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South Africa, Namibia, Nigeria Top Global Unemployment Rates
According to a recent report published by Bloomberg, Nigeria has the third highest unemployment rate at 33.3 percent among a list of 82 countries. Nigeria comes behind South Africa which has the highest rate and Namibia. According to the report, South Africa’s unemployment rate rose to 34.4 percent in the second quarter from 32.6 percent.…
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CBN Incurs N379bn Debt On ABP
The Central bank of Nigeria has recorded a shortfall of N378.5 billion in loan repayment by beneficiaries under the Anchor Borrower’s programme in six years. The data obtained from the findings of the apex bank have shown that between November 2015– when the ABP scheme was introduced and November 2020, the CBN executed a total…
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Prices For Cooking Gas, Kerosene Increased In July
According to the latest data from the National Bureau of Statistics, the average price of refilling a cooking gas and prices paid per liter by consumers of kerosene has increased in the month of July. NBS stated this in its “Liquefied Petroleum Gas (cooking gas) and National Household Kerosene Price Watch (July 2021). The average…
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Nigeria’s Inflation Drops To 17.38% In July
The Consumer Price Index which measures inflation has dropped by 17.38 percent in July 2021. This is 0.37 percent lower than the rate recorded in June 2021 (17.75%). The National Bureau of Statistics disclosed this in its Consumer Price Index report for June. Increases were recorded in all Classification of Individual Consumption According to Purpose…
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Manufacturing Sector Records N6.99tn Growth
The aggregate monetary value of the manufacturing sector’s output rose from N12.45 trillion to N19.44 trillion between December 2018 and December 2020. This showed an increase of N6.99trillion or 34.78 percent in total manufacturing output within the two-years period. The figures were obtained from the National Bureau of Statistics after analysing the Gross Domestic Product…
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Nigeria Loses Over N150 Billion 2 Months After Twitter Ban
NetBlocks Cost of Shutdown Tool has been used to estimate the billion naira loss for the Nigerian economy 2 months after President Buhari’s administration banned the microblogging platform Twitter. According to the tool, Nigeria’s economy loses N102.7 million per hour to the Twitter ban. This translates to an N150.5 billion revenue loss within 61 days,…
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Nigeria’s Active Labour Force Lost 20 Million
Between 2018 and 2020, the number of Nigerians active in the labour force plunged by 20 million, the World Bank has said. The bank said this in a report titled ‘Of roads less traveled: Assessing the potential for migration to provide overseas jobs for Nigeria’s youth.’ It added that the drop in active labour force…
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Breakdown: How Food Prices Rose In June
The National Bureau of Statistics has said that the prices of food rose in June, 2021. This was according to the Executive Summary of the “Selected Food Price Watch” report released by the bureau. Recall that the bureau had reported earlier that Nigeria’s inflation rate fell by a slight 0.18 percent – from 17.93 percent…
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Report: Nigeria’s International Migrants Increase
The World Bank has said that the number of international migrants from Nigeria had increased threefold from 1990 till 2019. The bank said the increase is from 446,806 in 1990 to 1,438,331 in 2019. The bank said this in a report titled ‘Of roads less travelled: Assessing the potential for migration to provide overseas jobs…
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Nigeria’s Inflation Rate Drops To 17.75%
Nigeria’s inflation rate has fallen by a slight 0.18 percent from 17.93 percent in May to 17.75 percent in June. This is according to the latest data by the National Bureau of Statistics in its Consumer Price Index report for June. Part of the report read, “The consumer price index which measures inflation (rate of…