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  • Inflation Drops to 15.40% – NBS

    Inflation Drops to 15.40% – NBS

    The Consumer Price Index, (CPI) which measures inflation dropped to 15.40 per cent (year-on-year) in November compared to 15.99 per cent in the preceding month, the National Bureau of Statistics (NBS) stated Wednesday.

    This is 0.51 percentage points higher than the 14.89 per cent recorded in November 2020.

    Food inflation moderated to 17.21 per cent in compared to 18.30 per cent in November 2020.

    The food index witnessed moderation in prices of bread and cereals, fish, food product, potatoes, yam and other tuber, oil and fats, milk, cheese and eggs and coffee, tea and cocoa.

    On month-on-month basis, the food sub-index increased by 1.07 per cent in November 2021, up by 0.16 percentage points from 0.91 percent recorded in October.

    The core index, which excludes the prices of volatile agricultural produce stood at 13.85 per cent in November 2021, up by 0.61 percent when compared with 11.05 percent recorded in November 2020.

    On month-on-month basis, the core sub-index increased by 1.26 per cent in November 2021. This was up by 0.46 per cent when compared with 0.80 percent recorded in October 2021.

    The core inflation was influenced by highest increases in prices of gas, liquid fuel, other services, garments, vehicle
    spare parts, passenger transport by road, non-durable household goods, jewellery clocks and watches, passenger transport by air, pharmaceutical products, appliances, articles and products for personal care.

    Others are cleaning, repair and hire of clothing and fuels and lubricants for personal transport equipment.

    The average 12-month annual rate of change of the index was 12.96 per cent for the twelve-month period ending November 2021.

    Details later…

  • IGR: Lagos Leads As FCT Beats Rivers, Kano, 33 Others

    IGR: Lagos Leads As FCT Beats Rivers, Kano, 33 Others

    The 36 states and the Federal Capital Territory generated N849.123bn as Internally Generated Revenue (IGR) in 2021 compared to N612.87bn in 2020.

    A report by the National Bureau of Statistics (NBS) yesterday disclosed that N398 billion was generated in the first quarter of 2021 and N450bn in the second quarter, making a positive growth of 13.21 percent.

    The report categorized the IGRs into five subheads of: PAYE, Direct Assessment, Road Taxes, Other Taxes and revenue from Ministries, Departments and Agencies (MDAs).

    It stated that Lagos State had the highest IGR with N267bn followed by the FCT with N69bn and Rivers, N57bn.

    Yobe State had the least amount with N4bn; Taraba, N4.7bn; Gombe, N5.4bn.

    The IGR of other states within the period under review were Abia, N7.5bn; Adamawa, N6bn; Akwa Ibom, N18bn; Anambra, N12.7bn; Bauchi, N9.4bn; Bayelsa, N6.4bn; Benue, N6.7bn; Borno, N9.8bn; Cross River, N14.7; Delta, N41.9bn; Ebonyi, N7.7bn; Edo, N17.6bn; Ekiti, N6.5Bbn; Enugu, N14.1bn; Imo, N9.9bn; Jigawa, N9.3bn; Kaduna, N26.4bn and Kano, N15bn.

    Others were Katsina, N7.4bn; Kebbi, N7.3bn; Kogi, N9.6bn; Kwara, N15.9bn; Nasarawa, N9.5bn; Niger, N7.9bn; Ogun, N54bn; Ondo, N17.9bn; Osun, N13.6bn; Oyo, N25.9bn; Plateau, N14.4bn; Sokoto, N8.4bn and Zamfara, N8.4bn.

    The report stated that the IGR by the six geo-political zones in the first half of 2021 showed that South West recorded the highest revenue of N385,414,274,922.27; South-South, N156,171,326,501.04; North-East zone recorded the least internally generated revenue with N42,915,002,928.39 billion.”

    It added that Pay-As-You-Earn (PAYE) contributed the highest amount to the states with N488bn, followed by revenue from MDAs, N173bn with Road Tax contributing the lowest with N16bn

  • MoU between NIHOTOUR, NBS would close data gap in hospitality sector- Kangiwa

    MoU between NIHOTOUR, NBS would close data gap in hospitality sector- Kangiwa

    By Joyce Remi- Babayeju

    The Director General of the National Institute for Hospitality and Tourism (NIHOTOUR), Nura Sani Kangiwa has stated that the Memorandum of Understanding (MOU) signed between the Institute and the National Bureau of Statistics (NBS) would close the existing data-gap in the hospitality and tourism industry of the country.

