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Nigeria’s Inflation Rate Increases To 15.7% In February
The Consumer Price Index rose to 15.7 per cent in February from 15.6 percent in January 2022. This is according to the latest figures from the National Bureau of Statistics. The NBS disclosed this in its ‘Consumer Price Index February 2022’ report. According to the NBS, the highest increases were recorded in prices of gas,…
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Merchandise Trade Deficit Rises By 171% in 2021
The National Bureau of Statistics had said the country’s merchandise trade deficit rose year-on-year to N1.93 trillion. This is an increase by 171 percent from N711.24 billion in 2020. NBS also said that total merchandise trade stood at N39.7 trillion in 2021, rising YoY by 57.5 percent from N25.2 trillion in 2020. The bureau disclosed…
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6,205 People Died By Road Crashes In 2021
Data from the National Bureau of Statistics have disclosed that no fewer than 6,205 persons died in road accidents in 2021. In its Road Transport Data reports, NBS said that on a quarterly basis, road accidents killed a total of 1,668 people in Q1 2021; 1,453 persons in Q2; 1,432 persons in Q3; and 1,652…
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Mining, Quarrying Sector Contributed N5.37tn To GDP In 2021
According to the National Bureau of Statistics, the mining and quarrying sector recorded a total contribution of N5.37tn to the Gross Domestic Product in 2021. This was according to the data obtained from the Gross Domestic Product for the year under review. The N5.37tn was, however, a decline when compared to the N5.82tn recorded in…
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Manufacturing Sector GDP Rises 3.35%
Analysis of the Q4 2021 Gross Domestic Product report of the National Bureau of Statistics has shown that the manufacturing sector bounced back to growth with N6.5 trillion in 2021, representing 3.35 per cent growth from N6.29 trillion in 2020. The sector had recorded a contraction of 2.75 per cent in 2020 from N6.47 trillion…
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Agric Sector Output Grows In Two Years
Data from the National Bureau of Statistics have shown that the agriculture sector recorded improved performance in 2021, when compared to the previous year. The NBS said the sector output grew by N3.89tn from N37.22tn in 2020 to N41.12tn last year. This development is coming despite worsening insecurity in food-producing states in the country last…
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FG Raked In N1.69tn Company Tax
According to statistics from the National Bureau of Statistics. The Federal Government raked in N1.69tn from company income tax in 2021. This is a 19.56 per cent increase from the N1.41tn that was collected in 2020. The NBS data showed that the Federal Government raked in N392.77bn during the first quarter of 2021, N472.07bn in…
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How Nigeria’s 2021 GDP Beats Projections
The National Bureau of Statistics, in its quarterly report, has published that the country’s Gross Domestic Product grew by 3.98 percent in the fourth quarter of 2021. This, which is considered as the strongest growth since 2014, translates to 3.4 percent as the annual GDP growth for 2021. According to the bureau, “Nigeria Gross Domestic…
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FG, States, LGAs Share N574.668 As Revenue In January 2021
In a communiqué issued at the end of a virtual meeting of the Federation Account Allocation Committee (FAAC) for February, 2022, the federal, state and local government areas have shared a total of N574.668 billion as revenue for the month of January, 2022. The N574.668bn total distributable revenue comprises distributable statutory revenue of N291.400bn; distributable…
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Digital Identity Sector May Add 7% To GDP By 2030
According to a report by VerifyMe Nigeria, the digital identity sector is set to add about seven percent to the nation’s real Gross Domestic Product by 2030. The report titled, ‘Digital ID in Nigeria: State of the Industry,’ said the digital economy (information technology sector) contributed about 18 per cent to the GDP in the…