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Economy

Lagos ports handled 84.6% of Nigeria’s Q2 trade — NBS

Lagos ports handled an estimated N35.07 trillion, representing 84.6 per cent of Nigeria’s total merchandise trade of N41.44 trillion in the second quarter of 2026, underscoring the dominance of the nation’s commercial capital as its principal trade gateway. The latest Foreign Trade in Goods Statistics released by the National Bureau of Statistics showed that Nigeria […]

Economy

Inflation rate eased to 15.39% in August — NBS

Nigeria’s headline inflation rate eased marginally to 15.39 per cent in August 2026, as the pace of increase in food prices slowed significantly during the month, according to the National Bureau of Statistics. The NBS disclosed this in its Consumer Price Index report for August 2026 released on Monday. The latest figure represents a 0.04 […]

Economy

Nigeria’s economy grows 4.4% In second quarter — NBS

Nigeria’s economy grew by 4.4 per cent year-on-year in the second quarter of 2026, up from the 4.2 per cent recorded in the corresponding period of 2025, the National Bureau of Statistics said on Monday. The growth was driven by improved performances in both the oil and non-oil sectors during the quarter. The oil sector […]

Business

Garri, beans prices drop as food inflation eases

The prices of key food staples, including garri and beans, declined significantly in April 2026, offering some relief to consumers as food inflation pressures continued to ease. Data from the National Bureau of Statistics showed that the average price of white garri sold loose fell by 39.86 per cent year-on-year, while brown beans recorded a […]

Oil and Gas

Petrol price hit ₦1,288.54/litre in March — NBS

The National Bureau of Statistics says the average retail price of a litre of petrol witnessed an increase from N1,051.47 in February to N1,288.54 in March. The NBS said this in its Premium Motor Spirit (Petrol) Price Watch for March, released in Abuja on Tuesday. It said that the March price of N1,288.54 represented a […]

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Nigeria’s inflation rises to 15.38% in March – NBS

Nigeria’s headline inflation rate rose to 15.38 per cent in March 2026, up from 15.06 per cent in February, according to the National Bureau of Statistics. This marks the first increase in 12 months, following a steady decline that began in April 2025. The NBS disclosed the figure in its Consumer Price Index report released […]

Finance

Nigeria VAT collections dropped to ₦2.19trn in Q4 2025 — NBS

Nigeria’s Value Added Tax collections stood at N2.19 trillion in the fourth quarter of 2025, representing a 3.78 per cent decline from the N2.28 trillion recorded in the third quarter. Despite the quarter-on-quarter dip, the figure reflects a 12.84 per cent year-on-year increase, demonstrating continued growth in taxable economic activities. The data, released by the […]

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Nigeria spent ₦8.96tn on petrol imports in 2025 — NBS

Nigeria’s dependence on imported petrol continued throughout 2025, as oil marketers spent N8.96 trillion on Premium Motor Spirit imports from January to December, despite growing investments in local refining capacity. An analysis of the latest foreign trade data released by the National Bureau of Statistics on Thursday revealed that petrol, classified as “Motor spirit ordinary,” […]

Economy

Nigeria’s food import bill hits N7.65tn in 2025

Nigeria’s expenditure on imported food and beverage products rose sharply to N7.65 trillion in 2025, underscoring the nation’s growing dependence on foreign food amid rising domestic demand and persistent structural challenges in agriculture. According to the latest Foreign Trade Statistics report from the National Bureau of Statistics, these imports include both primary foodstuffs and processed […]

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