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Tag: National Bureau of Statistics (NBS)

  • Nigeria’s Electricity Distribution Companies (DisCos) Generate N263 Billion in Q2 2023

    By  Milcah   Tanimu

    According to data from the National Bureau of Statistics (NBS), Nigeria’s Electricity Distribution Companies (DisCos) in the electricity supply sector reported a total revenue of N263 billion in the second quarter of 2023. The NBS released this information in its Nigeria electricity report, which provides details on energy billed, revenue generated, and customer statistics by DisCos for Q2 2023.

    In Q2 2023, the DisCos collected N263.08 billion in revenue, up from N247.33 billion in the previous quarter (Q1 2023). On a year-on-year basis, this represents a significant increase of 39.63 percent compared to N188.41 billion generated in Q2 2022.

    The report also highlighted customer statistics for the same period. The total number of customers in Q2 2023 reached 11.47 million, up from 11.27 million in Q1 2023, indicating a 1.84 percent increase. Year-on-year, customer numbers in Q2 2023 grew by 6.17 percent compared to 10.81 million in Q2 2022.

    Metered customers in Q2 2023 numbered 5.47 million, which represents a 3.10 percent growth compared to 5.31 million in the previous quarter. On a year-on-year basis, this figure increased by 10.40 percent from 4.96 million in Q2 2022.

    Additionally, estimated customers for the quarter were reported at 6.00 million, showing a 0.72 percent increase from 5.96 million in Q1 2023. Year-on-year, estimated customers in Q2 2023 grew by 2.58 percent compared to 5.85 million in Q2 2022.

    Regarding electricity supply, the report noted that in Q2 2023, it reached 5,909.83 Gigawatt hours (Gwh), up from 5,851.87 Gwh in the previous quarter. On a year-on-year basis, this represents a substantial increase of 13.06 percent compared to 5,226.97 Gwh reported in Q2 2022.

  • Nigeria’s Inflation Surges to Unprecedented 24.08% in July

    Nigeria’s Inflation Surges to Unprecedented 24.08% in July

    By  Milcah  Tanimu

    Nigeria’s inflation rate has reached a historic pinnacle, surging to 24.08% in July 2023 from the previous month’s 22.79%, marking a significant 1.29% increase, as reported by the National Bureau of Statistics (NBS).

    Comparatively, on a year-on-year basis, the inflation rate witnessed a stark rise of 4.44 percentage points when juxtaposed with July 2022’s rate of 19.64%, according to the latest data released by the NBS.

    This surge in the headline inflation index for July 2023 is attributed to escalated contributions from specific items within the basket of goods and services, particularly within various divisions.

    Notably, the notable contributors to this rise included food and non-alcoholic beverages, which escalated by 12.47%, and housing, water, electricity, gas, and other fuels, increasing by 4.03%. Nigeria’s decision to remove gasoline subsidies in May of this year led to a chain reaction of soaring petroleum product prices, subsequently impacting the costs of other commodities.

    The upward trajectory of overall inflation was also evident in the sectors of clothing and footwear (1.84%), transport (1.57%), furnishings, household equipment, and maintenance (1.21%), education (0.95%), and health (0.72%).

    Breaking down the data further, the food component sub-index for July 2023 witnessed a staggering year-on-year increase of 26.98%. This notable surge was 4.97% higher compared to June 2022’s rate of 22.02%.

    This surge in food inflation on an annual basis was primarily fueled by the heightened prices of oil, fats, bread, cereals, fish, potatoes, yams, fruits, meat, vegetables, milk, cheese, and eggs.

    In a parallel trend, the month-on-month food inflation rate for July 2023 ascended to 3.45%, indicating a 1.06% increase from June 2023’s rate of 2.40%.

  • Q1 2023 records no capital importation in 28 states

    Q1 2023 records no capital importation in 28 states

    According to a report by the National Bureau of Statistics (NBS), only nine states in Nigeria received capital importation between January and March 2023. These states are Adamawa, Akwa-Ibom, Anambra, Ekiti, Lagos, Niger, Ogun, Ondo, and the Federal Capital Territory, Abuja. The remaining 28 states did not receive any capital importation during this period.

    The report revealed that the total capital importation for the first quarter of 2023 amounted to $1.13 billion, showing a 6.8% increase compared to the fourth quarter of 2022, which recorded $1.1 billion.

    Capital importation refers to the inflow of external resources into the local capital resources for investment, trade, and business production. The NBS categorizes capital importation into three main types: Foreign Direct Investment (FDI), Portfolio Investment, and Other Investments, each with various sub-categories.