    Kangiwa noted the agreement will further deepen statistical development of sectoral databank necessary for planning within the sector.

    Kangiwa who stated this in Abuja during the signing ceremony of the MOU with the NBS stressed that Statistics are critical to research, national planning, sound policy development and informed business decisions.
    He disclosed that data is key to research which is an integral part of NIHOTOUR’s mandate.

    In view of this he said that it is imperative to seek partnership with NBS as an exclusive agency.
    He said for NIHOTOUR to effectively carry out its mandate as a research and allied institution saddled with the responsibility of training of manpower needs in the Hospitality and Tourism industry as well as Coordinator of the Sector Skill Council in Nigeria, the Institute has established a vibrant Research and Development Unit to conduct industry-based research and generate data for the use of the industry, adding that partnership with NBS will fast-track the duties and functions of the agency.

    Furthermore, Kangiwa called for better synergy, cooperation and understanding in the successful implementation of the agreement for the benefit of the two agencies for effective discharge of their mandates, and for the socio-economic benefits of the country in general.
    The Statistician General of the Federation, Dr. Simon B. Harry, reiterated the relevance of data in policy formulation and implementation for national growth and development, assuring that NBS is prepared to work assiduously with NIHOTOUR in its efforts at addressing the dearth of accurate data in the nation’s hospitality and tourism industry.

    Dr. Harry who observed that the absence of accurate data has been the bane for the abysmal performance of sectoral industrial growth and development, further noted that figures and information gathered cannot be said to be usable data until they are found to be accurate, verifiable, accessible, and available for user needs which essentially is what the Bureau intends to achieve for all sectors of the country.

    He then stated that the partnership between the Bureau and NIHOTOUR is a welcome development, adding that he looks forward for more of such partnerships with other Ministries, Agencies and Departments in the public sector as well as the Organized Private Sector for the general and overall growth and development of the country.

  • Nigeria’s Inflation Rate Drops Further To 16.63% In September – NBS

    Nigeria’s Inflation Rate Drops Further To 16.63% In September – NBS

    The Consumer Price Index, (CPI) which measures inflation increased by 16.63 per cent (year-on-year) in September 2021.

    This is 0.38 per cent points lower than the rate recorded in August 2021 (17.01) per cent, according to a report released by the Nigeria Bureau of Statistics on Friday.

    Increases were recorded in all Classification of Individual Consumption According to Purpose (COICOP) divisions that yielded the Headline Index.

    On a month-on-month basis, the Headline Index increased by 1.15 per cent in September 2021, this is 0.13 per cent rate higher than the rate recorded in August 2021 (1.02) per cent.

    The percentage change in the average composite CPI for the 12-month period ending September 2021 over the average of the CPI for the previous 12-month period was 16.83 per cent, showing 0.23 per cent points from 16.60 per cent recorded in July 2021.

    The urban Inflation rate increased by 17.19 per cent (year-on-year) in September 2021 from 17.59 per cent recorded in August 2021, while the rural inflation rate increased by 16.08 per cent in September 2021 from 16.45 per cent in August 2021.

    On a month-on-month basis, the Urban Index rose by 1.21 per cent in September 2021, up by 0.15 the rate recorded in August 2021 (1.06), while the Rural Index also rose by 1.10 per cent in September 2021, up by 0.11 the rate that was recorded in August 2021 (0.99) per cent.

  • Nigeria’s Inflation Rate Drops Further To 17.01% In August – NBS

    Nigeria’s Inflation Rate Drops Further To 17.01% In August – NBS

    Nigeria’s inflation rate has dropped by 0.37 per cent to 17.01 per cent (year-on-year) in August, from the 17.38 per cent recorded in July.

    This was disclosed in the Consumer Price Index report just released by the National Bureau of Statistics.

    According to the report, composite food index also dropped to 20.30 per cent against 21.03 per cent in July.

