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Oil Production Hits 1.18mbpd In November
The latest oil production figures obtained from the Nigerian Upstream Petroleum Regulatory Commission have shown that Nigeria’s crude oil production rose to 1.185 million barrels per day in November 2022. This represents the highest output by the country in the past seven months. Also, the country’s output increased by 171,119 barrels per day in November…
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Net Forex Inflow Falls To 54%
Analysis of monthly economic reports of the Central Bank of Nigeria has shown that net foreign exchange inflow to the economy fell 54 per cent, year-on-year, YoY to $15.86 billion in eight months to the end of August. The decline was driven by a 37 per cent fall in forex inflow into the economy which…
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Cashless Transactions Hit 41.8% In 11 Months
According to new industry statistics from the Nigeria Inter-Bank Settlement System, cashless transactions in Nigeria have risen by 41.75 per cent. This is an increase to N318.66 trillion in the first 11 months of 2022. The N318.66 trillion amounted to the total amount processed on the Nigeria Instant Payment System and Point of Sales terminals,…
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Nigeria’s Import From Russia Falls By 92%
The foreign trade report of the National Bureau of Statistics for the third quarter of 2022 has shown that only N1.71 trillion worth of goods were imported from Russia in the quarter. This is coming after Nigeria’s imports from Russia crashed significantly, hitting their lowest this year, as the war in Ukraine continues. This was…
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Nigeria’s Plastic Waste Hits 1.25mt
The United Nations has said that the consumption of plastics in Nigeria jumped by 116.26 per cent within a period of 15 years to 1.25 million tonnes. The UN said this through its Industrial Development Organisation said plastic waste in Nigeria has been on the increase due to the increasing consumption of plastics by citizens…
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Debt Servicing To Gulp 123% Of 2023 Revenue
The latest projection by the World Bank has shown that debt servicing will gulp 123.4 per cent of the Federal Government’s revenue in 2023. The projection was made by the new World Bank Lead Economist for Nigeria, Alex Sienaert, in November 2022, in a document entitled, ‘Nigeria Public Finance Review: Fiscal Adjustment for Better and…
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FG’s Deficit Spending Rises By 7%
The Central Bank of Nigeria has said that the Federal Government recorded deficit spending of N593 billion in August in 2022. This represents seven per cent higher than the N554.21 billion recorded in the previous month. The increased deficit was driven by a 4.2 per cent, month-on-month MoM, increase in capital expenditure which moderated…
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E-payment Transactions Rise By 52%
Findings from the e-payment data released by the Nigeria Interbank Settlement System showed that the volume of electronic payment transactions in Nigeria rose YoY by 14.8 per cent. This is to 1.06 billion in November 2022 from 922.65 million in the corresponding period of 2021. Also, the value of e-payment transactions rose year-on-year (YoY) by…
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Foreign Trade Drops By N1.24tn
According to the ‘Foreign Trade in Goods Statistics (Q3 2022) released by the National Bureau of Statistics, Nigeria’s total merchandise trade fell by N1.24trillion. This is from N12.84trillion in the second quarter of 2022 to N11.59trillion in the third quarter of 2022. This drop was influenced by the decline in crude oil exports, which fell…
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Nigeria’s Trade Balance Falls To 86%
Data from the National Bureau of Statistics, NBS, Foreign Trade in Goods Statistics report for the third quarter of 2022 has shown that Nigeria has recorded a negative trade balance quarter-on-quarter, QoQ, as export declined by 19.8 per cent to N5.93 trillion in Q3’22. This is from N7.4 trillion in Q2’22, while the import bill…