Capital Importation Into Nigeria Declines By 7.7%

 

Fresh statistics released by National Bureau Of Statistics (NBS) on Monday revealed that the bulk of capital importation into Nigeria declined by 7.7%.

The report shows that total value of capital importation into Nigeria stood at $5,367.56 million in 2019 third quarter (July to September).

READ ALSO: Nigeria’s GDP Grows By 2.28% In Third Quater Of 2019

This represents a decrease of -7.78% compared to 2019 second quarter and 87.99% increase compared to the third quarter of 2018.

The report added that the largest amount of capital importation by type was received through Portfolio investment, which accounted for 55.88% ($2,999.50million) of total capital importation.

This is followed by Other Investment, which accounted for 40.39% ($2.167.98million) of total capital, and then Foreign Direct Investment FDI, which accounted for 3.73% ($200.08m) of total capital imported in Q3 2019.

By sector, Capital importation by banking dominated 2019 third quarter reaching $1,756.83 million of the total capital importation in Q3 2019.

Also, the report shows that the United Kingdom emerged as the top source of capital investment in Nigeria in Q3 2019 with $2,011.14million.

“This accounted for 37.47% of the total capital inflow in Q3 2019.”

By Destination of Investment, Lagos State emerged as the top destination of capital investment in Nigeria in 2019 third quater with $4,976.40 million.

This according to the report accounted for 92.71% of the total capital inflow in  2019 third quater.

Nigeria’s GDP Grows By 2.28% In Third Quater Of 2019

PHOTO CREDIT: National Bureau of Statistics

 

Data made available by the National Bureau of Statistics (NBS) shows that Nigeria’s gross domestic product (GDP) grew by 2.28% in the third quarter of 2019.

This is 0.17% percentage points higher than the 2.12% revised GDP growth recorded in the second quarter.

The GDP report which was released on Friday shows that the average daily oil production in the quarter was 2.04 million barrels per day (mbpd).

READ ALSO: Inflation Rate Rises To 11.61% In October

According to the NBS, the growth rate in Q3 of 2019 represents the second-highest quarterly rate recorded since 2016.

The non-oil sector grew by 1.85% during the third quarter. The sector was driven mainly by the Information and Communication sector. Other drivers were agriculture, mining and quarrying, transportation and storage, and manufacturing. In real terms, the non-oil sector contributed 90.23% to the nation’s GDP.

The mining and quarrying sector grew by 5.98% in Q3 2019. Quarrying and other minerals exhibited the highest growth rate of all the sub-activities at 58.03%, followed by coal at 43.68%.

The agricultural sector grew by 14.88% in Q3 2019, showing a decline of –3.44% points from the same quarter of 2018.

The manufacturing sector in the third quarter of 2019 was recorded at 39.69%

Inflation Rate Rises To 11.61% In October

PHOTO credit: National Bureau of Statistics

 

Fresh data from the National Bureau of Statistics on Monday shows that Nigeria’s inflation for the month of October has risen by 0.36 basis points year on year to 11.61 percent and also increased month on month to 1.07 percent from 1.04 percent.

The composite food index rose by 14.09 percent in October compared to 13.51 percent recorded in September due to increases in prices of meat, fish, vegetables, bread and cereals, potatoes, yam and other tubers.

According to experts, the rise in inflation rate may be connected to the ongoing border closure which had made it difficult for products to be exported and imported into the country through the land borders

Core inflation, which excludes the prices of volatile agricultural produce eased to 8.88 percent year on year in October compared with the 8.94 percent recorded in September.

The urban inflation rate stood at 12.20 percent year-on-year in October from September’s 11.78 percent, while rural inflation increased to 11.07 percent in October from 10.77 percent in September.

On a month-on-month basis, the urban index rose to 1.15 percent in October from 1.13 percent, while the rural index was slightly higher at 0.99 percent in from 0.96 percent.

Nigeria’s Inflation Rate Drops By 0.06% Again

NBS, Bureau Of Statistics, Inflation Rate

 

Nigeria’s inflation rate has dropped by a slim margin of 0.06% from 11.31 percent in February to 11.25 per cent in March 2019.

The consumer price index, (CPI) which measures inflation had for a second consecutive time, the same margin of points between January and February 2019.

According to the National Bureau of Statistics (NBS), on a month-on-month basis, the Headline index increased by 0.79 per cent in March 2019, which is 0.06 percent rate higher than the rate recorded in February 2019 (0.73) per cent.

The data highlighted that urban inflation rate increased by 11.54 per cent (year-on-year) in March 2019 from 11.59 per cent recorded in February 2019, while the rural inflation rate increased by 10.99 percent in March 2019 from 11.05 percent in February 2019.