    “This rise in the food index was caused by increases in prices of bread and cereals, milk, cheese and egg, oils and fats, Potatoes, yam and other tuber, food products n.e.c, meat and coffee, tea and cocoa,” the report read in part.

    At the same time, the country’s urban inflation rate fell to 17.59 per cent year-on-year, from 18.01 per cent recorded two months ago, rural inflation rate tapered to 16.43 per cent from a previous 16.75 per cent, while core inflation, which excludes the prices of volatile agricultural produce dropped by 0.31 per cent to 13.41 per cent in from 13.72 per cent recorded in July.

    “The corresponding twelve-month year-on-year average percentage change for the urban index is 17.19 per cent in August 2021. This is higher than 16.89 per cent reported in July 2021, while the corresponding rural inflation rate in August 2021 is 16.03 per cent compared to 15.73 per cent recorded in July 2021,” the report further stated.

  • Nigeria’s Inflation Rate Declines To 17.75%

    Nigeria’s Inflation Rate Declines To 17.75%

    Nigeria’s consumer price index (CPI), a measurement of the rate of change in prices of goods and services, has declined to 17.75% in June from 17.93 recorded in May 2021. 

    The ‘Consumer Price Index Report for June’ released by the National Bureau of Statistics (NBS) on Friday, means that the prices have continued to increase in June 2021. However, it was at a slower rate than it did in the last month.

    “The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living,” the NBS noted in its report.

    “The construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.”

    The country’s Headline Index, on a month-on-month basis, moved by 1.06% in June 2021. This figure was  0.05 percentage points higher than what was recorded in May 2021 – pegged at 1.01%.

    There was also an increase in the urban inflation rate as it jumped by 18.35 %(year-on-year) in June 2021 from May 2021’s 18.51%. On the other hand, the rural inflation rate moved by 17.16%in June 2021 from 17.36% in May 2021.

    The NBS report equally noted that the composite food index increased by 21.83 % in June 2021. This is against the 22.28% reported in May 2021. The implication is that prices of food rose in the month under review but at a little slower pace than what was recorded in May 2021.

    Increases in prices of bread, cereals, yam, and others, drove the food price index.

  • Inflation Drops Slightly to 18.12%

    Inflation Drops Slightly to 18.12%

    The Consumer Price Index (CPI), which measures inflation, has dropped to 18.12 per cent in April compared to 18.17 per cent in March, the National Bureau of Statistics (NBS) has said.

    Food inflation slowed to 22.72 per cent in April compared to 22.95 per cent in the previous month.

    However, core inflation strengthened to 12.74 per cent in April from 12.67 per cent in March.

    According to the CPI report for April, 2021, which was released by the statistical agency Monday, urban inflation slowed to 18.68 per cent in the review period from 18.67 per cent in March.

    Details later…

  • Over 23 million Nigerians Jobless as unemployment rate hits 33.3% – NBS

    Over 23 million Nigerians Jobless as unemployment rate hits 33.3% – NBS

    Nigeria’s unemployment rate rose from 27.1 per cent in the second quarter of 2020 to 33.3 per cent in the fourth quarter of 2020, the latest figures from the National Bureau of Statistics revealed on Monday.

    The NBS stated in its report on ‘Labour force Statistics: Unemployment and underemployment report- Abridged labour force survey under COVID-19 (Q4, 2020) that this translates to 23.19 million unemployed people.

    Part of the report read, “During the reference period, the computed national unemployment rate rose from 27.1 per cent in Q2, 2020 to 33.3 per cent in Q4, 2020, while the underemployment rate decreased from 28.6 per cent to 22.8 per cent.

    “A combination of both the unemployment and underemployment rate for the reference period gave a figure of 56.1 per cent.

    “This means that 33.3 per cent of the labour force in Nigeria or 23,187,389 persons either did nothing or worked for less than 20 hours a week, making them unemployed by our definition in Nigeria.

    “This is an additional 1,422,772 persons from the number in that category in Q2, 2020.

    “Using the international definition of unemployment, the rate was computed to be 17.5 per cent.”

  • Inflation rate hits 16.47% in January

    Inflation rate hits 16.47% in January

    The National Bureau of Statistics (NBS) on Tuesday disclosed that in January 2021, inflation rate rose to 16.47 per cent.

