Tag Archives: NBS

Nigeria suffers highest inflation rate in 2 years – NBS

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Nigeria’s headline inflation rate rose to 12.82 per cent year-on-year in July, indicating an increase of 0.26% from the figure recorded in June.

The National Bureau of Statistics (NBS) disclosed this in its Consumer Price Index (CPI) and Inflation report for last month, published on Monday.

It is the highest so far reported in the country in the last 27 months, as the prices of food and medical supplies continue to surge amid the coronavirus (COVID-19) pandemic.

The CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living i.e it measures the inflation rate. Source: NBS

According to it, increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

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The latest data from the agency indicates that the headline index increased by 1.25 per cent from the 1.21 per cent recorded the previous month, on a month-on-month basis.

“The percentage change in the average composite CPI for the twelve months period ending July 2020 over the average of the CPI for the previous twelve months period was 12.05 percent, representing a 0.15 percent point increase from 11.90 percent recorded in June 2020,” the report said.

Similarly, food inflation rose to 15.48 per cent compared to 15.18 per cent recorded in June, as a result of increases in the prices of bread and cereals, potatoes, yam and other tubers, meat, fruits, oils and fats.

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Meanwhile, the urban inflation rate increased to 13.40 per cent year-on-year from 13.18 per cent recorded in June 2020, while the rural inflation increased to 12.28 percent in July from 11.99 per cent in the previous month.

On a month-on-month basis, the NBS disclosed that the urban index rose by 1.27 per cent in July 2020, up by 0.04 per cent from 1.23 per cent recorded in June 2020, just as the rural index also increased by 1.23 per cent in July 2020, up by 0.04 per cent from the figure recorded in June (1.19 per cent).

“The corresponding twelve-month year-on-year average percentage change for the urban index was 12.66 per cent in July 2020.

“This is higher than 12.50 per cent reported in June 2020, while the corresponding rural inflation rate in July 2020 is 11.49 per cent compared to 11.36 per cent recorded in June 2020,” the report added.


#Newsworthy…

NBS Report: Unemployment rate in Nigeria rises by 27.1% in Q2

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Nigeria’s unemployment rate has gone up by 27 per cent in the second quarter of 2020, from 23.1 per cent it reported in Q3 2018.

The National Bureau of Statistics (NBS) disclosed this in its ‘Labor Force Statistics: Unemployment and Underemployment Report’ released on Friday.

“For the period under review, Q2 2020, the unemployment rate among young people (15-34 years) was 34.9 per cent, up from 29.7 per cent, while the rate of underemployment for the same age group rose to 28.2 per cent from 25.7 per cent in Q3 2018,” the NBS report said. “These rates were the highest when compared to other age groupings.”

According to the NBS, the number of persons in the economically active age (15 – 64 years), jumped from 115,492,969 in Q3 2018 to 116,871,186 in Q2 2020.

“The number of persons in the labour force (i.e. people within ages 15 -64, who are able and willing to work) was estimated to be 80,291,894,” it said.

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This was 11.3 per cent less than the number of persons in Q3 2018.

“Of this number, those within the age bracket of 25-34 were highest, with 23,328,460 or 29.1 per cent of the labour force,” it added.

A further peep into the latest NBS unemployment data indicated that the number of employed people in Q2 2020 slumped by 15.8 per cent to 58,527,276 when placed side by side with that of Q3 2018.

“Of this number, 35,585,274 were full-time employed (i.e. worked 40+ hours per week), while 22,942,003 were underemployed (i.e. working between 20-29 hours per week),” the report revealed.

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At 48.7 per cent, Imo State has the highest unemployment rate in the country and is trailed by Akwa-Ibom State (45.2 per cent) and Rivers State (43.7 per cent).

Anambra State, however, has the lowest unemployment rate in the nation – 17 per cent.

“For underemployment, the state which recorded the highest rate was Zamfara with 43.7 per cent, while Anambra State recorded the lowest underemployment rate, with 17 per cent in Q2 2020,” the agency said.

Due to the COVID-19 pandemic, the NBS said: “2,736,076 did not do any work in the last seven days preceding the survey due to the lockdown but had secure jobs to return to after the lockdown.”


#Newsworthy..

12.56%: Nigeria’s inflation rises in June – NBS

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The consumer price index which measures inflation increased by 12.56 per cent (year-on-year) in June 2020, the National Bureau of Statistics disclosed this in its June CPI and inflation report on Friday.

“This is 0.16 per cent points higher than the rate recorded in May 2020 (12.40 per cent)” it stated.

Increases were recorded in all COICOP divisions that yielded the headline index.

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On a month-on-month basis, the headline index increased by 1.21 per cent in June 2020.

This was 0.04 per cent rate higher than the rate recorded in May 2020 (1.17 per cent).