READ ALSO: Senate Passes Power Sector Reform Act Amendment Bill

Though, the composite food index rose by 13.45 percent in March 2019 compared to 13.47 percent in February 2019. “This rise in the food index was caused by increases in prices of Bread and cereals, Meat, Fish, Potatoes, Yam and other tubers, Oils and fats, and Soft drinks, Vegetables, and Fruits.”

The data also listed states where food inflation was highest and lowest.

“In March 2019, food inflation on a year on year basis was highest in Kebbi (16.35%), Niger (16.22%) and Kwara (15.95%), while Bauchi (11.82%), Delta (11.70%) and Ogun (11.55%) recorded the slowest rise.

“On month on month basis however, March 2019 food inflation was highest in Kogi (2.97%), Lagos and Plateau (2.11%) and Oyo (2.04%), while Imo and Nasarawa (0.12%), Enugu (0.11%) recorded the slowest rise with Bayelsa recording food price deflation or negative inflation (general decrease in the general price level of goods and services or a negative inflation rate).”

Road Accidents Claim 1,538 Lives In Fourth Quarter Of 2018 – NBS

 

A total of 1,538 people got killed in road crashes and 2,532 road accidents occurred in the fourth quarter of 2018.

This is according to a report released by the National Bureau of Statistics.

The report revealed that speed violation was the major cause and it accounted for 52% of the total road crashes reported.

Of the 1,538 reportedly killed in road crashes within the period in question, 1,422 are adults, while 116 are children.

READ ALSO: Five Killed, 20 Injured As Vehicle Hits Landmine In Maiduguri

“A total of 1,538 Nigerians got killed in the road traffic crashes recorded in Q4 2018. 1,422 of the 1,538 Nigerians that got killed, representing 92% of the figure, are adults while the remaining 116 Nigerians, representing 8% of the figure are children. 1,209 male Nigerians, representing 79%, got killed in road crashes in Q4 while 329 female Nigerians, representing 21% got killed.”

“A total of 8,406 Nigerians got injured in the road traffic crashes recorded. 7,815 of the 8,406 Nigerians that got injured, representing 93% of the figure, are adults while the remaining 591 Nigerians, representing 7% of the figure are children. 6,194 male Nigerians, representing 74%, got injured in road crashes in Q4 while 2,212 female Nigerians, representing 26% got injured”, the report further stated.

According to the data, 185,883 national drivers’ licenses were produced in Q4 2018, with Lagos and Abuja recording the highest number and Zamfara and Kebbi States produced the least numbers.

1,331 Nigerians Died In Road Crashes Within Three Months – NBS

File photo of a gridlock caused by a petrol tanker, which lost control causing an accident at Kugbo on Mararaba-Abuja expressway.

 

Not less than 1,331 Nigerians died in road crashes in the second quarter of 2018.

This is according to the figure contained in the National Bureau of Statistics (NBS) Road Transport Data (Q2 2018) report released on Tuesday.

NBS said 1,257 of the 1,331 Nigerians that got killed, representing 94% of the figure were adults while the remaining 74 Nigerians, representing 6% of the figure were children.

The figure also revealed that “1,047 male Nigerians, representing 79%, got killed in road crashes in Q2 while 284 female Nigerians, representing 21% got killed.”

The scene from an accident on Kara bridge, Lagos-Ibadan Expressway.

 

The NBS in the report identified speed violation as the major cause of crashes in the three months under review.

“The Q2 2018 road transport data reflected that 2,608 road crashes occurred within the quarter under review. Speed violation is reported as the major cause of road crashes in Q2 and it accounted for 50.65% of the total road crashes reported.

“Tyre burst and dangerous driving followed closely as they both accounted for 8.59% and 8.40% of the total road crashes recorded,” NBS said.

NBS said further that a total of 8,437 Nigerians got injured in the road traffic crashes recorded in the second quarter of 2018.

“7,946 of the 8,437 Nigerians that got injured, representing 94% of the figure, are adults while the remaining 491 Nigerians, representing 6% of the figure are children. 6,415 male Nigerians, representing 76%, got injured in road crashes in Q2 while 2,022 female Nigerians, representing 24% got injured.”

A total of 221,878 national drivers licenses were produced in Q2 2018. Lagos and FCT produced the highest number of drivers’ licenses while Zamfara and Taraba States produced the least numbers of national drivers’ license.

Graphical Representation of Road crashes in Q2 2018 as released by NBS

Q2 Report: FG Regrets ‘Slight Drop’ In GDP Growth

Minister of Budget and National Planning, Udoma Udo Udoma.

