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Nigeria’s Growth DropTo 2.25% In Q3’22
The National Bureau of Statistics has disclosed that Nigeria’s Gross Domestic Product, GDP, fell quarter-on-quarter (QoQ) by 1.78 percentage points to 2.25 per cent in the third quarter of 2022 (Q3’22). This is a drop from the 3.54 per cent recorded in Q2’22. NBS said this in its Nigerian GDP report for Q3’22, citing the…
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Gas Price Increases By 87% In One Year
The National Bureau of Statistics has said that the price of a 5-kilogramme cooking gas between 2021 and 2022 increased by 86.62 per cent This was contained in the NBS Cooking Gas Price Watch. “On a year-on-year basis, the September 2022 price of N4,474.48 for 5kg of gas was an 86.62 per cent increase over…
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133 Million Nigerians Are Multidimensionally Poor
The National Bureau of Statistics has revealed that 63 per cent of persons living in Nigeria are multidimensionally poor. This is about 133 people of the over 200 million people living in the country. NBS highlighted this in its 2022 Multidimensional Poverty Index (MPI) Survey. According to the report, over half of the population of…
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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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Nigerians Consumption Expenditure Rises To N57tn
According to the ‘Nigerian Gross Domestic Product Report (Expenditure and Income Approach)’ by the National Bureau of Statistics, Nigerians’ consumption expenditure rose to N57.08 trillion in the first half of 2022. This is a 14.39 percent increase from the N49.89 trillion that was spent in the corresponding period of 2021. NBS defined household final consumption…
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Household Expenditure Drops In Q2’22
Data from the National Bureau of Statistics (NBS) GDP, Expenditure and Income Approach report for Q1 and Q2 2022, has reveled that the real household final consumption expenditure grew by just 2.32 percent in the second quarter of this year, Q2’22. This represents a 6.2 percentage points quarter-on-quarter, QoQ, decline in growth rate when compared…
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Nigeria’s Public Debt Stock Increases To N42.84trn
The National Bureau of Statistics has said Nigeria’s public debt stock increased from N35.46 trillion (86.57 billion dollars) in the second quarter of 2021. This is an increase to N42.84 trillion (103.31 billion dollars) in the corresponding period in 2020. Public debt stock includes external and domestic debts. NBS said in its Nigerian Domestic and…
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Foreign Capital Inflow Up By 83%
Analysis of the Nigerian Capital Importation report for Q2’2022 has shown that foreign capital inflow into the production sector rose by 83 percent, Year-on-Year (Y-on-Y) to $457.66 million in the first half year ended June 2022 (H1’22). This is an increase from $245.22 million in the corresponding period in 2021. Analysis showed that the inflow…
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Food Prices Increased In September 2022
The National Bureau of Statistics has said that prices of selected food items in September 2022 increased. This was contained in the NBS Selected Food Prices Watch Report for September 2022. The report said that the average price of 1kg of Tomato on a year-on-year basis, increased by 30.06 per cent, from N342.25 recorded in…
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Businesses Owned By Students Are Crumbling Under Nigeria’s Economy
As the country’s economic metrics have continued to maintain its upward trend, Nigerian students who combine academics with entrepreneurship are facing setbacks in growing their business. For Twentyten Daily, Quadri Yahya spoke to some of these students facing this hardship. In October 2022, Sarah Adegboyega, who owns a fashion accessories store, was making a profit…