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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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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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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…
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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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Meal For Learning (1): Nigerian Students Struggle With Increasing Food Prices
Despite the declining inflation rate in Nigeria, the persistent increase in food prices is affecting students in different tertiary institutions across Nigeria. Faith Omoniyi, for Twentyten Daily, spoke with several students who narrated their experiences studying in Nigeria’s unfavorable economic situation. Victor Awotubo, a student of english and literary studies in the Federal University, Oye-Ekiti,…
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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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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,…