Tag: National Bureau of Statistics

  • NBS ‘won’t push wrong figures’

    NBS ‘won’t push wrong figures’

    The Statistician General of the Federation and CEO, National Bureau of Statistics, Prince Adeyemi Adeniran, yesterday explained why the agency could not afford to churn out inaccurate and wrong data.

    This is as Adeniran said the current administration has never interfered with activities of the agency despite the release of unfavourable data on inflation rate and others, noting that the agency is not working to favour any government but follows global best practices in it approach.

    Adeniran, who spoke at a dialogue with media executives on rebasing of Consumer Price Index (CPI), Gross Domestic Product (GDP) and the Nigeria Living Standards Survey (NLSSI) stressed: “the issue of or the notion of producing data to favour governments does not arise.

    My submission here, who are we helping, if we have to play to favour government? Is it the government itself that we are supporting or we are helping? If we are giving them wrong data, for any government that wants to do a good job, that wants to improve or uplift the welfare of the citizens, is it by giving them wrong data that we are helping them? No, that cannot be”

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    “When we turn out figures, they are not just mere figures, but they are things that are happening to the citizens in the country. Those figures represent the feelings, the aspirations of what is happening to our people in our country. So those figures have a lot of importance, and they carry weight, because that is the only way by which government can plan, by which they can come up with programs, by which they can come up with policies, by which they can come up with projects that will address what is happening to the citizens in the country.

    On the current administration reaction to the agency work, NBS boss said, “And let me say that this present government that we are in, what I observe is that they want to use data.”

    “If you know the CDCU, Central Delivery Coordinating Unit, they give each agency KPI, Key Performance Indicator, to deliver, and they are measuring their performance every quarter. They call them and give them their scores. And they are using data to do that.

    On the expected report of rebasing of CPI, GDP and NLSS, Adeniran said,said the surveys had been on for some time now and would be taking input from all the stakeholders before coming out with final result.

    The NLSS provides invaluable insights into household welfare, consumption, and expenditure, enabling us to measure the national poverty headline rate and other essential indicators. The rebasing of GDP and CPI ensures that our economic data aligns with international best practices and captures the dynamic sectors and activities within our economy.

    This year-long survey is conducted every four to five years, with the penultimate round conducted in 2018/2019, and published in 2020, which produced a headline poverty rate of 40.1 per cent.

  • DisCos collected N391.72b revenue in Q2, says NBS

    DisCos collected N391.72b revenue in Q2, says NBS

    The National Bureau of Statistics (NBS) yesterday said electricity Distribution Companies (DisCos) collected N391.72 billion revenue in the second quarter of 2024 Q2 2024.

    Its document titled: “Electricity Report Q2 2024,” which made the disclosure also said the revenue increased by 48.90per cent on a year-on-year basis from N263 billion the corresponding quarter of 2023.

    NBS said: “Revenue collected by the DISCOs during the period was N391.72 billion from N291.62 billion in Q1 2024.

    “On a year-on-year basis, revenue generated in the reference period rose by 48.90% from N263.08 billion recorded in Q2 2023.

    NBS also said total customer numbers in Q2 2024 stood at 12.99 million from 12.33 million in Q1 2024, showing an increase of 5.35per cent.

    Read Also: Ikeja Electric leads DisCos’ N162b revenue

     According to the report, on a year-on-year basis, customer numbers in Q2 2024 rose by 13.24per cent from 11.47 million reported in Q2 2023.

    Similarly, it revealed that metered customers stood at 5.92 million in Q2 2024, indicating a growth of 0.25per cent from 5.91 million recorded in the pre ceding quarter.

    NBS said on a year-on-year basis, this grew by 8.18per cent from the figure reported in Q2 2023 which was 5.47 million.

    It added that estimated customers during the quarter were 7.07 million, higher by 10.04per cent from 6.43 million in Q1 2024.

