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Nigeria’s Inflation Rate Drops
Nigeria’s inflation rate has dropped to 17.93 percent in May from 18.12% in April 2021. This is according to the ‘Consumer Price Index Report’, released by the National Bureau of Statistics. On a month-on-month basis, the headline index increased by 1.01 percent in May 2021. This is 0.04 percentage points higher than the rate recorded…
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How Insecurity, Poverty Threaten Education In Nigeria
“I’ve never felt this much pain in my life — it’s unimaginable .At first, they were demanding 800 million naira from the families of the kidnapped students … then they started killing the students to show they were serious,” Ojotun, whose 18 year-old sister was among students kidnapped in Greenfield University, Kaduna, had explained. He…
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ANALYSIS: Nigeria’s Insecurity Threatens Agricultural Growth
Nigeria’s agricultural sector might begin to plunge in its growth owing to recurrent insecurity challenges emanating from different parts of the country. The impact of these insecurity challenges, just like the COVID-19 pandemic, are beginning to deny farmers and traders access to grow crops and make sales respectively. The Nigerian Economic Summit Group has said…
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Food Prices Drop After 21 Months Consecutive Increase
According to the National Bureau of Statistics, the composite food index rose to 22.72 percent in April 2021 compared to 22.95 percent recorded in March of the same year. The report contained in the NBS’s Consumer Price Index added that on month-on-month basis, the food sub-index increased by 0.99 per cent in April, down by…
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Average Transport Fare Increased In March
The National Bureau of Statistics has published that in its Transport Fare Watch for March 2021, an average Nigerian paid more fare for transportation. NBS report covers the following categories namely bus journey within the city per drop constant route; bus journey intercity, state route, charge per person; air fare charge for specified routes single…
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MFBs Grew Loan To N547bn In 2020
The National Bureau of Statistics has reported that Microfinance Banks in Nigeria recorded an 82 percent boost in lending in 2020. This is rising from N300.2 billion lending in 2019 to N546.6bn. According to NBS, microfinance loans to the private sector was N250bn in 2018, but has doubled in two years. The report attributed this…
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E-payment Transactions Rise By Over 300% In 2020
The value of electronic payment transitions rose to N704.04 trillion at the end of 2020. This is a year-on-year increase of 325 percent from N165.8 trillion in 2019. Also, the volume of e-payment transactions rose YoY by 142 percent to 7.16 billion in 2020 from 2.96 billion in 2019. Analysis of data from the National…
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NBS: Employment Declines By 2% In February
The National Bureau of Statistics (NBS) said the share of Nigerians working in February 2021 dropped by 2 percent from 72 percent recorded in September 2020. According to the data by the COVID-19 impact monitoring in February 2021, the share of Nigerians who were working in February 2021 was close to 70 per cent. The…
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Nigeria Foreign Trade Drops
Nigeria’s total foreign trade for 2020 dropped by 10.32 percent – a 32.42 trillion naira according to a report by the National Bureau of Statistics. During this period, Nigeria’s export stood at 12.52 trillion naira while imports amounte d to 19.9 trillion naira. This means that the country imported more goods and services than it…
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Agric Import Rose To N532.4 Billion In Q4 2020
The value of imported agricultural goods rose to N532.39billion in the fourth quarter of 2020 from N503.4billion in the third quarter in the same year– a 5.75 percent increase. This was disclosed by the National Bureau of Statistics which also reported that the value of exported agricultural goods dropped to N55.77 billion in Q4, 2020…