the corresponding period of 2020, despite the impact of COVID economy. This is contained in a data from the Central Bank of Nigeria, CBN, which also shows that…
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Capital Importation Falls By N1.68tn
Data from the National Bureau of Statistics revealed that capital importation has dropped by $4.08bn (N1.68tn) in one year. Between January and September 2020, total capital importation amounted to $8.55bn. However, according to the latest capital importation report by the NBS, during the same period in 2021, foreign capital inflows into the country fell by…
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Nigeria’s Crude Oil Earnings Hit N12.4tn In 11 Months
Between January and November 2021, Nigeria produced a total of 440.774 million barrels of crude oil valued at about N12.4tn. An analysis of the latest oil production data released by the Federal Government showed that the Federal Government raked in about N12.4tn from crude oil alone sales during the review period. This is contained in…
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CBN’s Forex Intervention Drops by $930m
The Central Bank of Nigeria’s foreign exchange intervention in the economy declined by $930m in the third quarter of 2021 to $4.03bn from $4.96bn in Q2. The CBN disclosed this in its report on the supply of forex for the third quarter of 2021. Its intervention in the Investors & Exporters, SMEs and the invisible…