    It was 15.75 per in December, which is an indication that the rate soared by 0.72 per cent in the period under review.

    NBS made this known in its data titled: “Consumer Price Index January 2021(Base Period December 2009=100)”.

    According to the report: “The consumer price index, (CPI) which measures inflation increased by 16.47 percent (year-on-year) in January 2021.

    “This is 0.71 percent points higher than the rate recorded in December 2020 (15.75 percent). Increases were recorded in all COICOP divisions that yielded the Headline index.”

    NBS noted the percentage change in the average composite CPI for the twelve months period ending January 2021 over the average of the CPI for the previous twelve months period was 13.62 percent, representing a 0.37 percentage point increase over 13.25 percent recorded in December 2020.

    It said on month-on-month basis, the Headline index increased by 1.49 percent in January 2021.

    This, said the NBS, is 0.12 percentage points lower than the rate recorded in December 2020 (1.61 percent).

    It further noted that on a month-on-month basis, the urban index rose by 1.52 percent in January 2021, down by 0.13 percentage points when compared to the rate recorded in December 2020, while the rural index also rose by 1.46 percent in January 2021, down by 0.12 compared to the rate that was recorded in December 2020 (1.58 percent).

    Besides, the report said the urban inflation rate increased by 17.03 percent (year-on-year) in January 2021 from 16.33 percent recorded in December 2020, while the rural inflation rate increased by 15.92 percent in January 2021 from 15.20 percent in December 2020.

    Meanwhile, NBS explained that corresponding twelve-month year-on-year average percentage change for the urban index was 14.23 percent in January 2021.

    This, it said, is higher than the 13.86 percent reported in December 2020, while the
    corresponding rural inflation rate in January 2021 was 13.04 percent compared to 12.67 percent
    recorded in December 2020.

    On All Item Index, the Bureau said “the composite food index rose by 20.57percent in January 2021 compared to 19.56 percent in December 2020.

    “This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes,Yam and other tubers, Meat, Fruits, Vegetable, Fish and Oils and Fats.

    “On month-on-month basis,the food sub-index increased by1.83 percent in January 2021, down by 0.22percent points from 2. 05 percent recorded in December 2020.

    The average annual rate of change of the Food sub-index for thetwelve-month period ending January 2021 over the previous twelve-month average was16.66 percent,0.49 percent points higher than the average annual rate of change recorded in December 2020 (16.17percent).”

  • BREAKING: Nigeria’s foreign capital inflow sinks to $9.68bn, lowest in four years -NBS

    BREAKING: Nigeria’s foreign capital inflow sinks to $9.68bn, lowest in four years -NBS

    Foreign capital flow into Nigeria plummeted by more than half in 2020 to $9.68bn, its lowest level in four years, the National Bureau of Statistics said on Friday.

    The NBS, in its capital importation report for the fourth quarter and full-year 2020, said the total value of capital importation into the country fell by 59.65 per cent or $14.3bn last year from $23.99bn in 2019.

    Foreign capital flow into the country stood at $16.81bn in 2018, $12.23bn in 2017 and $5.12bn in 2016, the NBS data showed.

    The statistics office said the total value of capital importation in Q4 stood at $1.07bn, down by 26.81 percent compared to Q3 and by 71.87 per cent compared to the same period of 2019.

    “The largest amount of capital importation by type was received through other investment, which accounted for 73.22 per cent ($783.26m) of total capital importation, followed by Foreign Direct Investment, which accounted for 23.49 per cent ($251.27m) of total capital imported and portfolio investment which accounted for 3.29 per cent ($35.15m) of total capital imported in Q4 2020,” it said.

    The NBS said the United Kingdom emerged as the top source of capital investment in Nigeria in Q4 with $236.88m, accounting for 22.14 per cent of the total capital inflow.

    It said, “By Destination of investment, Lagos State emerged as the top destination of capital investment in Nigeria in Q4 2020 with $829.64m. This accounted for 77.56% of the total capital inflow in Q4 2020.

    “By bank, Citibank Nigeria Limited emerged at the top of capital investment in Nigeria in Q4 2020 with $216.17m. This accounted for 20.21 per cent of the total capital inflow in Q4 2020.”