The percentage change in the average composite CPI for the 12 months period ending June 2020, over the average of the CPI for the previous 12 months period was 11.90 per cent, representing a 0.11 per cent point increase from 11.79 per cent recorded in May 2020.

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On a month-on-month basis, the urban index rose by 1.23 per cent in June 2020, up by 0.05 from 1.18 per cent recorded in May 2020, while the rural index also rose by 1.19 per cent in June 2020, up by 0.03 from the rate recorded in May 2020 (1.16) per cent.

The corresponding 12-month year-on-year average percentage change for the urban index was 12.50 per cent in June 2020.

This was higher than 12.36 per cent reported in May 2020, while the corresponding rural inflation rate in June 2020 was 11.36 per cent compared to 11.26 per cent recorded in May 2020.

The urban inflation rate increased by 13.18 per cent (year-on-year) in June 2020 from 13.03per cent recorded in May 2020, while the rural inflation rate increased by 11.99 per cent in June 2020 from 11.83 per cent in May 2020.


#Newsworthy…

NBS Report: Nigeria’s debt hit N28.63trn

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The National Bureau of Statistics (NBS) said on Friday the total public debt portfolio of the Federal and State governments stood at N28.63 trillion as at March 31.

The NBS stated this in its Nigerian domestic and foreign debt report released in Abuja.

The bureau said further disaggregation of Nigeria’s total public debt showed that N9.99 trillion which represented 34.89 percent was external.

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It added that the domestic debt was N18.64 trillion which represented 65.11 percent of the total debt.

According to the NBS, Lagos accounted for 10.8 percent of the total domestic debt stock in the country.

“States and Federal Capital Territory domestic debt was put at N4.11 trillion with Lagos State accounting for 10.8 percent of the total domestic debt stock.

“Yobe State has the least debt stock in this category with a contribution of 0.7 percent.”


#Newsworthy…

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82.9M Nigerians Are Poor – NBS

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The National Bureau of Statistics (NBS) says more than 82.9 million Nigerians are poor by national standards.

The NBS made this known in its report on Poverty and Inequality in Nigeria 2019, released on Monday.

It explained that the figure showed that 40.1 per cent of the total population was classified as poor, adding that in other words, an average four out of 10 individuals in Nigeria had real per capita expenditures below N137,430.00 per year.

This means the monthly income of an individual in this category is less than N11,500 while income per day is N38.00

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The report indicated that Sokoto, Taraba, Jigawa, Ebonyi, Zamfara, Yobe and Adamawa top the poorest states in the country.

The NBS said Sokoto State had 87.73 per cent poverty head count rate followed by Taraba with 87.73 per cent, then Jigawa which has 87.02 per cent and Ebonyi with 79.76 per cent.

It disclosed that Lagos, Delta, Osun, Ogun, Oyo, Edo and Anambra States had the least in terms of the poverty level.

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According to the bureau, Lagos State has 4.50 per cent poverty head count rate and it is been trailed by Delta with 6.02 per cent followed by Osun State with 8.52 per cent.

The report indicated that after Osun, Ogun was next with 9.32 per cent, while Oyo has 9.83 and Edo has 11.99 per cent as well as Anambra with 14.78 per cent.


#Newsworthy…

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NBS – Inflation increase to 12.25% in March. [Nigeria]


The National Bureau of Statistics (NBS) says Consumer Price Index (CPI), which measures inflation, increased by 12.26 per cent year-on-year in March.

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

It explained that the report showed that inflation in March was 0.06 per cent points higher than the rate recorded in February, which was 12.20 per cent.

The bureau said the lockdown in Abuja, Lagos and Ogun States and various major disruptions in normal economic activities in several states started in April and wouldn’t have had any impact because this report focused on March.

It stated that the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

The NBS added that on a month-on-month basis, the headline index increased by 0.84 per cent in March and this was 0.05 per cent higher than the rate recorded in February, which was 0.79 per cent.

“The percentage change in the average composite CPI for the 12 months period, ending in March over the average CPI for the previous 12 months period was 11.62 per cent showing 0.08 per cent point from 11.54 per cent recorded in February.

“The urban inflation rate increased by 12.93 per cent year on year in March as against 12.85 per cent recorded in February while the rural inflation rate increased by 11.64 per cent in March from 11.61 per cent in February.

“On a month-on-month basis, the urban index rose by 0.88 per cent in March and up by 0.06 point from 0.82 per cent in February while the rural index also rose by 0.80 per cent in March, up by 0.04 points in February which was 0.76 per cent,’’ the NBS stated.

According to the bureau, the highest increase recorded are on fish, vegetables, fruits, oil and fats, bread and cereals, potatoes, yam as well as other tubers.


#Newsworthy…

NBS: Inflation rises to 12.13%


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

This is 0.15 percent points higher than the rate recorded in December 2019 (11.98) percent.


According to the NBS, on month-on-month basis, the Headline index increased by 0.87 percent in January 2020, which is 0.02 percent rate higher than the rate recorded in December 2019 (0.85) percent.