    NBS said on a year-on-year basis, estimated customers increased by 17.86per cent in Q2 2024 from 6.00 million in Q2 2023.

    The data added that “Electricity supply was 5,612.52 (Gwh) in Q2 2024 from 5,769.52 (Gwh) in the previous quar ter.

    “However, on a year-on-year basis, electricity supply decreased by 5.03 per cent compared to 5,909.83 (Gwh) reported in Q2 2023.”

  • Capital importation hits $2.60b in Q2

    Capital importation hits $2.60b in Q2

    The National Bureau of Statistics (NBS) yesterday said capital importation in the second quarter (Q2 2024) increased to $2.6 billion.

    In the same period last year, it stood at $1.03billion.

    “In Q2 2024, total capital importation into Nigeria stood at US$2.604.50 billion, higher than US$1.030.21 billion recorded in Q2 2023, indicating an increase of 152.81 per cent,” NBS said.

    In comparison to the preceding quarter, capital importation declined by 22.85 per cent from US$3.376.01 billion in Q1.

    NBS said portfolio investment ranked top with US$1.404.70 billion, accounting for 53.93 per cent, followed by other investments with US$1.169.97 billion, accounting for 44.92 per cent.

    Read Also: Nigeria capital importation hits $3.3b in one year

    Foreign Direct Investment recorded the least with US$29.83 million (1.15 per cent) of total capital importation in Q2.

    The banking sector recorded the highest inflow with US$1.123.95 billion, representing 43.15 per cent of total capital imported, followed by the production/manufacturing sector, valued at US$624.71 million (23.99 per cent), and the trading sector with US$569.22 million (21.86 per cent).

    United Kingdom with US$1.120.15billion accounted for 43.01 per cent of the total capital imported, followed by the Netherlands, US$577.82 million (22.19 per cent) and South Africa, US$255.98 million (9.83 per cent).

    NBS said: “Out of the three states that recorded capital importation during the quarter, Lagos remained the top destination with US$1.367.84 billion, accounting for 52.52 per cent of the total capital imported.

    “Abuja (FCT) followed with US$1.236.64 billion (47.48 per cent), and Ekiti state with US$0.0003 million.

    “Citibank Nigeria Limited received the highest capital importation into Nigeria in Q2 2024 with US$818.46 million (31.43 per cent), followed by Standard Chartered Bank Nigeria Limited with US$654.79 million (25.14 per cent and Rand Merchant Bank Plc with US$488.59 million (18.76 per cent).”

  • NBS: Petrol truck out dipped by 16.96%

    NBS: Petrol truck out dipped by 16.96%

    The National Bureau of Statistics (NBS) yesterday said the distribution of the Premium Motor Spirit (PMS) or petrol reduced by 19.96 per cent to 20.22 billion litres in 2023 from the 24.35 billion litres recorded in 2022.

    This was contained in its document entitled: Petroleum Products Distribution Statistics Full Year 2023.”

    NBS said, “In 2023, PMS truck out stood at 20.22 billion litres, indicating a 16.96 per cent decrease relative to 24.35 billion litres recorded in 2022.”

    It also said in terms of imported products, 20.30 billion litres of PMS were im ported in 2023 relative to 23.54 billion litres in 2022, showing a decrease of 13.77 per cent.

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    The document also said about 69.71 million litres of Household Kerosene (HHK) were locally produced in 2023 compared to 44.68 million litres in 2022, indicating a growth rate of 56.02 per cent  over the period.

    For Automotive Gas Oil (AGO), NBS said 109.39 million litres were locally produced in 2023, higher, compared to 102.47 million litres reported in 2022. The document said this represents a 6.76 per cent growth rate.

    It added that also, 4.94 billion litres of Automotive Gas Oil were imported in 2023, indicating an increase of 23.66 per cent compared to 4.00 billion litres in the previous year.

