Tag: NBS

  • Inflation hits 21.47 percent in November – NBS

    Inflation hits 21.47 percent in November – NBS

    Inflation rate rose from 21.09% in October to 21.47% in November 2022, according to the National Bureau of Statistics (NBS).
    In its document titled: ” CPI and Inflation Report November 2022,” on Thursday, the Bureau said headline inflation rate in November 2022 was 1.39%.

    The document explained that it was 0.14% higher than the 1.24% rate recorded in October 2021.

    NBS said: “In November 2022, on a year–on- year basis, the headline inflation rate was 21.47%.”
    According to NBS, this was 6.07% points higher compared to the rate recorded in November 2021, which was 15.40%.

    The document said this means that in the month of November 2022, the general price level was 6.07% higher relative to November 2021.

    “On a month-on-month basis, the Headline inflation rate in November 2022 was 1.39%, this was 0.15% higher than the rate recorded in October 2022 (1.24%),” it said.
    The document added that this means that in the month of November 2022, the general price level was 0.15% higher relative to October 2022.

    NBS said the percentage change in the average CPI for the twelve months period ending November 2022 over the average of the CPI for the previous twelve months period was 18.37%, showing a 1.39% increase compared to 16.98% recorded in November 2021.

  • How ICT, Agric Projected GDP To 2.25% In Q3 – NBS

    How ICT, Agric Projected GDP To 2.25% In Q3 – NBS

    Information and Communication Technology (ICT) and agriculture are among the key sectors that boosted the Gross Domestic Product (GDP) of Nigeria by 2.25 per cent in the third quarter of 2022. 

    According to a report by the National Bureau of Statistics (NBS) released on Thursday, oil revenue dropped to 4.2% as production also dropped averagely to 1.2 million barrels per day. 

    This means the economy is steadily relying on the non-oil sector, which contributed 94.34%. 

    Recall that the Minister of State for Budget and National Planning, Clem Agba, had said the Nigerian economy now runs on revenue from the non-oil sector as oil no longer contributes to the government’s coffers. 

    But the oil production drop indicated that despite the discovery of illegal pipelines and the signing of a security contract with a former militant leader, Government Oweizide Ekpemupolo, alias Tompolo, the country is yet to meet its OPEC quota. 

    Meanwhile, NBS has said the GDP was a drop from 4.03% in the third quarter of 2021. 

    It blamed the slow growth on the recession and the challenging economic conditions that have hindered productive activities.

    “The Q3 2022 growth rate decreased by 1.78 per cent points from the 4.03% growth rate recorded in Q3 2021 and decreased by 1.29% points relative to 3.54% in Q2 2022,” it said. 

    It however said the real GDP grew at 9.68 per cent when compared to the second quarter of 2022, “Reflecting a higher economic activity in Q3 2022 than the preceding quarter. 

    “In the quarter under review, aggregate GDP stood at N52, 255,809.62 in nominal terms. This performance is higher when compared to the third quarter of 2021 which recorded aggregate GDP of N45, 113,448.06, indicating a year-on-year nominal growth rate of 15.83 per cent.” 

    It added that agriculture contributed 29.67 per cent in real terms with crop production the major driver of the sector, while industries contributed 18.37 per cent and services 51.96 per cent. 

  • North Leads as 133m Nigerians Living in Poverty – NBS

    North Leads as 133m Nigerians Living in Poverty – NBS

    No fewer than 133 million Nigerians, representing 63 per cent of the population are currently living in multi-dimensional poverty, the National Bureau of Statistics (NBS) disclosed yesterday.

    Of the total, 105.98 million poor Nigerians are located in rural areas compared to 16.97 million in urban areas.In August 2019, President Muhammadu Buhari committed to empowering an additional 100 million people to escape extreme poverty by 2030.This implied that on average, 10 million people must be lifted out of poverty each year, starting in 2020.

    However, with the adverse impact of the COVID-19 pandemic on livelihoods, and unemployment, the challenge was more evident.According to the Nigeria Multidimensional Poverty Index (MPI) 2022 Survey, which was released yesterday by the statistical agency, there are high deprivations in sanitation, time to healthcare, food insecurity, and housing.

