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Tag: NBS

  • Nigeria makes N118tr in 56 years from crude, says NBS

    Nigeria makes N118tr in 56 years from crude, says NBS

    The National Bureau of Statistics (NBS) announced yesterday that Nigeria realised more than N118 trillion from crude production and refining since 1961.

    The NBS report, which has additional data from the Nigerian National Petroleum Corporation (NNPC), collated its statistics from 1961 till 2014.

    “The petroleum statistics on crude oil production and oil refining reflects that a total 32.70 billion barrels of crude oil valued at N118.49 trillion has been produced between 1961 and 2014.

    “The highest barrels of crude production was recorded in the year 2005 with 918.66 million barrels valued at N6.14 billion.

    “The lowest was, however, recorded in 1961 with 16.80 million barrels valued at N18.73 million.

    “The yearly domestic crude oil refining data from 1997 to 2014 also reflected that 844.19 million of crude oil has been received and 835.58 million processed within the period under review,’’ the report stated.

  • Inflation drops to 16.01%

    Inflation drops to 16.01%

    Data from the National Bureau of Statistics (NBS) has shown that inflation has dropped for the seventh consecutive month this year.

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

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

    “The urban index rose by 16.13per cent (year-on-year) in August 2017, down by 0.09per cent points from 16.04 per cent recorded in July, and the rural index increased by 15.91per cent in August from 16.08per cent  in July,” the NBS report showed.

    The data however showed that food prices reached an eight-year high in July.

    “Food price pressure continued into July as all major food sub-indexes increased. The food index increased by 20.28per cent (year-on-year) in July, up by 0.37per cent points from the rate recorded in June (19.91per cent).

    “This represents the highest year on year increase in food inflation since the beginning of the new series in 2009,” NBS said.

    According to the NBS, food index reduced by 0.03 per cent to stand at 20.25 per cent as against 20.28 per cent recorded in July.

    “Food price pressure continued into August as all major food sub-indexes increased. The Food Index increased by 20.25per cent (year-on-year) in July, down marginally by 0.03 per cent points from the rate recorded in July (20.28 per cent).”

    Inflation rate declined from 18.72per cent in January to stand at 16.01per cent in August 2017.

  • Nigeria’s inflation rate improves further, says nbs

    The Consumer Price Index (CPI) which measures inflation has shown a marginal improvement, for the seventh consecutive time since January 2017, the National Bureau of Statistics (NBS) has said.

    The NBS, in a report issued in Abuja yesterday, put the CPI at 0.04 percent points lower than the 16.05 percent recorded in June.

     “Increases were recorded in all COICOP divisions that yield the Headline Index,” it said.

     “On a month-on-month basis, the Headline Index increased by 0.97 percent in August 2017, 0.24 percent points lower from the rate of 1.21 percent recorded in July.

     “The percentage change in the average composite CPI for the 12-month period ending in August 2017 over the average of the CPI for the previous 12-month period was 17.33 percent, 0.14 percent point lower from 17.47 percent recorded in July 2017.

     “The Urban Index rose by 16.13 percent (year-on-year) in August 2017, down by 0.09 percent point from the 16.04 percent recorded in July, and the Rural Index increased by 15.91 percent in August from 16.08 percent in July.

     “On a month -on-month basis, the Urban Index rose by 0.99 percent in August 2017, down by 0.26 percent point from 1.25 percent recorded in July, while the rural index rose by 0.95 percent in August 2017, down by 0.23 percent point from 1.18 percent in July,” the NBS stated in the report entitled ‘Consumer Price Index August 2017’.

     The  corresponding 12- month year-on-year average percentage change for the Urban Index increased from 18.43 percent in July to 18.15 percent in August, while the corresponding rural index also increased from 16.60 percent in July to 16.58 percent in August.

  • Oni blasts PDP, looters

    Oni blasts PDP, looters

    The National Deputy Chairman, All Progressives Congress (APC), Chief Segun Oni, says the People’s Democratic Party (PDP)-led administration of ex-President Goodluck Jonathan caused what he called horrendous damage to the Nigerian economy.

    He told newsmen on Thursday at the Makurdi airport that the damage was “worst than one can imagine”.

    The News Agency of Nigeria (NAN) reports that the National Bureau of Statistics (NBS) said on Tuesday that Nigeria has exited its worst economic recession in more than two decades, notching up growth of 0.55 per cent in the second quarter of 2017.

    Oni, a former Ekiti State governor on the platform of PDP, said the looting of the country’s treasury was also responsible for the inability of many states to pay salaries in spite of the bail-out funds and other interventions from President Muhammadu Buhari to address the issue.

    According to him, the good intentions of the President is to ensure that all workers at the three tiers of government are paid regularly.

    “This people (PDP) actually did a horrendous damage to the economy of this country, worst than you can imagine.

