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Labour Statistics In Nigeria
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Nigeria’s 2022 Budget
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AFCON 2021: Cameroon Businesses Record Growth In Revenue
35-year-old Frederic Issa is a shoe cobbler in Yaounde. For the CAF games, Issa switched to the cab-hailing business with the belief it´s a profitable business now that the games have started. Tens of thousands of fans are visiting Cameroon to cheer their national teams, and with that comes the potential of an economic boost…
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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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What Should Low-Income Countries Expect In 2022?
The World Bank in its latest Global Economic Prospects report (PDF) predicts a fall in global economic growth from 5.5 percent in 2021 to 4.1 percent in 2022. While the economic growth rates in advanced countries are said to be sufficient to restore output and investments with a downward trend of 5 percent last year…
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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 Spent $1.68bn On Food Imports In Nine Months
The Central Bank of Nigeria disclosed that from January to September 2021, the Federal Government has spent $1.68bn on food importation. In the report on sectoral utilization of foreign exchange for the third quarter of 2021, the apex bank said Nigeria could produce enough to feed its citizens. During the Bankers’ Committee retreat in Lagos…
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Nigeria To Charge 6% Tax on Digital Services, Non-Resident Companies
The minister of finance in Nigeria has announced the government would now charge offshore companies providing digital services to local customers in Nigeria a six percent tax on turnover as provided in the 2021 Finance Act. The digital services would be charged to foreign companies that provide digital services such as apps, high-frequency trading, electronic…
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In 72 Months, Presidency Spent N34bn On Food, Travels
According to data obtained from the appropriation bills of the Federal Government, the Presidency’s budgetary allocations for food and travels hit N34bn in six years. A total of N5.16bn was spent on food and N28.94bn on travels. The allocations for food include foodstuff/catering materials supplies, refreshment and meals, and cooking gas/fuel cost, while the allocations…
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Inflation Increases By 15.40% In November 2021
The consumer price index, which measures inflation, increased by 15.40 percent in November 2021. This is 0.51 percent points higher than the rate recorded in November 2020 (14.89) percent. On a month-on-month basis, the index increased by 1.08 percent in November 2021, this is 0.10 percent higher than the rate recorded in October 2021 (0.98)…