The Nation Newspaper

Tag: National Bureau of Statistics (NBS)

  • Nigeria’s Q1 import, export bills decline by N793.5b

    Nigeria’s Q1 import, export bills decline by N793.5b

    Nigeria has recorded negative trade balance, while the value of total exports and imports have fallen by N793.5billion or 22.6 per cent within the last one quarter (Q1), the National Bureau of Statistics (NBS), has said.

    In a statement, NBS noted that the falling export figures have resulted in negative trade balance for Nigeria.

    The figures and changes are based on comparison  with data for last quarter of last year and the first quarter of this year.

    “The total value of Nigeria’s merchandise trade at the end of Q1, 2016 stood at N2,723.9 billion.

    “From the preceding quarter value of N3,517.4 billion, this was N793.5billion or 22.6 per cent less; this development arose due to a sharp decline in both imports and exports.

    “Exports saw a decline of N671.1 billion or 34.6 per cent, while imports declined by N122.4 billion or 7.8 per cent.

    “The steep decline in exports brought the country’s trade balance down to N184.1 billion, or N548.7bilIion less than in the preceding quarter,” the NBS stated.

    According to the Bureau, the crude oil component of total trade decreased by N716.7 billion or 46.6per cent against the level recorded in last quarter of last year.

    According to the trade statistics, imports from African countries during the period totalled N82.5 billion or 5.7per cent while imports from Economic Commmunity of West African States (ECOWAS) countries alone amounted to N41.3 billion.

    The value of the export trade during Q1 2016 totalled N1,269.9 billion, showing a decrease of N671.1 billion or 34.6 per cent, over the value recorded in the preceding quarter, with crude oil  accounting for N821.9 billion or 64.7per cent.

    Exports by section showed that the highest export product for the period under review was “Mineral products” which accounted for N1,054.1 billion or 83.0 per cent while export of prepared food stuffs, beverages, spirits and vinegar was  N72.7 billion or 5.7 per cent.

  • ‘Unemployment rate rises to 8.2 per cent’

    ‘Unemployment rate rises to 8.2 per cent’

    Unemployment rate is on the rise, the National  Bureau of Statistics (NBS) alerted yesterday.

    The Bureau said the unemployment rate in the second quarter (Q2) of the year rose to 8.2 per cent from the 7.5 per cent rate it was in the preceding quarter.

    The latest rise was the consecutive jump in unemployment rate since the third quarter of last year.

    NBS explained that the economically active population or working age, comprising persons within the 15 to 64 age bracket, increased to 103.5 million in the  Q2 up from 102.8 million in the first quarter.

    It  also disclosed that the labour force population, comprising those within the working age, who are willing, able and actively looking for work, increased to 74.0 million in Q2 from 73.4 million in Q1, indicating an increase in the labour force by 0.81 per cent.

    By implication, 574,498 economically active persons aged between 15 and 64 joined the labour market during the quarter under review.

    The agency attributed the decline in the number  of full employment or those working less than 40 hours despite a rise in the labour force to job losses or previously fully-employed persons, choosing or being forced to work part-time or in underemployment.

    It further clarified that with an economically active or working age population of 103.5 million and labour force population of 74.0 million, the rate indicated that 29.5 million persons within the economically active or working age population decided not to work for various reasons in Q2, compared to 29.3 million in Q1 of the year.

  • GDP up by 6.81 % in Q3

    GDP up by 6.81 % in Q3

    The Gross Domestic Product (GDP) has risen by 6.81 percent in the third quarter of this year, data from the National Bureau of Statistics (NBS), have shown.

    According to NBS, the figure is higher than the 6.18 per cent recorded in the second quarter of 2013 and the 6.48 per cent recorded in the corresponding quarter of 2012.

    The GDP for the third quarter of 2013 was estimated at N11,166,026.39 million, up from the N10,967,272.89 million (or 1.81 per cent) estimated for the corresponding quarter of 2012 and N10,204,837.97 million (or 9.41 per cent)recorded in the second quarter of 2013.

    In a statement issued yesterday by the Statistician General and Chief Executive Officer of the National Bureau of Statistics (NBS), Dr. Yemi Kale, the data revealed that the average daily production of crude oil in the third quarter of 2013, was recorded at 2.26 million barrels per day, representing an increase from the 2.11 million barrels per day recorded in the second quarter of the year.

    Crude production was however lower compared to the 2.52 million barrels per day recorded in the third quarter of 2012.

    The Report reads in part: “These figures with their associated gas components, resulted in a decline in the growth (year-on-year) of the value added of output in oil GDP by 0.53 per cent for the third quarter of 2013, an increase from the negative 1.15 per cent growth recorded in the second quarter of 2013, but lower from the 0.08 percent growth recorded in the corresponding period of 2012.

    “The economy can be broadly classified into two output groups: Oil and Non-oil sectors. Supply disruptions continue to hamper output in the oil sector. Non-oil sector output increased in the third quarter of 2013 however. The non-oil sector growth was driven by growth in activities recorded in the agriculture, hotels & restaurants, building & construction and telecommunications sectors.”

    While supply challenges continue to hamper production, NBS said the restoration of 400,000 barrel per day production during the quarter due to the re-opening of three major pipelines– The Trans Niger, Nembe Creek and Tebidaba– brass pipelines are welcome developments for crude production going forward.

    Findings by the NBS showed that the Oil sector contributed approximately 12.50 percent to real GDP in the third quarter of 2013.

  • Inflation rate fell to 8.4% in June – Statistical bureau

    Inflation rate fell to 8.4% in June – Statistical bureau

    Nigeria’s inflation rate has decreased to 8.4 per cent in June from the 9.0 per cent reported in May, the National Bureau of Statistics (NBS) has said.

    This is contained in a statement issued in Abuja on Wednesday by, the Statistician-General of the Federation, Dr. Yemi Kale.

    “Nigeria’s Composite Price Index (CPI), which measures the average change in price level decreased to 8.4 per cent in June.

    “This is 0.6 percentage points lower than the 9.0 per cent rate recorded in May,” the News Agency of Nigeria quoted the bureau as saying in the statement.

    It stated that the decline in the headline index, when compared with the price level of the preceding month, could primarily be attributable to the slower rise in all Classification of Individual Consumption (COICOP).

    However, it stated that the slower rise contrasted with changes in the food and non-alcoholic beverages class prices, which increased at a faster rate, compared to May, as the country was deep into the planting season.

    This, the bureau reported, caused food supplies to continue to be tight as inventories declined, creating upward pressure on prices.

    It stated that on a month-on basis, increases in price levels in the headline index moved roughly at the same pace in June.

    The CPI was recorded at 145.5 points in the month under review, revealing an 8.4 per cent year-on-year change.