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Is Nigeria’s Inflation Rate The Highest Under Buhari?
Overview: Mr. Festus Kayamo said that Nigeria’s inflation rate under the current administration is not the highest figure when compared to the Obasanjo administration. We looked back at the figures reported to confirm his claim. The spokesperson for the presidential campaign council of the All Progressives Congress standard bearer, Festus Keyamo, has said that the…
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Nigeria’s Household Food Import Rises By 71%
Data from the Q3 2022 Foreign Trade Statistics report by the National Bureau of Statistics has shown that household food and beverage imports rose by 71.12 per cent between the third quarter of 2018 and the corresponding quarter of 2022. This development is coming despite the foreign exchange crisis in the country. The food and…
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Nigeria’s Inflation Hits 21.47% In November
The National Bureau of Statistics has disclosed that Nigeria’s inflation rate rose for the 10th consecutive month to 21.47 per cent in November 2022. This is the highest in 17 years. It was 21.09 per cent in October. In its Consumer Price Index, CPI report for November, NBS, indicated that new pressure on inflation is…
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Nigeria’s Inflation Hit 21.09% In October
According to the National Bureau of Statistics, Nigeria’s inflation rate has risen to a new record high of 21.09 per cent in October 2022. The increase is not unconnected to the price of fuel, scarcity of foreign exchange, and disruption in the food supply chain. This is 0.32 per cent higher than the 20.77 per…
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2023: Nigeria’s Economic Growth Will Slow To 3%
THE International Monetary Fund has projected that Nigeria’s economic growth will slow to 3.0 percent in 2023. It added that the inflation rate will drop to 17 per cent. IMF also forecasted for global economy growth in 2022 at 3.2 percent, and however lowered its forecast for 2023 to 2.7 per cent, representing 0.2 percentage…
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Nigeria’s Inflation Hits 20.77% In September
According to the National Bureau of Statistics, Nigeria’s Inflation hit a new high of 20.77 percent in September as food supply, foreign exchange crisis, and increases in import costs worsened. In August, inflation rose to a 17 year high of 20.52 per cent which has now been broken by September’s figure. NBS disclosed this in…
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Inflation: Nigeria Has Surpassed 16.0% Rate 25 Times In 88 Months
The National Bureau of Statistics has published that the consumer price index for April 2022 increased to 16.82 percent on a year-on-year basis. The recent figures are 1.3 percent points lower compared to the rate recorded in April 2021 (18.12) percent but 0.9 percent higher than March 2022. According to NBS the headline inflation rate…
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Nigeria’s Inflation hits 16.82% In April 2022
Latest figures from the National Bureau of Statistics have revealed that the Consumer Price Index rose to 16.82 percent in April from 15.92 percent in March. The NBS disclosed this in its ‘Consumer Price Index April 2022’. The report read in part, “In April 2022, the consumer price index, which measures inflation increased to 16.82…
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Nigerians’ Household Consumption Spending Rises To N108tn
The National Bureau of Statistics has said that Nigerian residents spent N108.47 trillion on household consumption in 2021 in nominal terms. The figure is 11 percent higher than the N97.72tn recorded in 2020. This is an increase amid double-digit inflation of 15.92 recorded in march 2022. The NBS, which disclosed this in its recent Expenditure…
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Reviewing Nigeria’s 2021 GDP Growth (1)
The National Bureau of Statistics has reported that the country’s Gross Domestic Product increased by 4.03 percent in the third quarter of 2021. This is contained in its Gross Domestic Product Report Expenditure and Income Approach report for Q3, Q4 2021. According to the report, in the third quarter of 2021, Nigeria’s real GDP at…