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Manufacturing Output Hits N7tn In Q3′ 2021
According to data contained in the latest Gross Domestic Product report released by the Nigerian Bureau of Statistics, in the third quarter of the year, the manufacturing sector recorded a total output of N7.1tn. The N7.1tn is higher than N5.4tn recorded in the second quarter of 2021. The output of N7.1tn for Q3 2021 also…
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External reserves lost $610m in November
The Central Bank of Nigeria has revealed that the nation’s external reserves fell by $610m last month. The figures obtained from the apex bank showed that the reserves dropped to N$41.22bn as of November 29 from $41.83bn on October 29. The CBN also disclosed that at the present level, the external reserves could meet the…
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Nigeria’s Trade Deficit Falls By 61%
The Central Bank of Nigeria has disclosed in its Monthly Economic Report for July 2021 that the nation’s trade deficit fell year-on-year by 61 per cent to $340 million in July 2021 from $880 million in July 2020. However, receipts from crude oil and gas exports rose by 127 percent to $3.99 billion in October…
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Nigeria’s GDP Grows By 4.03% In Q3
The National Bureau of Statistics announced that Nigeria’s Gross Domestic Product grew by 4.03 per cent in the third quarter of the year (Q3 2021). The Statistician-General of the Federation and the Chief Executive Officer of the NBS, Mr Simon Harry, explained that the negative GDP figures recorded in 2020 as a result of the…
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Capital inflow crashes by 80%
The Central Bank of Nigeria reports have indicated the capital inflow to Nigeria has crashed by 80 per cent in two years. The capital inflow to Nigeria fell from $17.1bn in July 2019 to $3.4bn in July 2021. The central bank reports showed that Nigeria recorded $17.1bn capital inflow between January and July, 2019. When…
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Net Forex Inflow Rose To $2.77bn In July
The Central Bank of Nigeria said in its report on forex flows the net foreign exchange inflow into the Nigerian economy rose slightly to $2.77bn in July from $2.27bn in June. Despite the contraction in autonomous inflow, the apex bank added that the upward trajectory in crude oil prices improved forex inflow through the bank,…
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Nigeria Records Growth in Cargo Movement
According to statistics from the Federal Airports Authority of Nigeria (FAAN) on passenger, cargo and aircraft movement, in the first six months of 2021, Nigeria recorded a total of 126, 541, 949 kg of air cargo. This is made up of 112, 949, 463. 51 kg of imports and 13, 592, 486.12 kg of exports.…
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Investment Announcements Rise By 130% in Q3 ‘21
The Nigerian Investment Promotion Commission has said it has tracked $8.99 billion investment announcements in the third quarter of 2021 (Q3 ’21). Lagos State, with $7.29 billion, accounted for 81 percent of the total announcements during the period. NIPC said the investment announcements in Q3’21 was 130 percent higher than the $3.95 billion recorded in…
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Inflation Rate Falls To 15.99 In October 2021
The National Bureau of Statistics (NBS) has reported that Nigeria’s inflation rate fell to 15.99 in October from the highest record of 18.17 in March 2021. The report said the Consumer Price Index (CPI), which measures inflation, saw an increase of 1.76 percent when compared to the record in October 2020 (14.23 percent). However it…
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Budget: Agencies Expected To Pay N22.6bn in 2022
According to data contained in the 2022 budget proposal, Deposit Money Banks and insurance companies are expected to rake in the sum of N22.6 billion in bank charges and insurance premiums from Ministries, Departments and Agencies of the Federal Government in 2022. A breakdown of the figure showed that the N22.6bn comprised N17.3bn projected for…