 

The Nigeria Ministry of Budget and National Planning have reacted to the recently released second-quarter Gross Domestic Product (GDP) report by the National Bureau of Statistics (NBS).

The Minister of Budget and National Planning, Udoma Udo Udoma, in a statement on Monday, regretted that there was a ‘slight drop’ in real GDP growth rate for the second quarter.

He, however, added that Federal Government is encouraged by the growth recorded in the non-oil sector.

“The Minister regretted that there was a slight drop in real GDP growth rate for Q2, principally as a result of the contraction in the oil sector. The Oil and Gas sector contracted by -3.95% in Q2 2018 compared to a growth rate of 14.77% recorded in Q1 2018 and 3.53% in Q1 2017.

“FG is encouraged by the continuing growth recorded in the non-oil sector, which grew by 2.05% in Q2 of 2018,” he said.

The Minister said he is happy to see that the Nigerian economy registered positive growth in the first and second quarters of the year in spite of the security and other challenges faced by the country.

He said the weaker growth in the Agriculture sector which slowed to 1.19% in the second quarter of 2018 compared to 3.0% in the first quarter of 2018 is another area of concern for Federal Government.

This he partly blamed on security challenges mainly in the North East and North Central zones.

“These security challenges affected activities of farmers with impact on commodity output,” he said.

Udoma said the various measures being taken by the government to tackle the situation is already reducing incidents of violent conflicts and other disruptions to farming activity.

He said the 2.05% growth in the non-oil sector represents the strongest growth in the non-oil GDP since the fourth quarter of 2015. This he noted was evident that the implementation of the targeted policies and programs of the Economic Recovery and Growth Plan (ERGP) is yielding positive results.

According to the NBS report, the non-oil growth was driven by transportation –road, rail, water and air.

The Minister stressed that the focus of the Economic Recovery and Growth Plan (ERGP) is on diversifying the economy away from dependence on the oil and gas sector and was encouraged that efforts are yielding fruits by the continuing growth in the non-oil sector.

Nigeria’s Inflation Rate Falls For Ninth Consecutive Time

Nigeria's GDP Falls 2.24% In 3rd Quarter of 2016

For the ninth consecutive time, Nigeria’s inflation rate measured by Consumer Price Index (CPI) has eased further.

The National Bureau of Statistics (NBS) in its “CPI October 2017 Report’’ released on Wednesday, November 15 in Abuja says Nigeria’s inflation rate has further dropped to 15.91 percent in October from 15.98 recorded in September.

The data also shows food inflation rose by 20.31 percent, just a soft touch below the 20.32 percent recorded in September. This, the report shows was driven by notable increases in the prices of bread and cereals as well as meats and other food items.

Increases were also recorded, according to the report in all Classification of Individual Consumption by Purpose (COICOP) divisions that yield the Headline Index.

Core inflation increased at a faster pace in October, rising by 12.14 percent, versus 12.12 percent in September.

The urban index increased to 16.19 percent, while rural index declined to 15.67 percent in October from 15.81 percent in September.

 

Inflation Drops To 16.01%, Seventh Consecutive Time Since January

Nigeria's GDP Falls 2.24% In 3rd Quarter of 2016

Data from the National Bureau of Statistics (NBS) has shown that inflation has experienced the seventh decline since January 2017.

Nigeria’s consumer price index which measures inflation has trimmed to 16.01% by 0.04% in the month of August.

“Consumer price index (CPI) which measures inflation increased by 16.01% (year-on-year) in August 2017.

“This was 0.04% points lower than the rate recorded in July (16.05%) making it the seventh consecutive decline in the rate of headline year on year inflation since January 2017.

“The urban index rose by 16.13% (year-on-year) in August 2017, down by 0.09% points from 16.04% recorded in July, and the rural index increased by 15.91% in August from 16.08%  in July,” the NBS report which was released on Friday read.

The data shows that food inflation declined to 20.25% from 20.28% in July, while core inflation increased slightly by one-tenth of a percent to 12.30 percent last month.

Also, urban inflation advanced to 16.13% in August from 16.04 percent in July, while in rural parts of Nigeria dropped to 15.91% in the period from 16.08% in July.

Analysts Forecast March Inflation At 16.4%

EFCC Discovers 49m Naira At Kaduna AirportNigeria’s headline inflation for the month of March is expected to fall for the second time in 2017, to 16.4 per cent.

This is according to Lagos-based financial and economic research firm, Financial Derivatives Company.

Earlier in the week, the purchasing manager’s index of the Central Bank, and FBN quest, revealed a modest increase in domestic manufacturing in March, indicating that Nigeria is gradually climbing out of recession.