    Also, poor people experience over one-quarter of all possible deprivations.Moreover, both the incidence and intensity of poverty at 62.9 per cent and 40.9 per cent respectively exceeded the 26 per cent poverty cut-off threshold.The report stated that over half of the 200 million population who are multi-dimensionally poor cook with dung, wood, or charcoal, rather than clean energy.

    According to the report, multidimensional poverty is higher in rural areas where 72 per cent of the people are poor compared to 42 per cent in urban areas.It stated that about 70 per cent of Nigerians live in rural areas, yet these areas are home to 80 per cent of poor people.The report pointed out that the North accounted for 65 per cent or 86 million poor Nigerians while 35 per cent or about 47 million people living in poverty reside in the South.

    The incidence of multidimensional poverty was high in Sokoto State which accounted for 96 per cent of poor Nigerians and the lowest incidence of 27 per cent was recorded in Ondo.

    In terms of the proportion of poverty and its intensity, the poorest states included Sokoto, Bayelsa, Jigawa, Kebbi, Gombe, and Yobe.“But we cannot say for sure which of these is the poorest because statistically, their confidence intervals or the range within which the true value falls considering the sample overlap, ” the report noted.

    The report, among other things, said two-thirds of children aged 0-17 are poor and accounted for 65 per cent compared to 58.7 per cent of adults, adding that “This gives rise to the sobering reality that over half of all poor people are children”.

    The report also stated that the incidence of monetary poverty was lower than the incidence of multidimensional poverty across most states.It pointed out that the incidence of national monetary poverty stood at 40 per cent in 2018/2019, compared to 63 per cent who are multi-dimensionally poor in 2022.

    The report also noted that 29 per cent of all school-aged children are not attending school while 94 per cent of all out-of-school children are poor.The report, among other recommendations, urged the government to set child poverty reduction as a top national priority.The survey further stated that, “While the COVID-19 regulatory measures implemented in Nigeria helped to control the spread of the virus, many of these necessary and lifesaving measures had deleterious effects on livelihoods, health, human wellbeing, state-society relations, and social harmony.

    “The Nigerian economy has grown post-COVID, with the real Gross Domestic Product (GDP) growth rate rising from -1.92% in 2020 to +3.40 per cent in 2021.“Despite this economic recovery, the lingering impact of the 2020 recession has undermined household welfare and exacerbated poverty and vulnerability.”

  • BREAKING: Inflation Hits 20.77%, Highest in 17 Years

    BREAKING: Inflation Hits 20.77%, Highest in 17 Years

    The Consumer Price Index (CPI) which measures the rate of change in prices of goods rose to 20.77 per cent year–on-year in September compared to 16.63 per cent in September 2021, the National Bureau of Statistics (NBS) stated Monday.

    The NBS noted that the 4.14 percentage rise in the headline index, the highest in 17 years, indicated that the general price level was higher relative to the preceding year.

    The food inflation rate increased by 3.77 per cent to 23.34 per cent year-on-year compared to 19.57 per cent in the preceding year.

    According to the statistical agency, the rise in food index was caused by increases in prices of bread and cereals, food products, potatoes, yam, and other tuber, oil, and fat.

    The core index, which excludes the prices of volatile agricultural produce, also rose by 3.86 per cent to 17.60 per cent year-on-year in September compared to 13.74 per cent in the corresponding month in 2021.

    Details later…

  • Nigeria’s GDP Slows to 3.54% in Q2

    Nigeria’s Gross Domestic Product (GDP) grew by 3.54 per cent (year-on-year) in real terms in the second quarter of 2022, the National Bureau of Statistics (NBS) said Friday.

    The growth rate indicated a decline from the 5.01 per cent recorded in the second quarter of 2021 when rapid growth was recorded following the toll the COVID-19 pandemic exacted on the economy in Q2 2020.

    According to the Nigerian GDP Report Q2 2022, which was posted on the NBS website, the recent rising prices of goods and commodities have adversely impacted on the Q2 2022 performance.

