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Tag: NBS

  • March inflation dips on forex supply, says NBS

    March inflation dips on forex supply, says NBS

    Annual inflation in Nigeria fell for a second straight month in March, showing the early effects of the Central Bank of Nigeria (CBN) intervention on the currency market to meet demand for dollars, the National Bureau of Statistics (NBS) said yesterday.

    Inflation declined to 17.26 per cent in March, NBS said in a report, down from 17.78 per cent in February, which was the first drop in 15 months.

    A Reuters’poll of economists had predicted a decline to 16.70 per cent.

    General price levels in rose for the 12th straight month in January to its highest level in more than 11 years, as the nation battled an economic recession, a currency crisis and dollar shortages, brought on by low oil prices, its economic mainstay.

    The NBS said the second consecutive month of a decline in the headline rate represented “the effects of stabilising prices in already high food and non-food prices”.

    “It is also indicative of early effects of a strengthened naira in the foreign exchange rate market,” it said.

    The CBN has sold over $4 billion on the forward currency market since February in an attempt to improve dollar liquidity and narrow the spread between the official and the black market exchange rates. Black market rates have fallen as a shortage of dollars caused the naira to plummet.

    A separate index showed food inflation at 18.44 per cent in March from 18.53 per cent in February, it said.

  • 3.67m Nigerians lose jobs in one year, says NBS

    3.67m Nigerians lose jobs in one year, says NBS

    The harsh economic situation facing the country may have forced about 3.67 million Nigerians into the employment market between October 2015 and last September, the National Bureau of Statistics (NBS) has said.

    According to the Bureau’s analysis of the unemployment in the country, the number of unemployed Nigerians rose from 7.51 million in the beginning of October 2015 to 11.19 million at the end of last September.

    The report for the fourth quarter of last year, which is still being prepared by the NBS, is due for release on March 29.

    The report stated that while the number of those employed rose from 55.21 million in the beginning of the fourth quarter of 2015 to 69.47 million as of the end of last September, the labour force population rose from 75.94 million to 80.66 million.

    A breakdown of the 3.67 million unemployed Nigerians showed that about 522,000 people became jobless within the fourth quarter of 2015; while 1.44 million people joined the labour force in the first quarter of 2016.

    For the second and third quarters of 2016, further analysis of the report showed that about 1.16 million and 550,000 people entered the market.

    The report explained that unemployment rate was highest for persons in the labour force between 15-24 and 25-34.

    For instance, it said the unemployment rate was highest for those within the age group of 15 to 24, rising from 17.8 per cent in the beginning of the fourth quarter of 2015 to 25 per cent as of the end of last September.

    For the 25-34 age group, the unemployment rate, according to the report, increased from 10.8 per cent to 15 per cent as of the end of last September, adding that unemployment and underemployment were higher for women in the third quarter of last year.

    It said while 15.9 per cent of women in the labour force were unemployed as at the end of the third quarter of last year, a further 22.9 per cent of women in the labour force were underemployed during the period.

    On the other hand, the report said 12 per cent of males were unemployed in the third quarter of last year, while a further 16.7 per cent of males in the labour force were underemployed during the same period.

    “Given that the nature of rural jobs is largely menial and unskilled, such as in agriculture, unemployment is more of a concern in urban areas where more skilled labour is required.

    “The unemployment rate in the urban areas was 18.3 per cent compared to 11.8 per cent in the rural areas, as the preference is more for formal white-collar jobs, which are located mostly in urban centres,” the report said.

    On the unemployment rate in the country, Institute of Productivity and Business Innovation Management President, Mr. Remi Dairo, said the harsh operating environment might have been responsible for the development.

    He said: “The huge number of unemployment is a reflection of the economic realities as only few businesses are growing and employing while many others are shedding jobs.

    “The lack of productive skills in both the private and public sectors is one of the major reasons for the country’s underdevelopment and there is need for a comprehensive education policy that would help to address the skill gaps in the country.