The National Bureau of Statistics is expected to release the official March inflation data next week.

States’ Debt Burden Rises To Over 3.342trn Naira – NEITI

States' Debt Burden Rises To Over 3.342trn Naira - NEITIThe Nigeria Extractive Industries Transparency Initiative (NEITI) says that the debt burden of the 36 States of the Federation has risen to over 3.342 trillion Naira as at 2016.

Lagos, Delta, Osun and Akwa Ibom states topped the debt chart with a total debt profile of 1.262 trillion Naira, representing about 38% of debts owed by the 36 States of the Federation.

The breakdown shows that as at 2016, Lagos State owes 603.25 billion Naira, Delta – 331.95 billion Naira, while Osun and Akwa Ibom are indebted to the tune of 165.91 billion Naira and 161.23 billion Naira respectively.

The information was contained in the third edition of NEITI Quarterly Review, a researched publication of the organisation which focused on Federal Accounts Allocation Committee (FAAC) disbursements in 2016.

The publication, with facts and data from the National Bureau of Statistics, Office of the Accountant General of the Federation, FAAC and Debt Management Office, is consistent with the mandate of NEITI on monitoring of fiscal allocation and statutory disbursement of revenues due to the three tiers of government.

NEITI’s legitimate interest in the debt profiles, revenue generation and management in Nigeria is as a result of the fact that over 70% of the revenues involved are derived from the extractive industry.

According to the publication, States with high debt burden include Benue with 49.15 billion Naira, Edo – 94.54 billion Naira, Enugu – 57.56 billion Naira, Ekiti – 67.3 billion Naira and Kano with 81.05 billion Naira.

It also disclosed that Katsina State was indebted to the tune of 30.03 billion Naira while and Ogun owed 103.75 billion Naira as at 2016.

NEITI further broke down its analysis in a table containing the total revenue, the Internally Generated Revenues (IGR) and debt profile of the 36 States of the federation.

Table: Summary of FAAC Allocations, IGR, Total Revenue and Debt of State Governments (Jan. to Dec. 2016)

StatesTotal FAAC Allocations Received (N billion)Internally Generated Revenue (IGR) (N billion)Total Revenue* (N billion)Total Debt Burden** (N billion)
Abia34.33

 

13.3547.6844.93
Adamawa33.487.5941.0667.93
Akwa Ibom116.6416.59133.24161.23
Anambra34.3514.7949.1520.60
Bauchi39.735.3945.1383.78
Bayelsa87.737.4195.14113.69
Benue37.608.8946.4849.15
Borno40.462.5242.9828.22
Cross River33.5513.5447.09153.54
Delta97.8844.89142.78331.95
Ebonyi30.0911.0341.1346.05
Edo37.3320.6858.0194.54
Ekiti30.182.3932.5767.29
Enugu34.1512.6746.8257.56
Gombe31.413.5734.9863.89
Imo38.125.4343.5588.06
Jigawa37.543.3440.8830.96
Kaduna44.1615.5059.65110.39
Kano55.3234.4689.7881.05
Katsina41.625.5147.1330.03
Kebbi34.953.1338.0876.83
Kogi36.567.7344.2851.05
Kwara30.0816.4646.5445.38
Lagos109.31301.19410.50603.25
Nassarawa30.402.0932.5055.63
Niger39.285.7645.0333.13
Ogun32.6256.3088.92103.75
Ondo47.797.7855.5740.54
Osun31.508.9640.46165.91
Oyo40.5915.6656.2565.59
Plateau34.869.0943.95104.06
Rivers103.9882.10186.08147.98
Sokoto36.546.2242.7722.90
Taraba31.824.1135.9233.83
Yobe32.653.8036.4511.74
Zamfara33.474.2137.6755.71

IMF Attributes Nigeria’s Inflation To Forex Challenges

IMF Attributes Nigeria’s Inflation To Forex ChallengesThe International Monetary Fund, (IMF), has blamed the double digit inflation rate in Nigeria on the challenges around foreign exchange.

In a policy paper on Macro-economic developments and prospects in low-income developing countries released at the weekend, the IMF attributed Nigeria’s economic challenges to delayed policy adjustment.

The IMF believes efforts of the Central Bank to defend the Naira by forex rationing, have gradually crumbled, and Nigeria’s financial developments have affected neighboring countries like Chad, which has plunged into a recession, as well as Benin republic.

On the other hand, data from the National Bureau of Statistics, shows that Nigeria’s headline inflation has risen to 18.55 per cent.

That is its highest in more than 11 years.