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Lagos tops list of states with most external debt

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Tag: NBS

News

Naira devaluation pushes raw material imports to N3tn – NBS

The National Bureau of Statistics has said the inflation rate increased to 22.04 per cent on a year-on-year basis in March 2023. However, imports of raw materials into the country increased by 25 % to N3 trillion in 2023. This follows the foreign trade statistics published by the National Bureau of Statistics, according to The […]

Import duty suspension on food items to stop November - Minister
News

Staple food prices increases by over 10% in February- NBS

Major staple food prices across Nigeria saw double-digit increases month-on-month, according to the latest food price watch by the National Bureau of Statistics. The Nigerian Bureau Of Statistics Food Price Watch reported significant spikes in the prices of staple foods such as Garri, Rice, Beans, Beef, and Bread, with increases ranging from 10% to as […]

Nigeria spent N3.25trn on armoured vehicles importation in 2023 — NBS
News

Nigeria spent N3.25trn on armoured vehicles importation in 2023 — NBS

In the final quarter of 2023, Nigeria witnessed a remarkable shift in its import expenditure dynamics as spending on armoured vehicles surpassed that on fuel, signaling significant geopolitical and security considerations. The National Bureau of Statistics’ latest foreign trade report highlighted that Nigeria allocated over N5.06 trillion to the importation of armoured vehicles, a staggering […]

Osun resubmits state's nomination for bank role, challenges CBN’s rejection
News

CBN pledges to recover N10tn intervention loans

The Central Bank of Nigeria, which continues to stand by its previous position of withdrawing direct development funding, has pledged to retrieve all of the over N10 trillion in intervention loans it has issued to various economic sectors. According to BusinessDay, in addition to delivering the results of the two-day meeting of the Monetary Policy […]

Naira falls at official rate despite dollar weak gains
Banking

Naira is already stabilizing, says FG

The foreign exchange market is witnessing a rise in inflows and the naira is stabilizing, as per the Federal Government’s insistence that the current reforms are starting to show benefits. The Times recorded that, the government has instructed appropriate regulatory and enforcement bodies to deal with speculators and other dishonest individuals who are involved in […]

Business

Manufacturing sector’s FDI rises by $644m – NBS

Foreign investments in Nigeria’s manufacturing sector increased by $644 million in 2023 to $1.5 billion from $948 million in the previous year. According to the PUNCH, the industry with the greatest investments is manufacturing, which came on top recorded in NBS’s capital importation report. The industries comprising the top three investment magnates were banking and […]

Fuel import drop by 1bn liters in seven months – Report
Oil and Gas

Fuel import drops by 1bn liters in seven months – Report

The National Bureau of Statistics has revealed that following President Bola Tinubu’s removal of fuel subsidies in June, the nation’s monthly imports of petrol decreased by almost 1 billion liters. According to the NBS statistics, the nation imported 2.09 liters of petroleum in January 2023 and 1.99 billion liters in February of the same year. […]

Only four Nigeria states attract foreign investment in Q4 - Report
News

Only four Nigeria states attract foreign investment in Q4 – Report

By Melvin Onwubuke   The number of Nigerian states that allured foreign investors, in the fourth quarter of 2023 dropped to lowest in about 3 years. According to findings by BusinessDay, the latest capital importation published by the National Bureau of Statistics, revealed that only 4 States in Nigeria got foreign capital in fourth quarter […]

News

Foreign loans account for 59% capital importation – NBS

The National Bureau of Statistics’ most recent capital importation data for foreign loans accounted for no less than 59.1% of the $2.31 billion in capital imported into the country in 2023. According to The PUNCH, the study states that “foreign capital inflow increased to $1.09 billion in the last quarter of 2023 from $654.65 million […]

NBS names three countries with highest capital investment in Nigeria
News

NBS names three countries with highest capital investment in Nigeria

In the fourth quarter of 2023, the National Bureau of Statistics reported that the United Kingdom, Mauritius, and the Netherlands emerged as the leading contributors to capital investments in Nigeria. The data, outlined in the Nigeria Capital Importation report for Q4 2023, highlights the significant economic ties between Nigeria and these countries. During this period, […]

Only four Nigeria states attract foreign investment in Q4 - Report
News

Foreign investment in manufacturing sector falls by 54% – NBS

The latest Capital Importation data from the National Bureau of Statistics shows that foreign investments in Nigeria’s manufacturing sector decreased by $326 million (54%) to $279.5 million in the third quarter of 2023 from $605 million in the second quarter. According to The PUNCH, the report’s further research, despite the large decline, the production sector […]

FDI drops $471m in five years - NBS
Business

FDI drops $471m in five years – NBS

Foreign direct investments into Nigeria have decreased by $470.8 million over the last five years. This followed analysis of various National Bureau of Statistics Capital Importation reports. According to Investopedia, FDI is an investment in a foreign firm or project made by a foreign investor, company, or government. The NBS reported on Friday in its […]

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