    “As they were stealing the town dry, first there will be money available to throw down so that people can succumb,” he said.

    “Although,  I was a former PDP member, I was not part of the looting.”

    He expressed shocked over the decisions of some serving ministers to have openly declared  their support for their god-father’s political ambition in 2019.

    Oni said the party would address the issue at the appropriate time.

    “I am surprised that it happened in the first instance, but that is for the President and the party to talk about it at the appropriate time,” he said.

  • NBS: Effects’ll be gradual

    NBS: Effects’ll be gradual

    NIGERIANS were told yesterday not to expect spur-of-the-moment effects of the country’s exit from recession.  They would feel the effects gradually, the National Bureau of Statistics (NBS) said yesterday.

    The Bureau’s Chief Executive Officer (CEO), Dr. Yemi Kale, said that the effect of coming out of recession will not be immediately felt by the people.

    The Statistician-General of the Federation, spoke yesterday at a news conference in Abuja. He said:  “There is a different stage Nigeria must go through before the masses will feel the effects of going out of recession.

    “Out of recession is the first step which is very important then the country can talk of economic recovery, which is going back to where Nigeria was before the recession. Recession is just a technical word; we are comparing 2017 and 2016.’’

    Kale said Nigerians were not feeling the real impact of the positive economic growth rate on their lives to the structure of the economy which was still largely driven by oil.

    He said: “Recession is not about the price of your goods, not whether unemployment is going up or down, not whether you have quality education; it’s purely your gross domestic product.

    “Your outputs of goods and services in the economy are going down and the Gross Domestic Products (GDP) is an accumulation of 46 different economic activities in Nigeria and the overall number.

    “Whether positive or negative will determine whether you are in recession, or out of recession. Now, within those 46 activities, some sectors will do very well and will be positive, some will do badly, some will do worse and some will stay the same way they are.’’

    Kale said the important thing for the country was to maintain the situation so that it would not go back to recession.

    According to him, the country must not relax because the GDP is still on the negative side.

    He said that coming out of recession was not about quality but the quantum of growth, adding that “there is growth but there is a problem with the distribution across the country.’’

    Responding to a question that the exit from recession was a political gimmick, the NBS chief said the GDP report which showed that Nigeria exited recession in the second quarter was not politically motivated.

    His explanation: “It is not political because it is the same bureau that gave other negative data. Things have improved but we are not there yet, it is only food prices that are still high.’’

    According to him, the bureau is an agency of government that has the independence to carry out survey and publish its findings based on international best practices.

    Kale said: “The fact that the NBS can boldly say, when the Statistician-General is up for renewal, that the economy is in recession and inflation has gone up to 17 per cent, speaks a lot about the integrity of the bureau.

    “So, in terms of bureau doctoring numbers for politicians, I don’t think anyone can make that claim and NBS can never be political. We don’t do it.”

    The NBS on Tuesday announced that the economy was out of economic.

    It stated that the nation’s GDP grew by 0.55 per cent (year-on-year) in real terms in the quarter, indicating the emergence of the economy from recession.

    The bureau stated that the figure indicated the economy was out of recession after five consecutive quarters of contraction since the first quarter of 2016.

    An economy is said to be in recession after contracting for two consecutive quarters.

    The economy slipped into recession in the second quarter of last year.

    The bureau, however, stated that the growth recorded in quarter was 2.04 per cent higher than the rate recorded in the corresponding quarter of 2016 (–1.49 per cent).

    It stated it was higher by 1.46 per cent points from rate recorded in the preceding quarter, (revised to –0.91 per cent from – 0.52 per cent).

  • Recession exit, a sign of growth – LCCI

    Recession exit, a sign of growth – LCCI

    Mr Muda Yusuf, the Director-General, Lagos Chamber of Commerce and Industry (LCCI), says the country’s exit from recession is a signal that the country is growing.

    Yusuf said in an interview with the News Agency of Nigeria (NAN) on Tuesday in Lagos that the development would change the perception of foreign investors on the Nigerian economy.

    The director-general called for policies that would truly align the country for sustainability of the growth.

    The News Agency of Nigeria (NAN) reports that the National Bureau of Statistics (NBS) in its report said that the nation’s Gross Domestic Product (GDP) grew by 0.55 per cent in the second quarter of 2017.

    It said the growth was an indication of country coming out of recession after five consecutive quarters of contraction since first quarter 2016.

    Yusuf however noted that the growth in the GDP could not on its own lead to direct impact on citizens.

    He said that this was due to the impact that still inflation had on goods and services coupled with the fact that salaries had not been increased.

    Yusuf therefore called for policy that would make people to feel the positive impact of the growth beyond the technical growth of moving out of recession.

    “It is very good that we have a situation where we are out of recession. It is one thing to be out of recession and another thing for both the investors and citizens to feel the impact.