  • Nigeria records N6.94tr trade surplus in second quarter

    Nigeria records N6.94tr trade surplus in second quarter

    Nigeria’s exports’ values were 56.5 per cent above imports’ values in the second quarter, leaving the country with a trade surplus of N6.94 trillion within the period.

    The National Bureau of Statistics (NBS), in its report: “Nigeria Gross Domestic Product Q2 2024”, released yesterday, indicated that the country’s exports totaled N19.4 trillion in second quarter 2024 as against imports of N12.4 trillion. Thus, the country’s total merchandise trade stood at N31.8 trillion during the period.

    According to the report, Nigeria’s total merchandise trade stood at N31.89 trillion in second quarter 2024, representing a decrease of 3.76 per cent over the value recorded in the preceding quarter and a rise of 150.39 per cent compared to the value recorded in the corresponding period of 2023.

    In the quarter under review, exports accounted for 60.89 per cent of total trade with a value of N19.42 trillion, showing a marginal increase of 1.31 per cent compared to N19.17 trillion recorded in first quarter 2024. It was however a 201.76 per cent rise over N6.43 trillion recorded in the second quarter of 2023.

    Nigeria’s exports trade continued to be dominated by crude oil exports, in the second quarter of 2024, crude oil export was valued at N14.56 trillion of total exports.

    The total imports of N12.47 trillion in second quarter 2024 represented a decrease of 10.71 per cent on N13.97 trillion recorded in first quarter 2024. It meanwhile indicated an increase of 97.93 per cent on N6.30 trillion recorded in the corresponding quarter of 2023.

    According to the report, in the second quarter of 2024, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands.

    The most traded commodities during the quarter were Motor spirit ordinary, Gas oil, Durum wheat, Butanes and Cane sugar meant for sugar refinery.

    The top trading export partners in second quarter 2024 were Spain, the United States of America, France, India, and The Netherlands.

    The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state and superior-quality cocoa.

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    The report added that the value of agricultural goods imported in second quarter 2024 was N893.25 billion, reflecting a decrease of 2.96 per cent when compared to N920.54 billion in first quarter 2024, and an increase of 96.38 per cent compared to N454.85 billion in second quarter 2023.

    Also, in second quarter 2024, raw material imports were valued at N1.48 trillion, representing 0.96 per cent increase from N1.46 trillion in first quarter 2024 and a significant rise of 160.9 per cent from N567.80 billion in second quarter 2023.

    Further breakdown showed that solid mineral imports were valued at N96.80 billion in second quarter 2024, representing a 35.61 per cent increase from N71.38 billion in first quarter 2024 and a 206.08 per cent increase from N31.63 billion in second quarter 2023.

  • Nigeria records N6.94tr trade surplus in Q2 2024

    Nigeria records N6.94tr trade surplus in Q2 2024

    …as total merchandise trade crashes to N31.8tr

    The National Bureau of Statistics (NBS) has said in the second quarter of 2024 (Q2 2024), Nigeria recorded N6.94trillion trade surplus.

     This was contained in its report titled: “Nigeria Gross Domestic Product Q2 2024.” Which said the country’s export was N19.4trillion while its import was N12.4trillion.

    NBS said in the period under review, the country’s total merchandise trade hit N31.8 trillion.

    The report said in Q2 2024, the total merchandise trade declined by 3.76% over a rise of 150.39% in Q2 2023.

    “Nigeria’s total merchandise trade stood at N31,892.46 billion in Q2, 2024 representing a decrease of 3.76% over the value recorded in the preceding quarter and a rise of 150.39% compared to the value recorded in the corresponding period of 2023,” said NBS

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    It also said in the quarter under review, exports accounted for 60.89% of total trade with a value of N19.418.93tr, showing a marginal increase of 1.31% compared to the value recorded in Q1 2024 (N19.167.36 trillion) and a 201.76% rise over the value recorded in the second quarter of 2023 (N6 435.13 trillion).

