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Tag: NBS

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Nigeria’s inflation hits 34.60% in November – NBS

Nigeria’s inflation rate rose to 34.6% in November 2024, compared to 33.8% in October, according to the latest Consumer Price Index report from the National Bureau of Statistics. The NBS report reveals a 0.72% monthly increase in Nigeria’s inflation rate, climbing from 33.8% in October 2024 to 34.6% in November 2024, underscoring persistent economic pressures […]

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Nigeria’s imports from Malta hit N766.81bn in Q3 2024 – NBS

Nigeria’s total imports from Malta N766.81 billion in the third quarter of 2024, according to the National Bureau of Statistics foreign trade report. Nigeria’s total imports from Malta reached N766.81 billion in the third quarter of 2024, according to the National Bureau of Statistics foreign trade report. While the specific products imported from Malta were […]

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Telecoms sector suffers $99m foreign investment decline in Q3 – NBS

Foreign investments in Nigeria’s telecommunications sector plummeted from $113.42 million in Q2 2024 to $14.4 million in Q3 2024, representing an 87% decline, according to the National Bureau of Statistics. This $99.02 million drop, signals potential challenges such as economic instability, regulatory issues, or declining investor confidence in the sector. The NBS, in its capital […]

N40,000 rice initiative targets public servants, others to follow
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Local rice prices surge by 137.32% – NBS

Local rice prices in Nigeria skyrocketed by 137.32% in October 2024 compared to the same period last year, according to the National Bureau of Statistics’ Selected Food Prices report. This sharp increase places local rice among the 10 most expensive staple foods in the country, highlighting ongoing challenges in food production and affordability. The NBS […]

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ICT contribution to Nigeria’s GDP drops to 16.35% – NBS

The Information and Communications Technology sector contributed 16.35% to Nigeria’s real GDP in Q3 2024, down from 19.78% in the previous quarter, according to the National Bureau of Statistics . This marks an increase compared to the 15.97% contribution recorded in the same period last year. According to the NBS, the ICT sector includes four […]

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Inflation hits 33.88% in October

Nigeria’s inflation rate surged to 33.88% in October 2024, up from 32.70% in September, according to the Consumer Price Index report released by the National Bureau of Statistics. This represents a month-on-month increase of 1.18 percentage points. On a year-on-year basis, the headline inflation rate in October 2024 was 6.55 percentage points higher than the […]

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Food inflation worsen as imported rice prices rise by 144.77%

The price of imported high-quality rice, sold loose, has surged by 144.77% year-on-year, reflecting the growing challenges in Nigeria’s food market. This sharp increase comes as the Federal Government delays the full implementation of its duty-free food policy, which was expected to provide relief to consumers struggling with rising inflation. According to the National Bureau […]

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Nigeria’s inflation rate hit 32.70% in September 2024

Nigeria’s headline inflation rate rose to 32.70% in September 2024, up from 32.15% in August, reflecting a month-on-month increase of 0.55%. The National Bureau of Statistics reported that this uptick was driven by rising transportation costs and food prices, exacerbated by recent petrol price hikes from the Nigerian National Petroleum Company Limited earlier in September. […]

How FG can boost Nigeria's digital growth - Analyst
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Nigerian telecoms attracted $304m foreign investments in 2024 H1 — NBS

The Nigerian telecom sector has experienced a significant resurgence in foreign direct investments, attracting $304 million in the first half of 2024. This figure more than doubles the $134.75 million recorded for the entire year of 2023, as reported by the National Bureau of Statistics. This uptick follows several years of declining investments, despite the […]

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Foreign capital inflows from BRICS surge by 189% – NBS

Nigeria’s foreign capital inflows from BRICS nations have experienced a remarkable surge of 189% in the first half of 2024, reflecting the country’s strategic efforts to secure membership in the expanded BRICS coalition. Data from the National Bureau of Statistics indicates that capital importation from BRICS countries climbed from $438.72 million in the first six […]

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Local refineries produced 1.46bn litres of petrol – NBS

Nigeria produced only 1.46 billion litres of petrol, from 2015 to 2019, primarily due to low refining capacity from inactive refineries, according to the National Bureau of Statistics. This information was revealed in its recently released 2023 Petroleum Products Distribution Statistics. Findings shows that the 1.46 billion litres produced during this period was insufficient to […]

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Petrol imports decline by 3.58bn litres in one year – NBS

The importation of Premium Motor Spirit commonly known as petrol, declined by 3.5 billion litres over the past year, according to data from the National Bureau of Statistics. This significant drop may reflect changes in consumption patterns, local production increases, or shifts in policy affecting fuel imports. This was disclosed in the latest report released […]

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