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Net Forex Inflow Falls 30% To $2.69bn
Report by the Central Bank of Nigeria has shown that Nigeria’s Net foreign exchange inflow fell year-on-year (YoY) by 30 percent to $2.69 billion in October 2021. This was a decrease from $3.87 billion in the corresponding period of 2020. The latest Monthly Economic Outlook by the bank indicated that the decline in net inflow…
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In Nine Months, Import Bill Rose To $8.92bn
Between January to September 2021, Nigeria’s total import bill for the period rose to $8.92bn from $4.29bn in the same period of 2020. This was disclosed by an economist and Chief Consultant, B. Adedipe Associates Limited, Dr Biodun Adedipe, while presenting the report titled ‘National economic outlook: Implications for businesses’, during an event organized by…
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Inflation Rate Rises To 15.63% After Eight Month Decline
Nigeria’s inflation rate has risen to 15.36 percent in December 2021, from 15.50 percent recorded in November 2021 after eight months of consistent decline. The Statistician-General of the Federation, Simon Harry, disclosed this during a press briefing at the National Bureau of Statistics, Abuja. Recall that data from the NBS had shown that headline inflation…
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Over 3,000 Died By Road Crashes In Six Months
The National Bureau of Statistics has disclosed that a total of 3,121 persons were killed in road accidents in the first six months of 2021. The NBS in its Road Transport Data report released said that a total of 6,486 road crashes occurred within the review period, consisting of 3,301 and 3,185 cases recorded in…
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Capital Importation Falls By N1.68tn
Data from the National Bureau of Statistics revealed that capital importation has dropped by $4.08bn (N1.68tn) in one year. Between January and September 2020, total capital importation amounted to $8.55bn. However, according to the latest capital importation report by the NBS, during the same period in 2021, foreign capital inflows into the country fell by…
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Tax Revenue Rises 30% To N2.85trn
Revenue into the Federation Account from Value Added Tax, VAT, and Company Income Tax, CIT, rose by 30.1 per cent, year-on-year, YoY, to N2.85 trillion in nine months ended September 30th, 2021 (9mths-21) from N2.19 trillion in the corresponding period of last year (9mths-2020). Findings in the VAT and CIT data for Q3 ‘2021 released…
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Nigeria Imports N13.7tn Manufactured Goods In Nine Months
Data from the National Bureau of Statistics showed that Manufactured goods valued at N13.7tn were imported into Nigeria from January to September this year. The country exported N757bn worth of manufactured goods in the nine-month period, accounting for 0.06 per cent of the total trade of N14.3tn. Manufactured goods imported into the country included antibiotics,…
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Foreign Investments Fall By N11.48bn In Six Months
Between January to June 2021, Nigeria’s foreign investment inflows dropped by N11.48 billion. According to the Central Bank of Nigeria (CBN) ‘Financial markets department 2021 half-year activity report’, the report revealed that foreign inflows amounted to N105.24 billion, while the outflow was N116.72 billion at the end of June 2021, reflecting a net outflow of…
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Nigeria’s Domestic Debts Hit N4.2tn In Q3 2021
The domestic debt owed by state governments and the Federal Capital Territory Administration rose to N4.2tn at the end of the third quarter of 2021. According to the latest data from the Debt Management Office, this is an increase from N4.12tn in Q2 of the year under review. The N4.2tn debt represents 23.04 per cent…
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In Nine Months, Nigeria’s Petrol Imports Hit N2.52tn
From January to September 2021, the cost of Premium Motor Spirit, also known as petrol, imported into Nigeria increased by 55.56 percent. This is a rise to N2.52tn from the N1.62tn spent in the same period of 2020. This development is coming amid the plan to remove subsidies from petrol by February 2022. Data…