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Q1: Insecurity, Sit-at-home, Petrol Scarcity Caused Food Price Hike
According to a latest report by SBM Intelligence, continuous insecurity challenges, sit-at-home order and recent hike in fuel are major indicators that increased the prices of foodstuffs in the first quarter of 2022. The report, titled ”Jollof Index Q4 2021 & Q1 2022: Geopolitics Comes for Dinner”, showed an explanation of food inflation in Nigeria…
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Comparing Q1 Inflation Rate Across Five Years
According to the latest figures from the National Bureau of Statistics, Nigeria’s Consumer Price Index rose to 15.92 percent in March 2022. This new figure was the highest the country has recorded since November 2021. In the first quarter of the year, Nigeria’s inflation rate grew from 15.60 percent in January to 15.92 recorded in…
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Inflation Hits 15.92% In March 2022
Latest figures from the National Bureau of Statistics showed that Nigeria’s Consumer Price Index rose to 15.92 percent in March 2022. This new rate is the highest the country has recorded since November 2021 with an inflation rate of 15.99 percent. The NBS in its “CPI report for March 2022” revealed that Nigeria’s inflation fell…
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Nigeria’s imports rise by N12.11tn
According to the Central Bank of Nigeria and the National Bureau of Statistics data, between 2016 and 2021 Nigeria’s import bill rose from N8.73 trillion to N20.84 trillion. This means that within the five-year period, imports into the country rose by N12.11tn or 129.10 percent. The CBN data show that the nation’s imports have been…
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Food Imports Exceed Exports By N2.23tn In 12 Months
Findings have revealed that the total international trade in agricultural goods in the country stood at N3.24tn in 2021, with the import value exceeding export value by N2.23tn. This is coming despite the interventions by the Federal Government to diversify the economy and increase food production in the country. According to the National Bureau of…
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Commodity Price Index Drops By 0.33%
The National Bureau of Statistics has said that the all-commodity group export price index averagely declined by 0.33 percent in Q4, 2021. It said in its report titled ‘Commodity price indices and terms of trade (Q4, 2021)’ that, “The decline was majorly attributed to decreases in the prices of products of the chemical and allied…
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Capital Importation Rises By 26% In Q4
According to new data from the National Bureau of Statistics, the value of capital importation into Nigeria increased by 26.35 percent to hit $2.19 billion in the fourth quarter of 2021. In its ‘Nigerian Capital Importation’ report, the NBS disclosed that capital importation increased from $1.73 billion in the third quarter of 2021 to $2.19…
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Charges On Transportation Increased In February 2022
Latest data by the Nigerian Bureau of Statistics has revealed that the average fare paid on transportation by commuters in February 2022 increased. The report, published in NBS website, shows Transport Fare Watch for February, 2022 covering the following categories: bus journey within the city per drop constant route; bus journey intercity, state route, charge…
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Prices Of Petrol, Diesel, Kerosene, Gas Increase In February
Figures from the Nigerian Bureau of Statistics have shown that prices of petrol, diesel, kerosene and gas increased in February 2022. For petrol, the price went up by 2.42 percent; diesel by 8.29 percent; kerosene by 3.10 percent and household gas by 1.39 percent when compared to its records in January 2022. Nigeria, since February,…
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Import Bill On Used Vehicles Rises By 12%
Findings from the National Bureau of Statistics has shown that Nigeria’s spending on importing used vehicles rose by 12.6 percent to N617.48 billion in 2021. This is an increase from N548 billion in 2020 on the back of reduction in import duty on used vehicles. NBS Foreign Trade data in Goods Statistics report showed that…