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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 […]

News

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 […]

FG signs €995m deal to boost Nigerian agriculture sector
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Agriculture accounts for 30.1% of total workforce – NBS  

Nigeria’s agriculture sector continues to be the largest employer, engaging over 25 million people—about 30.1% of the total workforce—in agriculture, forestry, and fishing in 2023. This highlights the sector’s critical role in the economy and its significance in providing livelihoods for a substantial portion of the population. According to the National Bureau of Statistics, despite […]

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84% of Nigeria’s workforce is self-employed – NBS

The National Bureau of Statistics has reported that 84% of Nigeria’s working-class population was self-employed in the first quarter of 2024, marking a decline from 87.3% in the third quarter of 2023. This is according to the Nigeria Labour Force Survey Q1 2024 report by the NBS. The report indicate a notable shift within the […]

News

Flight tickets hit N123, 700 in August – NBS

The average fare paid by air passengers for specified routes on a single journey experienced a significant increase, reaching N123,700.14. This figure represents a 25.51% increase compared to the N98,560.28 average fare recorded in July 2024, indicating a substantial rise in travel costs within just one month. In a report released by the Nigeria Bureau […]

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Diesel price rises 64.58% in August- NBS

The average retail price of Automotive Gas Oil in Nigeria increased significantly by 64.58% year-on-year, reaching N1,406.05 per litre in August 2024. This is according to the National Bureau of Statistics Automotive Gas Oil Price Watch Report for September 2024 released on Monday. This marks a substantial rise from N854.32 per litre recorded in the […]

News

Inflation rate slows for second month, hits 32.15% in August

Nigeria’s headline inflation rate decreased to 32.15% in August 2024, down from 33.40% in July, according to the Consumer Price Index report by the National Bureau of Statistics. This marks the second consecutive month of easing inflation. Despite this monthly decline, the August 2024 rate remains 6.35 percentage points higher than the 25.80% recorded in […]

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Nigeria posts trade surplus of N6.95tn in Q2 2024

Nigeria achieved a trade surplus of N6.95 trillion in the second quarter of 2024, reflecting robust export performance despite a slight decline in overall merchandise trade. This surplus represents a 6.60% increase from the N6.52 trillion surplus recorded in the previous quarter. According to the National Bureau of Statistics report released on Wednesday, Nigeria’s total […]

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Agriculture drove 474.50% CIT growth in Q2 2024 – NBS

Agricultural sector led Q2 2024 Company Income Tax  growth in Nigeria, with a 474.50% quarter-on-quarter increase, according to the latest NBS report. The CIT rose to N2.47 trillion, up 150.83% from N984.61 billion in the first quarter of 2024. Notably, the agricultural sector alone experienced a remarkable 474.50% quarter-on-quarter growth. Local CIT payments amounted to […]

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