    “We need to look beyond getting out of recession and take into consideration other important factors that could impact on the private sector performance and on the welfare on the people.

    “This is because the GDP numbers on its own will not bring about this kind of impact.”

    Yusuf said that the government also needed to address investment environment issues such as power, transportation, cost of funds, foreign exchange management, tax and trade policies.

    Yusuf added that those policies needed to be truly aligned and be reviewed to ensure the sustainability of the recovery the nation was now experiencing.

    He said that there was also an urgent need to address the situation of high cost of goods and services since there had not been increase in incomes to cushion the effect on the citizens.

    “For individuals, we need to look at what will improve the citizens’ welfare because the GDP on its own can not bring about the improvement and may not directly impact on the people.

    “It is important that the government looks at policies that can directly impact on the welfare of citizens, especially on the cost of food, health care, transportation and education.

    “So, beyond the technical exist from recession, we have to look at policies such the foreign exchange policy, interest rate policy, trade policy, investment policy and tax policy.

    “We need to get all these right to ensure we sustain the current exit,” the LCCI boss said.

  • Stanbic IBTC attracts $1.13b capital in six months, says NBS

    Stanbic IBTC attracts $1.13b capital in six months, says NBS

    Stanbic IBTC, in the second quarter of this year, has facilitated a $589.84 million capital inflow into the country, ranking as the first among financial institutions that imported capital into Nigeria.

    The Nigerian Bureau of Statistics (NBS), in its second quarter 2017 Capital Importation  Report, stated that Stanbic IBTC accounted for 32.91 per cent ($589.84 million or N216.47 billion) of the total share for the period, representing an increase of 9.12 per cent over the $536.78 million it posted in the first quarter of the year, bringing it to $1.127 billion (N413.62 billion) capital importation by the bank in the first six months of the year.

    The trio of Stanbic IBTC, Citibank Nigeria and Standard Chartered Bank have accounted for 70.7 per cent or $1,267.8 million of the total $1.792 billion capital importation during the quarter, while the other 22 banks generated the rest.

    According to the report, Portfolio Investments were the key mover of capital during the quarter, growing by 145.7 per cent, and followed by other investments, which rose by 95.02 per cent, and Foreign Direct Investment (FDI) by 29.8 per cent over the first quarter. In figures, Portfolio Investment accounted for $770.5 million, or 43.0 percent of the total. Placing second was other investments, with $747.5 million, or 41.7 percent, and FDI with $274.4 or 15.3 per cent.

    The bank’s accomplishment has reflected its strength, strong leadership and unyielding support of its parent company, the 154-year-old Standard Bank  Group, Africa’s largest financial institution.

    Stanbic IBTC has consistently demonstrated its commitment to the Nigerian market and often pledged its continued support to all sectors of the economy in moving individuals and businesses forward. This is also in synergy with the drive to build a leading end-to-end financial solutions institution that offers bespoke products and services to its clientele.

    The NBS report showed that the bulk of capital imported into Nigeria in Q2 came from the United Kingdom (UK), which accounted for $696.7 million or 38.87 per cent of the total. The second largest value of capital importation came from the United States (US) with $287.82 million or 16.06 per cent.

  • Inflation drops to 16.05, says NBS

    Inflation drops to 16.05, says NBS

    The Consumer Price Index (CPI), which measures inflation, dropped to 16.05 per cent last month, the National Bureau of Statistics (NBS), has said.

    In its CPI July 2017 report released yesterday in Abuja, the NBS explained that the fall recorded was 0.05 per cent points lower than the 16.10 recorded in June, making it the sixth consecutive decline in the rate of headline inflation since January.

    The bureau  stated that the headline index increased by 1.21 per cent in July, 0.37 per cent points lower from the rate of 1.58 per cent recorded in June on a month-on-month basis.

    On food inflation, it stated that food price pressure continued into July with 20.28 per cent (year-on-year) from 19.91 per cent.

    It stated that the figure represented the highest year on year increase in food inflation since the beginning of the new series in 2009.

    The NBS, however, stated the food sub-index increased by 1.52 per cent in July, down by 0.47 per cent points from 1.99 per cent recorded in June on a month-on-month basis.

    It stated that core inflation, which excluded the prices of volatile agricultural produce eased by 0.30 per cent in July to 12.20 per cent points from 12.50 per cent recorded in June.

    It stated that core inflation similar to overall/headline inflation had declined consecutively since January 2017.

    On a month-on-month basis, it stated that the core sub-index increased by 1.00 per cent in July, 0.32 per cent points lower from 1.32 per cent recorded in June.