    “To close the gaps in skills between the programmes of educational institutions and the requirements in the industry, the government needs to restructure the educational system to meet the present and future needs of the country.”

  • Inflation rate hits 18.55%,says NBS

    Inflation rate hits 18.55%,says NBS

    THE National Bureau of Statistics (NBS) recorded inflation rate hitting 18.55per cent last month in the country from 18.48 per cent in November.
    It described the rate as the highest in 11 years.
    Prices of food items in particular kept rising,the NBS said in a report .
    The highest increases in price were recorded in bread, cereals, fish, meat, oil and fat.
    Inflation rate moved from 9.55 percent in December 2015 to 18.55 by December 2016, defying predictions that put 2016 year-end inflation at 12 percent.
    The IMF on Thursday said inflation in Nigeria was mainly driven by challenges surrounding the country’s exchange rate regime.
    “The Composite Food Index rose by 17.39 percent in December 2016. The rise in the index was caused by increases in prices of Meat, Bread and cereals, Oil and Fats, Fish, vegetables, milk and cheese and eggs, fruits and Potatoes, yam and other tubers,” the NBS report read.
    “On a month-on-month basis, the Food sub-index increased by 1.33 percent in December from the 0.88 percent recorded in November.”
    Asides food product, “the highest increases were seen in Housing, Water, Electricity, Gas and Other Fuels, Clothing and Footwear and Education, growing at 27.27, 21.62 and 17.84 percent respectively”.

  • NBS: Nigeria’s GDP contracts by -2.24 % in 3rd quarter

    NBS: Nigeria’s GDP contracts by -2.24 % in 3rd quarter

    The National Bureau of Statistics (NBS) said Nigeria’s Gross Domestic Product (GDP) in real terms declined by -2.24 per cent (year-on-year) in real terms in the third quarter of 2016.
    This is according to the Nigerian Gross Domestic Product (GDP) Report for Third Quarter of 2016 released by NBS yesterday in Abuja.
    The report stated that the figure was lower by 0.18 per cent points from growth recorded in the preceding quarter.
    That was lower by 5.08 per cent points from growth recorded in the corresponding quarter of 2015.
    “Quarter on quarter (unadjusted for seasonality), real GDP increased by 8.99 per cent during the quarter, aggregate GDP stood at N26,558,952.83 million (in nominal terms) at basic prices, compared to the third quarter 2015 value of N24,313,636.94 million.
    “Nominal GDP grew by 9.23 per cent. This growth was higher relative to growth recorded in the third quarter of 2015 by 3.22 per cent points,’’ it stated.
    The report, however, stated that the nominal GDP was N26.6 trillion in the quarter while the real GDP was N17.8 trillion
    The Nigerian economy can be more clearly understood according to the oil and non-oil sector classifications
    The report stated that during the period under review, oil production, according to NNPC, averaged at 1.63 million barrels per day (mbpd), lower from production in second quarter of 2016.
    It stated that oil production was also lower relative to the corresponding quarter in 2015 by 0.54 million barrels per day when output was recorded at 2.17 mbpd.
    The report further stated that the growth in the Non-oil sector was largely driven by the activities of Agriculture (Crop Production), Information and Communication and Other Services.
    “The non-oil sector grew by 0.03 per cent in real terms in the third quarter of 2016, reversing the last 2 quarters of negative growth recorded in first and second quarter.
    “This was 0.41 per cent points higher from the second quarter of 2016, yet 3.03 per cent points lower from the corresponding quarter in 2015.
    “In real terms, the Non -Oil sector contributed 91.81 per cent to the nation’s GDP, higher from shares recorded in the second quarter of 2016 (91.74 per cent) and the third quarter,’’ it stated

  • Inflation hits 18.3 %

    Inflation hits 18.3 %

    The National Bureau of Statistics (NBS) says Consumer Price Index (CPI) increased to 18.3 per cent (year-on-year) in October from 17.9 per cent recorded in September.

