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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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Oil production declined by 160,000bpd in Q2 2024 – NBS

Nigeria’s daily oil production decreased by 160,000 barrels per day in the second quarter of 2024. This was disclosed in the recent National Bureau of Statistics report. The report revealed that during this period, the country averaged a daily production of 1.41 million barrels per day (mbpd), down from 1.57 mbpd in the first quarter. […]

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ICT contributed 19.78% to Nigeria’s Q2 2024 GDP – NBS

Nigeria’s Information and Communications Technology sector contributed 19.78% to the country’s real Gross Domestic Product in the second quarter of 2024, according to data released by the National Bureau of Statistics on Monday. This marks a slight increase from the 19.54% contribution recorded in the same period last year, highlighting the sector’s growing importance to […]

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Discos earn N3.95tn in five years – Report

Nigeria’s electricity distribution companies (Discos) reported a total revenue of approximately N3.95 trillion between 2019 and the first quarter of 2024, according to data from the National Bureau of Statistics. The data indicated a steady increase in revenue over this period, with Discos earning N482.6 billion in 2019, N526.8 billion in 2020, N761.2 billion in […]

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Food prices surge by over 200% in June – NBS 

Prices for staple foods like tomatoes, beans, and garri increased dramatically in June 2024 when comparedl  to the same period in 2023. This was disclosed in the National Bureau of Statistics report, showing these increases in its Selected Food Price Watch released on Wednesday. According to the NBS, the price of tomatoes (1kg) surged by […]

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Nigeria’s terms of trade dips 0.12% – NBS

In the first quarter of 2024 (Q1’24), all commodity terms of trade (ToT) fell by 0.12 percentage points, while imports grew by 0.51 percentage points. This was disclosed by the National Bureau of Statistics on Monday in its All Commodity Price Indices and ToT report for Q1’24. The bureau defined ToT as the ratio between […]

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