  • NJC faults UNODC/NBS report on corruption in judiciary

    NJC faults UNODC/NBS report on corruption in judiciary

    •Council admits existence of ‘some bad eggs’

    The National Judicial Council (NJC) has faulted the report of a survey by the United Nations Office on Drugs and Crime (UNODC) and National Bureau of Statistics (NBC) listing the Judiciary as the second most corrupt public institution in the country after the police.

    The UNODC and NBS, in the report titled: ”Corruption in Nigeria: Bribery – public experience and response,” released in Abuja on August 16, said it found that the public service is the most corrupt sector in the country, with law enforcement agencies, particularly the police and the Judiciary being most susceptible to corruption.

    NJC, in a statement yesterday, said although there were few bad eggs in the Judiciary, the institution has consistently taken necessary steps to curb corrupt practices among its personnel.

    In the statement signed by its Director, Information, Soji Oye, the NJC queried the criteria adopted by the UNODC and NBS in arriving at their conclusion.

    It said the concussion was not only subjective but speculative.

    Part of the statement reads: “The question that should agitate the minds of the people is the criteria used by the UNODC and the NBS to measure the level of bribe taking in the judiciary to grade it as the second largest receiver of bribe.

    “For instance, what is the percentage of judges caught receiving bribe out of a total number of 1,059 judges in both the federal and state judiciaries? What is the percentage of magistrates caught taking bribe from an estimated total number of 4,000 in the country?

    “How many judges or magistrates have been arrested and/or prosecuted and convicted of corruption till date to deduce such conclusions? One then wonders the criteria used by the organisations to arrive at the conclusion.

    “There is no denial of the fact that there are few bad eggs in the judiciary, like in every other arm of government; at the same time, there are many honest and hardworking judicial officers and magistrates making the judiciary and the country proud.

    “It should be noted that the judiciary is the only arm of government that has been investigating its judicial officers and dealt appropriately with those found guilty by dismissal or removal from office, subject to approval for such recommendation from the President or the governor of a state as the case may be, and publish such in electronic and print media for the consumption of the public.

    “Members of the general public are also aware that the NJC has been recommending judges found guilty of corrupt practices to the appropriate security agencies for prosecution.

    “It is unfortunate that this orchestrated allegation is coming at a time the current Chief Justice of Nigeria and Chairman of the National Judicial Council, Hon. Justice W.S.N. Onnoghen, GCON, is making frantic efforts to stamp out corruption, restructure the judiciary and also give the Nigerian legal system a new lease of life for the rule of law to take its firm roots in the country.

    “The Judiciary calls on the general public to disregard the aforestated allegation as it is untrue, baseless, unfounded and a figment of the agencies’ imagination.”

  • Only 10.9% workers have retirement savings account, says NBS

    Only 10.9% workers have retirement savings account, says NBS

    The National Bureau of Statistics (NBS) has revealed that only 10.93 percent of Nigeria’s working population has retirement savings account (RSA), as at the end of the second quarter of 2017. This implies that more than 89 percent of the nation’s workforce is without pension accounts.

    NBS, however, noted in its latest report that the assessment was based on available data, and that Q2’17 data would be updated as soon as it is available.

    The report stated: “The retirement savings account, RSA, membership distribution data for Q2 2017 reflected that 7,589,936 workers are registered under the pension scheme compared to 7,493,590 registered workers in Q1 2017 out of a total working population of 69,470,901 recorded as at Q4 2016. This represents 10.93 percent of the total working population.

    The report, however, said it is not surprising that the largely informal structure of the Nigerian labour force, with about 50 percent of the workforce engaged in subsistence agriculture and informal trading. Micro businesses for example account for over 90 percent of Micro, Small and Medium Scale Enterprises in the country.

    NBS further noted that RSA membership is dominated by the private sector. It stated: “The Federal level had 1,898,199 registered RSA members under the national pension scheme as at Q2 2017 of which 1,384,579 or 72.94 percent were male and 513,620 or 27.06 percent were female compared to 1,889,143 registered RSA members of which 1,378,382 or 72.96 percent were male and 510,761 or 27.04 percent were female in Q1 2017. This may indicate that there are a lot more male employees in the Federal public service than female”.

    It also stated that at the state, including local government level, 1,537,138 state public workers are registered under the national pension scheme with 863,605 or 56.18 percent male and 673,533 or 43.82 percent female as at Q2 2017 compared to 1,525,748 registered public workers of which 858,365 or 56.26 per cent were male and 667,383 or 43.74 percent were female in Q1 2017. This the report stated that  the Federal Public Service is larger than that of all 36 States combined and similar to the Federal service with men dominate with respect to number of employees.

    “Private firms had 4,154,599 registered RSA members under the pension scheme as at Q1 2017 of which 3,143,703 or 75.67 percent were male and 1,010,896 or 24.33 percent were female compared to 4,078,699 registered RSA members of which 3,091,288 or 75.79 percent were male and 987,411 or 24.21 percent were female in Q1 2017,” he added