    Nigeria’s exports trade, according to NBS, continued to be dominated by crude oil exports, in the second quarter of 2024, crude oil export was valued at N14,559.56 trillion representing 74.98% of total exports while the value of non-crude oil exports stood at N4.859.37 trillion accounting for 25.02% of total exports; of which non-oil products contributed N1.944.25 trillion or 10.01% of total exports.

    On import, NBS said the value of total imports stood at ₦12.473.53 trillion in the second quarter of

    2024, representing a decrease of 10.71% compared with the value recorded in Q1, 2024 (₦13.970.05 trillion) and a rise of 97.93% from the value recorded in the corresponding quarter of 2023 (₦6.301.95 trillion).

    In the second quarter of 2024, according to NBS, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands.

    It said the most traded commodities during the quarter were Motor spirit ordinary, Gas oil, Durum wheat, Butanes, and Cane sugar meant for sugar refinery.

    The report added that the value of agricultural goods imported in Q2 2024 was ₦893.25 billion, reflecting a decrease of 2.96% when compared to ₦920.54 billion in Q1 2024, and an increase of 96.38% compared to ₦ 454.85 billion in Q2 2023.

    NBS said in Q2 2024, raw material imports were valued at ₦1.481.50 trillion, representing 0.96% increase from ₦1.467.41 trillion in Q1 2024 and a significant rise of 160.92% from ₦567.80 billion in Q2 2023.

    It further said in the second quarter of 2024, solid mineral imports were valued at ₦96.80 billion. This represents a 35.61% increase from ₦71.38 billion in Q1 2024 and a 206.08% increase from ₦31.63 billion in Q2 2023.

    In the reviewed quarter, according to NBS, the value of imported manufactured goods was ₦5.576.67 trillion, reflecting a 2.82% decline from ₦5.738.32 trillion in Q1 2024 and an 84.67% rise from ₦3.019.78 trillion in Q2 2023.

    NBS said: “The value of other oil products imports in Q2, 2024 stood at ₦4.425.31 trillion showing a decrease of 23.34% from ₦5.772.35 trillion in Q1 2024 and a 98.64% rise from ₦2,227.84 trillion in Q2 2023.”

    On exports, NBS said total exports in Q2 2024 were valued at ₦19.418.93 billion, reflecting a 1.31% increase compared to ₦19.167.36 trillion in Q1 2024 and a 201.76% rise compared to ₦6.435.13 trillion in Q2 2023.

    The report also said in Q2 2024, the top trading export partners were Spain, the United States of America, France, India, and The Netherlands.

    The most exported commodities, said NBS,  included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.

    The report said exports of agricultural goods in Q2 2024 amounted to ₦973.69 billion, a 5.93% decrease from ₦1,035.02 billion in Q1 2024 and a 246.67% rise from ₦280.87 billion in Q2 2023.

    NBS said the value of raw material exports in Q2 2024 was ₦366.91 billion, a rise of 4.01% from ₦352.75 billion in Q1 2024 and by 151.96% from ₦145.62 billion in Q2 2023.

    It said the Solid mineral exports in Q2 2024 were valued at ₦58.56 billion, marking a 7.65% decrease from ₦63.41 billion in Q1 2024 and a 71.79% rise from ₦34.09 billion in Q2 2023.

    NBS said the value of manufactured goods exports in Q2 2024 was ₦480.82 billion, reflecting a 78.95 % increase from ₦268.70 billion in Q1 2024 and a 126.65% increase from ₦212.14 billion in Q2 2023.

    The report reads in part: “Crude oil exports in Q2 2024 were valued at ₦14.559.56 trillion, a decrease of 5.99% from ₦15.486.63 trillion in Q1 2024 and increased by 190.86% from ₦5,005.71 billion in Q2 2023.

    “Other oil product exports in Q2 2024 stood at ₦2.915.12 trillion, showing an increase of 53.28% from ₦1.901.88 trillion in Q1 2024 and a 293.54 % rise from ₦740.74 trillion in Q2 2023.”