    The growth rate in Q2 decreased by 1.47 per cent from 5.01 per cent growth rate recorded in Q2 2021 and increased by 0.44 per cent relative to 3.11 per cent in Q1 2022.

    However, quarter-on-quarter, real GDP grew at -0.37 per cent in Q2, reflecting lower economic activity compared to the preceding quarter.

    Details later….

  • NBS Commences Verification of BESDA Implementing Schools in Oyo

    The National Bureau of Statistics (NBS) has begun a verification exercise of all Better Education Service for All (BESDA) focused centres in Oyo State.

    Speaking at the flag-off of a 5-day training of NBS Enumerators in Ibadan today, the Executive Chairman, Oyo State Universal Basic Education Board, Dr. Nureni Aderemi Adeniran said the Board would collaborate with NBS to ensure a hitch-free exercise in the State.

    Adeniran said his office, in partnership with office of the Statistician General of the State, would ensure the enumerators have unhindered access to the 21 BESDA focus Local Government Areas in the State, adding that this will assist the government in attaining its aim to eradicate Out-Of-School Children menace in the State.

    “We assure the NBS management that the State Government, through the Board will accord the verification agents all the necessary support and information they may require”, he said.

    Adeniran added that the State Government will ensure pupils in affected BESDA focus-schools stay back, despite the holidays, during the verification exercise, to ease the process.

    “BESDA is a programme-for-result, funded by the World Bank to support increase in access to basic education by raising equitable access for Out-Of-School Children (OOSC), improve literacy and strengthen accountability for results in basic education in Nigeria. We are determined to make it work in Oyo State”, Adeniran said.

    Adeniran noted that the State is ready for NBS visitation in the selected schools across the state, to verify the authenticity of records kept by the implementing schools.

    He added that the Board will also provide data for the assessment of four Disbursement Linked Indicators (DLIs) on which the state would be rewarded.

    “We welcome the NBS team and its Enumerators. This particular exercise, which is the second Phase, would be conducted in the 21 BESDA focus LGAs in our State”, he said.

    Speaking earlier, the South-West Zonal Controller, NBS, Mr. Bayo Okunuga hinted that the trained enumerators, who are also referred to as NBS verification agents, would be deployed across various local governments to collect data.

    He thanked the Oyo State Government for its commitment towards the success of BESDA and NBS’ verification in the State.

    Also in attendance were the Statistician General of Oyo State, Mr. Adekunle Teslim Adejuwon; the Coordinating Director of OYOSUBEB, Mrs. Abosede Owoeye and other management team of the Board.

  • Nigeria records 3.11% Economic Growth in Q1’22 – NBS

    Nigeria records 3.11% Economic Growth in Q1’22 – NBS

    The National Bureau of Statistics, NBS, said that Nigeria’s economy grew by 3.11%, year on year, YoY, in the first quarter of the year (Q1’22) from 0.51% recorded in the corresponding period in 2021 (Q1’21).

    The NBS stated this in the Nigerian Gross Domestic Product Report (Q1 2022) released this morning.

    The statement reads: “Gross Domestic Product (GDP) grew by 3.11% (year-on-year) in real terms in the first quarter of 2022, showing a sustained positive growth for six consecutive quarters since the recession witnessed in 2020 when negative growth rates were recorded in quarter two and three of 2020.

    “The first quarter 2022 growth rate further represents an improvement in economic performance. The observed trend since Q4 2020 is an indication of a gradual economic stability.

    “The Q1 2022 growth rate was higher than the 0.51% growth rate recorded in Q1 2021 by 2.60% points and lower than 3.98% recorded in Q4 2021 by 0.88% points. Nevertheless, quarter-on-quarter, real GDP grew at -14.66% in Q1 2022 compared to Q4 2021, reflecting a lower economic activity than the preceding quarter.

    In the quarter under review, aggregate GDP stood at N45,317,823.33 million in nominal terms.