    The largest portion of capital importation came from Portfolio Investment, accounting for 57.32% ($649.28 million). Other Investments accounted for 38.31% ($435.76 million), while FDI (FDI) contributed 4.20% ($47.60 million).

    In terms of sectors, the banking sector attracted the highest capital importation, totaling $304.56 million, which represented 26.89% of the total capital imported in Q1 2023. The production sector followed with $256.12 million (22.61%), and IT Services received $216.06 million (19.08%).

    The NBS report provides insights into the flow of capital investment in Nigeria, highlighting the states and sectors that attract the most capital importation during the specified period.

  • Nigeria’s Public Debt Hits N46.25trn In Q4 2022 – NBS

    Nigeria’s Public Debt Hits N46.25trn In Q4 2022 – NBS

    Nigeria’s public debt stock which includes external and domestic debt hit a new mark of N46.25 trillion in Q4 2022 from N44.06 trillion in Q3 2022.

    This is according to the Nigeria Bureau of Statistics(NBS) which released its quarterly report titled “Nigerian Domestic & Foreign Debt Q4 202” on Friday

    The report revealed that the nation’s public debt grew by 4.96% in Q4 2022, while
    external debt stood at N18.70 trillion in the same quarter of 2022.

    “However, the share of external debt to total public debt stood at 40.44% in Q4 2022, while domestic debt was recorded at 59.56%. In addition, the Federal Government’s share of domestic debt was 80.62% in Q4 2022,” the report read.

    In a debt profile breakdown, the commercial hub of the nation, Lagos, tops the states with the highest debt profile recording a total of N807.21 billion in Q4 2022, while Delta came in second with N304.25 billion and Ogun with N270.45 billion.

    Meanwhile, Jigawa recorded the lowest debt with N43.95 billion followed by Kebbi and Katsina with N61.31 billion and N62.37 billion respectively.

  • Nigeria’s Inflation Rate Drops To 21.34% In Dec 2022

    Nigeria’s Inflation Rate Drops To 21.34% In Dec 2022

    Nigeria’s inflation rate eased to 21.34% in December 2022 from 21.47% in November 2022, first drop in about 11 months.

    The National Bureau of Statistics (NBS) in its latest inflation report showed a decline of 0.13% between November and December.

    “In December 2022, the headline inflation rate eased to 21.34% compared to November 2022 headline inflation rate which was 21.47%,” the NBS report partly read.

    “Looking at the trend, December 2022 inflation rate showed a decline of 0.13% when compared to November 2022 inflation rate.

    “However, on a year-on-year basis, the headline inflation rate was 5.72% points higher compared to the rate recorded in December 2021, which was (15.63%). This shows that the headline inflation rate increased in the month of December 2022 when compared to the same month in the preceding year (i.e., December 2021).

    “On a month-on-month basis, the percentage change in the All Items Index in December 2022 was 1.71%, which was 0.32% higher than the rate recorded in November 2022 (1.39%). This means that in the month of December 2022, the general price level was 0.32% higher relative to November 2022.

    “The percentage change in the average CPI for the twelve months ending December 2022 over the average of the CPI for the previous twelve months period was 18.85%, showing 1.89% increase compared to the 16.95% recorded in December 2021.”

  • Food price hike, others push inflation to 14.23% —NBS

    Food price hike, others push inflation to 14.23% —NBS

    The hike in food prices and other individual consumption across the country further increased the rate of inflation in Nigeria to 14.23 per cent in October 2020.

    Figures released by the National Bureau of Statistics on Monday showed that the country’s inflation increased again in October, moving up by 0.52 per cent when compared to what was recorded in the preceding month.

    The bureau said, “The Consumer Price Index, which measures inflation increased by 14.23 per cent (year-on-year) in October 2020.

    “This is 0.52 per cent points higher than the rate recorded in September 2020 (13.71 per cent).”

    It was observed that increases were recorded in all Classification of Individual Consumption by Purpose divisions that yielded the headline index.

    On a month-on-month basis, the headline index increased by 1.54 per cent in October 2020, representing 0.06 per cent rate higher than the rate recorded in September 2020 (1.48 per cent).

    The percentage change in the average composite CPI for the 12 months period ending October 2020 over the average of the CPI for the previous 12 months period was 12.66 per cent.

    This showed a 0.22 per cent point rise from 12.44 per cent recorded in September 2020.

