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Tag: NBS

Economy

Nigeria inflation hits 33.69% in April 2024 – NBS

The National Bureau of Statistics has said the headline inflation increased to an all-time high of 33.69 % in April 2024. This was disclosed by NBS’s Consumer Price Index report released on Wednesday. NBS attributed the increase to the high cost of food and non-alcoholic beverages. According to the NBS, food and non-alcoholic beverages contributed […]

featured

Cooking gas price rises 42.97% – NBS

Alex Omenye The National Bureau of Statistics reported a significant 42.97% increase in the average retail price to refill a 5kg cylinder of Liquefied Petroleum Gas (Cooking Gas) from N4,610.48 in March 2023 to N6,591.62 in March 2024. This marks a monthly rise of 7.10% from N6,154.50 in February 2024. A state-level breakdown reveals Kano […]

News

Diesel prices surged to N1,341/litre in March 2024 – NBS

The average retail price of Automotive Gas Oil also known as Diesel paid by consumers soared by 59.51% year-over-year, increasing from N840.81 per litre in March 2023 to N1341.16 per litre in March 2024. The price increased by 6.69% month to month from N1257.06 in February 2024 to N1341.16 in March of that year. The […]

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 […]

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