    “This performance is higher when compared to the first quarter of 2021 which recorded aggregate GDP of N40,014,482.74 million, indicating a year-on-year nominal growth rate of 13.25%. The nominal GDP growth rate in Q1 2022 was higher relative to the 12.25% growth recorded in the first quarter of 2021 and higher compared to the 13.11% growth recorded in the preceding quarter.”

  • Lagos Received 86.9% Of Capital Imported Into Nigeria In 2021 – NBS

    Lagos Received 86.9% Of Capital Imported Into Nigeria In 2021 – NBS

    Nigeria’s commercial capital Lagos received at least 86.9 percent of the capital imported into the country in 2021.

    This is according to data from the National Bureau of Statistics.

    The region with the second highest figure was the Federal Capital Territory (FCT) with 12.4 percent of the over $6.7bn worth of capital imported into the country in 2021.

    At least 24 other states recorded zero capital importation or had unavailable data for the same period.

    More capital was imported through Banking ($1.4bn), Shares ($1bn) and Production ($934mn) than other sectors.

  • Nigeria’s GDP Grew By 3.98% In 2021 Q4 – NBS

    Nigeria’s GDP Grew By 3.98% In 2021 Q4 – NBS

    The National Bureau of Statistics says Nigeria’s GDP grew by 3.98% in Q4 2021, sustaining a positive trajectory.

    “Nigeria Gross Domestic Product (GDP) grew by 3.98%(year-on-year) in real terms in the fourth quarter of 2021, showing a sustained positive growth for the fifth quarter since the recession witnessed in 2020 when output contracted by -6.10% and -3.62% in Q2 and Q3 of 2020 under the COVID pandemic. The fourth-quarter growth indicates a steady economic recovery accounting for an annual growth of 3.40% in 2021,” a report by the NBS disclosed on Thursday.

    It further stated that the Q4 2021 growth rate was higher than the 0.11% growth rate recorded in Q4 2020 by 3.87% points and lower than 4.03% recorded in Q3 2021 by 0.05% points.

    Nevertheless, the report noted that quarter on quarter, real GDP grew at 9.63% in Q4 2021 compared to Q3 2021, reflecting a higher economic activity than the preceding quarter. In the quarter under review, aggregate GDP stood at N49,276,018.23 million in nominal terms.

    This performance is higher when compared to the fourth quarter of 2020 which recorded aggregate GDP of N43,564,006.29 million, indicating a year-on-year nominal growth rate of 13.11%.

    The nominal GDP growth rate in Q4 2021 was higher relative to 10.07% growth recorded in the fourth quarter of 2020 but lower compared to 15.41% growth recorded in the preceding quarter. 2021 annual nominal growth stood at 13.92%.

  • Tambuwal Rejects NBS’ Ranking Of Sokoto As ‘Poorest’ State

    Tambuwal Rejects NBS’ Ranking Of Sokoto As ‘Poorest’ State

    Governor Aminu Waziri Tambuwal has rejected the National Bureau of Statistics’ ranking of Sokoto as the poorest state despite being the largest onion producer in the country.

    Tambuwal spoke when he received the Chairman of Media Trust Limited (MTL), Malam Kabiru Yusuf, who paid him a courtesy call on Friday.

    “I don’t know why they always rank Sokoto as the poorest state; what are the parameters used?

    “We all know that majority of our people are farmers, in fact, Sokoto is the largest onion producer in the country. We produce onion worth between two and three billion Naira every year. I know a single man who produces onion worth N700million alone.

    “How can you call a state that majority of its people are into all-year-round farming activities as a poor state. There must be a reason behind it. We have over 7 million livestock which is more than the population of human beings in the state, but we’re still (ranked) the poorest,” he wondered.

    The governor commended the management of the MTL for establishing Trust Television, which he said, would help in telling the rest of the world the truth about the North and the nation at large as done by the Daily Trust newspapers.

    “I used to watch some of your programmes and I am impressed with the quality of their contents,” he said

    Earlier, Yusuf said he was in the state to formally intimate the governor of the newly established Trust TV which has been on the air for sometimes and to solicit for continuous support and patronage of his government.