Tags : NBS

Insurance Sector Grows By 15.68% In Q1

According to figures obtained from the National Bureau of Statistics on the country’s Gross Domestic Product, the Nigerian insurance sector grew by 15.68 per cent in the first quarter of the 2022 financial period. The statement said, “The finance and insurance sector consists of the two subsectors, financial institutions and insurance, which accounted for 89.12 […]Read More

China to Nigeria :  Imports Rise By 183.91%, Debts Hit

According to the National Bureau of Statistics data on foreign trade, Nigeria’s import from China rose by 183.91 percent from N530.98 billion in the first quarter of 2018 to N1.51tn in Q1 2022. NBS said China is responsible for most of the imports into Nigeria. In the five quarters under review, China was the number […]Read More

Crude Oil Exports Jump by 194% 

Figures from the Foreign Trade Report of the National Bureau of Statistics had said that Nigeria’s crude oil exports jumped to N5.6 trillion in the first quarter of 2022. This reflects nearly 200 percent increase when compared to the same period in 2021. NBS said that Nigeria’s total merchandise trade stood at N13 trillion in […]Read More

Subsidy Hits 45% Of Fuel Import Bill In Q1

The National Bureau of Statistics has disclosed that Nigeria spent N1.51 trillion on the imports of premium motor spirit, also known as petrol, in the first quarter of 2022. This was 25.54 percent of the total imports for this quarter, and an increase of 17.05 percent when compared to the N1.29tn spent on importing fuel […]Read More

Prices Of Transport Fare Increased In April 2022

Figures form the National Bureau of Statistics has shown that the prices of transport fare within the country increased in April 2022. NBS said this in its Transport Fare Watch for April 2022 report which covers the following categories: bus journey within the city per drop constant route; bus journey intercity, state route, charge per […]Read More

Company Tax Grows By 53.09%  Q1 2022

The National Bureau of Statistics has said that the Company Income Tax (CIT) for Q1 2022 increased to  N532.48 billion. According to the bureau, this is a growth rate of 53.09 percent on a quarter-on-quarter basis from N347.81billion in Q4 2021. CIT is a tax imposed on the profit of a company from all sources. […]Read More

Nigeria’s GDP Grew By 3.11% In Q1 2022 

Nigeria’s Gross Domestic Product grew by 3.11 per cent in the first quarter of 2022. The National Bureau of Statistics disclosed this in its Nigerian Gross Domestic Product Report Q1, 2022. It stated that, “Nigeria’s Gross Domestic Product grew by 3.11 per cent (year-on-year) in real terms in the first quarter of 2022, showing a […]Read More

Oil Sector Growth Dropped By 26% In Q1 

Figures by the National Bureau of Statistics have revealed that real growth of the oil sector was –26.04% (year-on-year) in the first quarter of 2022. This indicates a decrease of 23.83 percent points relative to the rate recorded in the corresponding quarter of 2021. In a report titled “Nigeria Gross Domestic Product Q1 2022,” the […]Read More

South-East, South-South Spent More On Cooking Gas In April  

The National Bureau of Statistics has said  that the average retail price for refilling a 5kg cylinder of Liquefied Petroleum Gas, LPG, was highest in the South-East with N4041.39, followed by the South-South region (N3896.59), and North-Central region (N3835.83). The recent report by  the NBS titled, “Liquefied Petroleum Gas Price Watch List April 2022” also […]Read More

Nigeria’s Q1 trade deficit rose by 175%

According to data from the Central Bank of Nigeria, the value of Nigeria’s international trade deficit rose by 175.13 percent from $152.94 million in January 2022 to $420.79 million in March 2022. The International Trade Summary on the CBN’s website shows that the total value of international trade was $28.77bn in Q1 2022. Imports stood […]Read More