    The urban inflation rate increased by 14.81 per cent (year-on-year) in October 2020 from 14.31 per cent recorded in September 2020.

    Rural inflation rate on the other hand, increased by 13.68 per cent in October 2020 from 13.14 per cent in September 2020.

    On a month-on-month basis, the urban index rose by 1.6 per cent in October 2020, up by 0.04 from 1.56 per cent recorded in September 2020.

    The rural index also rose by 1.48 per cent in October 2020, up by 0.08 from the rate recorded in September 2020 (1.40 per cent).

    The corresponding 12-month year-on-year average percentage change for the urban index was 13.29 per cent in October 2020.

    This was higher than 13.07 per cent reported in September 2020, while the corresponding rural inflation rate in October 2020 was 12.09 per cent compared to 11.86 per cent recorded in September 2020.

  • Nigeria records N36.1 trn total trade in 2019 — NBS

    Nigeria records N36.1 trn total trade in 2019 — NBS

    The National Bureau of Statistics (NBS) says Nigeria recorded N36.152 trillion as value of total trade in 2019, representing a 14.05 per cent increase over 2018.

    The bureau said this in its “Foreign Trade in Goods Statistics, Quarter Four, 2019”, released on Friday in Abuja.

    However, this was lower than 36.86 per cent recorded in 2018 over 2017.

    “The level of imports stood at N16.959 trillion while exports were valued at N19.192 trillion, resulting in a trade balance of N2.232 trillion.

    “While imports rose by 28.8 per cent in 2019 over 2018, exports rose by only 3.6 per cent and the trade balance was 58.4 per cent less than in 2018.”

    It said that in the fourth quarter of 2019, the value of total trade was N10.1 trillion, or 10.2 per cent higher than the value recorded in quarter three, 2019 and 25.9 per cent higher than in quarter four, 2018.

    According to the report, Nigeria’s merchandise trade grew in quarter four, 2019 but imports rose faster, exceeding falling exports.

    “The value of the export component (N4.770 trillion) fell by 9.79 per cent against quarter three, 2019 but rose by 7.06 per cent when compared with the corresponding quarter in 2018.

    “On the other hand, the import component (valued at N5.349 trillion) increased by 37.20 per cent in quarter four against quarter three, 2019 and 49.34 per cent against quarter four, 2018.

    “The faster increase in imports resulted in a negative trade balance of N579.06billion during the quarter under review, the first since mid- 2016.”

    Giving an overview of total imports in the fourth quarter of 2019, the NBS said it stood at N5.349.63 billion, representing an increase of 37.2 per cent over the value recorded in  quarter three, 2019 and 49.34 per cent over the corresponding quarter of 2018.

    It added that in 2019, total imports grew by 28.8 per cent compared to 2018.

    “The value of imported agricultural goods decreased by 2.8 per cent in quarter four, 2019 compared to quarter three, but rose 6.6 per cent compared to the corresponding quarter in 2018.

    “The value of agricultural imports in 2019 was 12.7 per cent higher than in 2018.

    “Raw material imports were 1.63 per cent higher in quarter four, 2019 compared to quarter three and 8.47 per cent higher compared to quarter four, 2018.

    “Imports of raw materials grew 19.2 per cent in 2019 compared to 2018,” it said.

    The report said that solid minerals imports decreased in value by 6.98 per cent in quarter four, 2019 relative to quarter three, 2019 but were higher by 5.11 per cent relative to quarter four, 2018.

    However, the value of solid minerals imports rose by 28.1 per cent in 2019 compared to 2018.

    The NBS said that the value of imported manufactured goods was 40.74 per cent higher in quarter four, 2019 than the level attained in quarter three 2019 and 77.50 per cent more than in quarter four, 2018.

    This, it said, was due to the importation of other electrodiagnostic apparatus during the quarter.

    It added that for 2019, the value of imported manufactured goods imports was 60 per cent higher than in 2018.

    According to the report, the value of energy goods imports decreased by 65.27 per cent in quarter four, 2019 compared to quarter three, 2019 and by 75.86 per cent compared to quarter four of 2018.

    It added that for 2019, the value of energy goods imports fell by 56.2 per cent compared to 2018.

    On other oil products imports, the NBS said that they were 60.59 per cent higher in value in quarter four, 2019 than in quarter three and 2.11 per cent higher than quarter four, 2018.

    “For annual 2019, the value of other oil products imports fell by 34.3 per cent relative to 2018 levels.”

