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Rebasing GDP, CPI aligns with UN fundamental principles – NBS

The Statistician-General of the Federation and Chief Executive of the National Bureau of Statistics, Semiu Adeyemi, emphasized Nigeria’s commitment to producing reliable and accurate economic data. He stated that the ongoing rebasing of the Gross Domestic Product and Consumer Price Index by the NBS is in line with the United Nations Fundamental Principles of Official […]

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Inflation hits 34.80% in ‘detty’ December – NBS

Nigeria’s headline inflation rate rose to 34.80% in December 2024, up from 34.60% in November, according to a report by the National Bureau of Statistics on Wednesday. This 0.20% increase is attributed to the higher demand for goods and services during the festive season. Compared to December 2023, Nigeria’s inflation rate increased by 5.87 percentage […]

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NBS allocates ₦35m for cybersecurity after website hack

The National Bureau of Statistics has allocated ₦35 million in its 2025 budget proposal for “Capacity Building on Cybersecurity and Data Centre Management.” This move follows the December 18, 2024, cyberattack that compromised the agency’s website, highlighting vulnerabilities in its systems. The funding is expected to enhance staff training, improve cybersecurity measures, and safeguard critical […]

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Nigeria’s exports to ECOWAS hit N1.5trn – NBS

Nigeria’s exports to ECOWAS countries reached N1.54 trillion in the third quarter of 2024, while imports amounted to only N82 billion, as reported by the National Bureau of Statistics. The report indicated that Ivory Coast was Nigeria’s top trading partner in the ECOWAS region, importing goods valued at N662.71 billion. Togo ranked second with N574.93 […]

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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. […]

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