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#DailyChart: Value and Volume of NIP Transactions
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How Prices of Kerosene, Gas, Diesel Increased
The latest data from the Nigerian Bureau of Statistics for November has shown that the price of household Kerosene, also known as cooking kerosene skyrocketed by over 100 per cent in one year. The average retail price of kerosene per litre rose by about 146 per cent from N441 in November 2021 to N1,083/litre in…
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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 Import From Russia Falls By 92%
The foreign trade report of the National Bureau of Statistics for the third quarter of 2022 has shown that only N1.71 trillion worth of goods were imported from Russia in the quarter. This is coming after Nigeria’s imports from Russia crashed significantly, hitting their lowest this year, as the war in Ukraine continues. This was…
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Foreign Trade Drops By N1.24tn
According to the ‘Foreign Trade in Goods Statistics (Q3 2022) released by the National Bureau of Statistics, Nigeria’s total merchandise trade fell by N1.24trillion. This is from N12.84trillion in the second quarter of 2022 to N11.59trillion in the third quarter of 2022. This drop was influenced by the decline in crude oil exports, which fell…
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Nigeria’s Trade Balance Falls To 86%
Data from the National Bureau of Statistics, NBS, Foreign Trade in Goods Statistics report for the third quarter of 2022 has shown that Nigeria has recorded a negative trade balance quarter-on-quarter, QoQ, as export declined by 19.8 per cent to N5.93 trillion in Q3’22. This is from N7.4 trillion in Q2’22, while the import bill…
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Telecoms GDP Increases By 10%
According to the National Bureau of Statistics, the contributions of telecommunications to the nation’s real Gross Domestic Product increased by 10.52 per cent year-on-year. This increase was to N7.28 trillion in the first nine months of 2022. In the corresponding period of 2021, the sector contributed N6.58 trillion to real GDP. NBS said that the…
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Nigerians Pay N2tn Indirect Taxes In Nine Months
According to the National Bureau of Statistics, the tax burden on Nigerians in the first nine months of 2022 increased by N285.13 billion. Nigerians paid N2.01 trillion as indirect taxes in the period under review, a 16.57 per cent increase from the N1.72 trillion paid in the corresponding period of 2021. This data is calculated…