    For export, the NBS said total export was 9.79 per cent lower in value in quarter four, 2019 compared to quarter three, 2019 but 7.06 per cent higher relative to quarter four of 2018.

    It added that in 2019, the value of total exports was 3.56 per cent higher than in 2018.

    The NBS reported that in quarter four, 2019, crude oil remained the dominant export valued at N3.629 trillion and accounting for 76.1 per cent of total exports, while non crude oil exports amounted to N1.141 trillion or 23.9 per cent.

    “However the value of crude oil exports in quarter four, 2019 was 3.16 per cent lower than in quarter three, 2019 and 0.88 per cent lower than the corresponding quarter of 2018.

    “On an annual basis, the value of crude oil exports at N14.690 trillion, was lower than in 2018 by 3.08 per cent.”

    The NBS added that for 2019, the value of oil exports was lower than in 2018 by 3.08 per cent.

    The report said that other oil products export were 16.13 per cent higher in value in quarter four, 2019 compared to quarter three, 2019, but 4.85 per cent lower than the level in 2018.

    It added that the value of other oil exports was 9.2 per cent lower in 2019 than in 2018.

    According to it, agricultural goods exports grew in value by 61.89 per cent in quarter four, 2019 compared to quarter three 2019 but decreased by 30.23 per cent when compared with quarter four, 2018.

    However, in 2019, the value of agricultural goods exports fell 10.74 per cent relative to 2018.

    For raw material exports, there was a decline in value by 27.99 per cent in quarter four, 2019 against the level in quarter three, 2019 and by 48.18 per cent against quarter four, 2018, the report said.

    On an annual basis, raw material exports fell 14.02 per cent in 2019 compared to 2018.

    The NBS said that solid minerals exports in quarter four, 2019 was 69.58 per cent lower than the value recorded in quarter three, 2019 and 75.10 per cent less than quarter four, 2018.

    It added that the 2019 value of solid minerals exports was 61.52 per cent lower than in 2018.

    For manufactured goods, it said exports in quarter four, 2019 was 48.9 per cent less in value than recorded in quarter three of  2019 and 573.19 per cent higher than quarter four, 2018.

    It said that in 2019, the value of manufactured goods exports was over 200 per cent higher than in 2018.

    For crude oil, exports in quarter four, 2019 were 3.16 per cent lower than the value in quarter three, 2019 and 0.88 per cent lower than quarter four, 2018.

    According to the report, energy goods exports in quarter four, 2019 grew by 7.29 per cent against the level in quarter three, 2019, but declined by 44.36 per cent when compared with quarter four, 2018.

    It however, said that in 2019, the value of energy goods exports was lower by 25.49 per cent compared to 2018.  (NAN)

  • Inflation rises to 12.13% in January – NBS

    Inflation rises to 12.13% in January – NBS

    The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI) which measures inflation increased by 12.13 per cent year-on-year in January 2020.

    The NBS made this known in its report on Inflation released on Tuesday.

    It stated that this increase was 0.15 per cent points higher than the rate recorded in December 2019, which was 11.98 per cent.

    The bureau explained that the increases were recorded in all Classification of Individual Consumption by Purposes (COICOP) divisions that yielded the headline index.

    According to NBS, month-on-month basis, the headline index increased by 0.87 per cent in January 2020 and this is 0.02 per cent rate higher than the rate recorded in December 2019, which was 0.85 per cent.

    “The percentage change in the average composite CPI for the 12 months period ending January 2020, over the average of the CPI for the previous 12 months period was 11.46 per cent, showing 0.06 per cent point from 11.40 per cent recorded in December 2019.

    “The urban inflation rate increased from 12.62 per cent in December to 12.78 per cent year on year in January 2020, while the rural inflation rate increased from 11.41 per cent in December 2019 to 11.54 per cent in January 2020.

    “On a month-on-month basis, the urban index rose from 0.90 per cent recorded in December 2019 to 0.92 per cent in January 2020, up by 0.02 , while the rural index also rose by 0.83 per cent in January 2020, up by 0.01 from the rate recorded in December 2019, which was 0.82 per cent.

    “The corresponding 12-month year-on-year average percentage change for the urban index is 11.92 per cent in January 2020. This is higher than 11.83 per cent reported in December 2019.

    “While the corresponding rural inflation rate in January 2020 is 11.04 per cent compared to 11.00 per cent recorded in December 2019,” it explained.

    The bureau stated that the highest increase recorded was on oil and fats, fish, meat, potatoes, yam and other tubers as well as bread and cereals. (NAN)