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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…
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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…
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Inflation: Nigeria Has Surpassed 16.0% Rate 25 Times In 88 Months
The National Bureau of Statistics has published that the consumer price index for April 2022 increased to 16.82 percent on a year-on-year basis. The recent figures are 1.3 percent points lower compared to the rate recorded in April 2021 (18.12) percent but 0.9 percent higher than March 2022. According to NBS the headline inflation rate…
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In Four Years, Workers In Formal Sector Earn N159tn
According to data from the National Bureau of Statistics, employees in Nigeria’s formal sector earned N159.01 trillion from 2018 to 2021. This was contained in its ‘Nigerian Gross Domestic Product Report’. The NBS said the total compensation of employees in the nation, based on the GDP and expenditure at current purchasers’ value, was N34.36tn…
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Nigeria’s Inflation hits 16.82% In April 2022
Latest figures from the National Bureau of Statistics have revealed that the Consumer Price Index rose to 16.82 percent in April from 15.92 percent in March. The NBS disclosed this in its ‘Consumer Price Index April 2022’. The report read in part, “In April 2022, the consumer price index, which measures inflation increased to 16.82…
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Nigerians’ Household Consumption Spending Rises To N108tn
The National Bureau of Statistics has said that Nigerian residents spent N108.47 trillion on household consumption in 2021 in nominal terms. The figure is 11 percent higher than the N97.72tn recorded in 2020. This is an increase amid double-digit inflation of 15.92 recorded in march 2022. The NBS, which disclosed this in its recent Expenditure…
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Forex Remittances Crash By 48%
Figures obtained from the Central Bank of Nigeria have revealed that Nigeria’s total direct remittances dropped by $119.4 million. This is a drop to $130.12 million as of January 2022 from $249.52 million as of December 2021. The development indicates a 48 percent increase over a period of one month. Breakdown Analysis According to the…
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Reviewing Nigeria’s 2021 GDP Growth (1)
The National Bureau of Statistics has reported that the country’s Gross Domestic Product increased by 4.03 percent in the third quarter of 2021. This is contained in its Gross Domestic Product Report Expenditure and Income Approach report for Q3, Q4 2021. According to the report, in the third quarter of 2021, Nigeria’s real GDP at…
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Airfares Record 28% Increase In One Year
According to a new report by the National Bureau of Statistics, air transportation fares rose by 28.26 per cent in one year. In a report titled, ‘Transport fare watch (March 2022),’ the NBS said the average fare paid by air passengers for specified routes on a single journey increased by 4.43 percent month-on-month from N44,825.04…
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Does Nigeria Have A Combined Unemployment Rate Of 55%?
Claim 1: A presidential aspirant for 2023 general elections has claimed that Nigeria has a combined unemployment rate (unemployment and under-employment) of 55 percent. Claim 2: He also claimed that 60% of Nigeria youths are unemployed (unemployment and under-employment combined) Verdict: FALSE. Data shows that these figures, when combined, are above the numbers stated by…