  • NBS: domestic airfare up 25% in July

    NBS: domestic airfare up 25% in July

    The National Bureau of Statistics (NBS) has reported a 25 percent increase in flight fares for domestic travelers in July 2024.

    NBS in its Transport Fare Watch Report for July, said domestic airfare rose from ₦78.775.74 in July 2023 to ₦98,561.74 in July 2024.

    It said: “In air travel, the average fare paid by air passengers for specified routes single journey was ₦98,561.74 in July 2024, showing an increase of 9.65 percent compared to the previous month (June 2024).

    “On a YoY basis, the fare rose by 25.12 percent from ₦78,775.74 in July 2023.”

    The Bureau, however, indicated that the prices paid for bus, motorcycle, and waterway fares declined in the period under review.

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    NBS said: “The average fare paid by commuters for bus journeys within the city per drop decreased to 2.18 percent from ₦963.58 in June 2024 to ₦942.61 in July 2024. On a year-on-year basis, it declined by 29.46 percent from ₦1,336.29 in July 2023.

    “In another category, the average fare paid by commuters for bus journey intercity per drop was ₦7,117.17 in July 2024, indicating an increase of 0.35 percent on a month-on-month basis compared to ₦7,092.03 in June 2024.

    “The average transport fare paid on Okada transportation was ₦483.33 in July 2024 which shows an increase of 1.22 percent when compared with ₦477.49, the value recorded in June 2023.

    “On a year-on-year basis, the fare decreased by 25.20 percent when compared with July 2023 (₦646.12). For water transport (waterway passenger transportation), the average fare paid in July 2024 was ₦1,403.06 which indicates a decline of 0.44 per person on a monthly basis.

    “On a year-on-year basis, it decreased by 0.26 person from ₦1,406.70 in July 2023,”

    On state profile analysis, the highest fare according to the Bureau was recorded in Anambra with ₦N9,566.89, followed by Gombe with ₦8,299.44 for intercity bus travel (state route charged per person fare).

    The lowest fare, it noted, was recorded in Kwara with ₦5,518.38, followed by Ebonyi with ₦5,596.11.

    “Taraba state recorded the highest number of bus journeys within the city (per drop constant route) in July 2024 with ₦1,457.28 followed by Ondo with ₦1,200.94

    “On the other hand, Adamawa recorded the least with ₦500.00, followed by Abia with ₦505.35,” NBS added.

  • Nigeria capital importation hits $3.3b in one year

    Nigeria capital importation hits $3.3b in one year

    The National Bureau of Statistics (NBS) said in the first quarter 2024 total capital importation rose to $3.3billion from $1.1million recorded in the first quarter of 2023 (Q1 2023).

    This was contained in its report titled: “Nigeria Capital Importation Q1 2024.”

    NBS said: “In Q1 2024, total capital importation into Nigeria stood at US$3,376.01 million, higher than US$1,132.65 million recorded in Q1 2023, indicating an increase of 198.06%.”

    The report said in comparison to the preceding quarter, capital importation rose by 210.16% from US$1,088.48 million in Q4 2023.

    NBS noted that portfolio Investment ranked top with US$2,075.59 million, accounting for 61.48%, followed by Other In vestment with US$1,181.25 million, accounting for 34.99%.

     Foreign Direct Investment,.said the data, recorded the least with US$119.18 million (3.53%) of total capital importation in Q1 2024.

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    It also noted that the  Banking sector recorded the highest inflow with US$2,067.44 million, representing 61.24% of total capital imported in Q1 2024, followed by the Trading sector, valued at US$494.93 million (14.66%), and The report reads in part: “Production/Manufacturing sector with US$191.92 million (5.68%).

    Capital Importation during the reference period originated largely from the United Kingdom with US$1,805.83 million, showing 53.49% of the total capital imported. This was followed by Republic of South Africa with US$582.34 million (17.25%) and the Cayman Islands with US$186.21 million (5.52%).