“The percentage change in the average composite CPI for the twelve months period ending January 2020 over the average of the CPI for the previous twelve months period was 11.46 percent, showing 0.06 percent point from 11.40 percent recorded in December 2019,” the NBS added.


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NBS – Nigeria Bribery Rates Annually To N117Mn – UNODC

…likelihood of citizens being approached

National Bureau of Statistics (NBS) and the United Nations Office on Drugs and Crime (UNODC) yesterday, said that an estimated 117 million bribes are paid in Nigeria on a yearly basis.

Healthcare professionals, namely doctors, nurses and midwifes, and public utility officials are the two types of public officials with whom the largest share (31 per cent each) of Nigerians had at least one contact in the 12 months prior to the 2019 survey. Police officers came a close third, with 30 per cent. The 2019 corruption survey conducted by NBS and sponsored by UNODC shows a notable increase since 2016, from 52 to 63 per cent, in the overall proportion of Nigerians who had at least one contact with a public official in the 12 months prior to the survey.

This, the survey, said, can be seen as a positive sign for the provision of public services in Nigeria. Most encouragingly, the prevalence of bribery in relation to several types of public officials has decreased significantly since 2016, the report, said.

The greatest change is in relation to police officers, meaning that the share of people who paid a bribe to a police officer out of all those who had at least one contact with a police officer in the 12 months prior to the 2019 survey decreased from 46 to 33 per cent.

The prevalence of bribery in relation to prosecutors decreased from 33 to 23 per cent, judges/magistrates from 31 to 20 per cent, customs and immigration officers from 31 to 17 per cent and embassy/consulate officers from 16 to 8 per cent.

“The survey assesses the likelihood of citizens being approached for the payment of bribes as well as the frequency of such requests and actual payments. It provides insights into citizens’ attitudes towards corruption, their readiness to refuse requests for bribes and to report corruption incidents. It also provides data on bribery and nepotism in public sector recruitment as well as the phenomenon of vote buying.

“The survey found that out of all Nigerian citizens who had at least one contact with a public official in the 12 months prior to the 2019 survey, 30 per cent paid a bribe to, or were asked to pay a bribe by, a public official. This means that, although still relatively high, the prevalence of bribery in Nigeria has undergone a statistically significant decrease since 2016, when it stood at 32.3 per cent.

“Although a smaller percentage of Nigerians that had contact with public officials paid bribes, or were asked to pay bribes, in 2019 than in 2016, those who did pay bribes continued to do so quite frequently: in 2019, Nigerian bribe-payers paid an average of six bribes in the 12 months prior to the survey, or one bribe every two months, which is virtually the same as the average of 5.8 bribes paid per bribe-payer in 2019” the Outreach Communications Officer of UNODC, Mr Sylvester Atere, said.

In a remark, the Statistician General of the Federation and Chief Executive of National Bureau of Statistics, Dr Yemi Kale said that this second comprehensive survey on corruption in Nigeria provides the government and the people of Nigeria an opportunity to assess, not only the achievements that have been recorded in the process of tackling corruption, but also the framework for evaluating the impact of related progress. Also, the Country Representative of UNODC, Oliver Stolpe, observed that while the prevalence of administrative, mostly low-value bribery has decreased, the survey suggests that the government’s anti-corruption agenda is yet to affect this type of bribe-seeking behaviour more fundamentally.

“Consequently, greater efforts might be needed to eradicate small scale corruption which continues to have a profound effect on the lives of Nigerians” he said.

Stolpe further expressed his hope that the survey will make an important contribution in the fight against corruption in terms of further enhancing its effectiveness and benefits for the people of Nigeria. The Vice-President, Yemi Osinbajo, who was represented by the Solicitor General of the Federation, Mr Dayo Apata, stressed that to fight corruption more effectively, there is a need to improve understanding of its different manifestations as well as to develop evidence-based anti-corruption policies and measures. “Therefore, surveys like this one and other methodologies become imperative” he noted.

#Newsworthy…

NBS – Nigerian Inflow Drags To $460 Million In The Third Quarter…

The National Bureau of Statistics on Monday said the investment inflows into Nigeria declined by $460m from $5.82bn in the second quarter of this year to $5.36bn in the third quarter.

The NBS said this in its Capital Importation Report which was released on Monday.

The report revealed that the third quarter inflow of $5.36bn represents a decrease of 7.78 per cent when compared to the second-quarter figure of $5.82bn.

The report said the largest amount of capital importation was received through Portfolio investment, which accounted for $2.99bn representing 55.88 per cent of total capital importation.

This is followed by Other Investment, which accounted for $2.16bn or 40.39 per cent of total capital, while Foreign Direct Investment accounted for $200.08m or 3.73 per cent of total capital imported in the third quarter of this year.

#Newsworthy…