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Agric Sector Records N1.7tn Trade Deficit In Nine Months
Between January and September this year, the agricultural sector recorded a trade deficit of N1.7tn as exports stood at N371.8bn while imports rose to N2.1tn. The latest National Bureau of Statistics’ foreign trade report has shown that the total value of trading in agricultural goods during the first three quarters of 2021 was N2.4tn. Breakdown…
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Nigeria’s Revenue Falls By 52% In August
The Central Bank of Nigeria said in its economic report the Federal Government recorded a fiscal deficit of N405.28bn in August with aggregate expenditure of N781.61bn while retained revenue stood at N376.33bn. The report said independent revenue fell by 52.2 per cent in August which led to a 10.4 percent decline in the government’s retained…
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Borno, Osun, Kogi Lead Dirtiest States In Nigeria
Borno, Osun and Kogi have emerged as the top three dirtiest in Nigeria with cleanliness performance index ratings of 12 per cent, 13 per cent and 14 per cent. According to a new report, no fewer than 172.7 million Nigerians are living in an unclean environment. Clean-Up Nigeria, an international non-governmental organisation with consultative status…
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Nigeria’s Trade Deficit In Q3’21 To N3trn
Nigeria recorded a trade deficit of N3.023 trillion with her trading partners worldwide in the third quarter of 2021, Q3’2021. This is coming even as total merchandise trade stood at N13.284 trillion during the period. The Statistician General and Chief Executive Officer, National Bureau of Statistics, NBS, Dr Simon Harry, noted that the total trade…
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E-payment Transactions Rise By 49%
The electronic payment data on Nigeria Interbank Settlement System (NIBSS) platform has shown that the value of transactions performed through electronic payment (e-payment) channels rose year-on-year, (YoY) by 48 percent to N28.1 trillion in November 2021 from N18.84 trillion in the corresponding period of 2020. Similarly, the volume of e-payment transactions grew YoY by 41.5…
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Currency in circulation rose by N129bn in October
The Central Bank of Nigeria has said that the currency in circulation in the country rose by N129bn to N2.97tn in October from N2.84tn in September 2021. Currency in circulation is defined as currency outside the vaults of the central bank – that is, all legal tender currency in the hands of the general…
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Pension Funds Downsize Investments By 36%
Findings in the data from the National Pension Commission has shown that the Pension Funds Administrators investments in state government securities fell by a huge 36 percent to N97.89 billion in the first half of 2021 (H1’21). This is from N152.93 billion recorded in the corresponding period in 2020 (H1’20). But the PFAs’ interest in…
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Transactions In Fixed Income, Currency Market Up 94.9%
A report by FMDQ Exchange Limited’s Fixed Income and Currency (FIC) Market Summary for September, 2021 has shown that the turnover in the fixed income and currency market rose to N24.03 trillion in September, 2021. This represents a 94.89 percent Month-on-Month (MoM) increase compared to N11.7 trillion in August and a 70.79 percent Year-on-Year (YoY)…
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Banks’ Earnings Hit N2.64tn In Nine Months
According to data collated from the third quarter earnings of the banks, Nine banks made a gross earning of N2.64tn in the first nine months of 2021. This is N132.64bn increase from what the banks made in the corresponding period of 2020. In 2020, the banks had a gross earning of N2.50tn. The nine banks…
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Manufacturing Index Expands To 47.3 Points
The Central Bank of Nigeria has said that the economy has recorded slight expansion Month-on-Month, MoM, in October 2021 as the Manufacturing Purchasing Managers Index (PMI) rose to 47.3 index points, as against 46.6 index points recorded in the preceding month. However, the new index point still falls below the positive benchmark of 50 index…