    “Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with US$2,782.41 million, accounting for 82.42% of the total capital imported. Abuja (FCT) followed with US$593.58 million (17.58%), and Ekiti state with US$0.01 million.

    “Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with US$1,257.38 million (37.24%), followed by Citibank Nigeria Limited with US$547.71 million (16.22%) and Rand Mer chant Bank Plc with US$528.73 (15.66%).”

  • Food, fuel costs drag inflation rate to 33.95%

    Food, fuel costs drag inflation rate to 33.95%

    The National Bureau of Statistics (NBS) yesterday said inflation rate rose from 33.69% in April 2024 to 33.95% in May 2024.

    The Bureau based the increase on the rise in the cost of food and non- alcoholic beverages that went up by 1.11% and the prices of housing, water, electricity, gas and other fuel, which rose by 0.36%.

    Its document titled: “CPI and Inflation Report May 2024,” which made this known, also said the rise in inflation in May was by 0.26% point.

    The report said, “In May 2024, the headline inflation rate increased to 33.95% relative to the April 2024 headline inflation rate which was 33.69%. Looking at the movement, the May 2024 headline inflation rate showed an increase of 0.26% points when compared to the April 2024 headline inflation rate.”

    The report said food inflation in the period under review was 2.28%.

    But NBS said on a year-on-year basis, the headline inflation rate was 11.54% points higher compared to the rate recorded in May 2023, which was 22.41%. The data noted that this shows that the headline inflation rate (year-on-year basis) increased in the month of May 2024 when compared to the same month in the preceding year (i.e., May 2023).

    On the contrary, said NBS, on a month-on-month basis, the headline inflation rate in May 2024 was 2.14%, which was 0.15% lower than the rate recorded in April 2024 (2.29%).

    The Bureau said this means that in the month of May 2024, the rate of increase in the average price level is less than the rate of increase in the average price level in April 2024.

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    On food inflation in May, the report said, “Like the month-on-month headline inflation, the month-on-month Food inflation rate in May 2024 was 2.28%, also shows a decrease of 0.22% compared to the rate recorded in April 2024 (2.50%).

    “The fall in the Food inflation on a Month-on-Month basis was caused

    by a fall in the rate of increase in the average prices of Palm Oil, Groundnut Oil (under Oil and Fats Class), Yam, Irish Potatoe, Cassava Tuber (under Potatoes, Yam & Other Tubers

    Class), Wine, Bournvita, Milo, Nescafe (under Coffee, Tea and Coco Class).”

  • Nigerian economy grew by 3% in Q1 – NBS

    Nigerian economy grew by 3% in Q1 – NBS

    The National Bureau of Statistics (NBS) yesterday said Nigeria‘s Gross Domestic Product (GDP) grew by 2.98% in one year in real term first quarter 2024.

    This was contained in its document titled: “National Gross Domestic Product Q1 2024.”

    The document also said the growth rate is higher than the 2.31% recorded in the first quarter of 2023 and also lower than the fourth quarter of 2023 growth of 3.46%.

    NBS said, “Nigeria’s Gross Domestic Product (GDP) grew by 2.98% (year-on-year) in real terms in the first quarter of 2024.

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    “This growth rate is higher than the 2.31% recorded in the first quarter of 2023 and lower than the fourth quarter of 2023 growth of 3.46%.”

    The report said the performance of the GDP in the first quarter of 2024 was driven mainly by the Services sector, which recorded a growth of 4.32% and contributed 58.04% to the aggregate GDP.

    It said the agriculture sector grew by 0.18%, from the growth of -0.90% recorded in the first quarter of 2023.

    The growth of the industry sector, said NBS, was 2.19%, an improvement from 0.31% recorded in the first quarter of 2023.

    The Bureau said, in terms of share of the GDP, the services sector contributed more to the aggregate GDP in the first quarter of 2024 compared to the corresponding quarter of 2023.