    The CPI, which measures inflation, is 0.48 per cent points higher from the points recorded in September.

    A report released by the NBS in Abuja yesterday noted that increases were recorded across almost all major divisions which contributed to the Headline Index.

    “Communication and Restaurants and Hotels recorded the slowest pace of growth in October, growing at 5.7 per cent and 9.4 per cent year-on-year respectively.

    “The Food Index rose by 17.1 per cent (year-on-year) in October, up by 0.47 per cent points from 16.6 per cent recorded in September.

    “During the month, all major food groups, which contribute to the Food sub-index, increased, with fruits recording the slowest pace of increase at 11.5 per cent,’’ it said.

    Price movements recorded by the All Items less farm produce or Core sub index rose by 18.1 per cent (year-on-year) in the month under review.

    According to the report, the Core Sub Index, which rose by 18.1 per cent in the month, is 0.4 per cent points higher from rates recorded in September, which was 17.7 per cent.

    “During the month, the highest increases were seen in housing, water, electricity, gas and other fuels as well as fuels and lubricants for personal transport equipment and education.

    “Significant price movement under the Core Sub-index was also recorded for clothing and footwear, which recorded an increase of 17.8 per cent year-on-year.

    “ The groups with least growth pace recorded in October were communication (5.7 per cent), restaurants and hotels (9.4 per cent) and recreation and culture (10.3 per cent).’’

    On a month-on-month basis, the report said that the Headline Index rose by 0.83 per cent in October, higher from the rate recorded in September (0.81 per cent).

    “The Urban Index rose by 19.9 per cent (year-on-year) in October from 19.5 per cent recorded in September and the Rural Index increased by 16.95 per cent in October from 16.4 per cent in September,’’ it stated.

  • Nigeria slides into recession, economy shrinks by 2.06%

    Nigeria slides into recession, economy shrinks by 2.06%

    Nigeria, Africa’s biggest economy, officially slid into recession for the first time in more than 20 years as the Nigerian Bureau of Statistics (NBS) on Wednesday announced a further contraction in the second quarter of the year.

    The NBS said that Gross Domestic Product (GDP) contracted by 2.06 percent after shrinking 0.36 in the first quarter.

    It said the non-oil sector declined due to a weaker currency, while lower prices dragged the oil sector down.

    A slump in crude prices, Nigeria’s mainstay, has hammered public finances and the naira currency, causing chronic dollar shortages.

    Crude sales account for around 70 percent of government revenues, Reuters reported.

    Compounding the impact of low oil prices, attacks by militants on oil and gas facilities in the Niger Delta since the start of the year has cut crude production by about 700,000 barrels per day (bpd) to 1.56 million bpd.

    The government’s 2016 budget assumed 2.2 million bpd.

    On Wednesday, the NBS said annual inflation reached 17.1 percent in July from 16.5 percent in June – a more than 10-year high – and food inflation rose to 15.8 percent from 15.3 per cent.

    Nigeria’s sovereign dollar bonds fell across the curve to their lowest value in more than two weeks after the NBS released its data.

    “The Nigerian economy contracted more deeply than we had expected in the second quarter,” said Razia Khan, chief economist, Africa at Standard Chartered bank.

  • NBS: labour force hits 78.4m in Q1

    NBS: labour force hits 78.4m in Q1

    The population of the labour force(those in the working age who are actively looking for job) rose to 78.4 million between January and March according to the National Bureau of Statistics (NBS).

    The NBS said the figure was  76.9 million for the same period last year, representing an increase of 1.99 per cent.

    This is contained in a report titled: “Unemployment/Under-employment Watch Q1 2016,” released by the NBS.

    Based on the statistics, it  is likely  Nigeria has been unable to create the 1.5 million jobs required between the last quarter of 2015 and the first quarter of 2016 to keep the unemployment rate constant at 10.4 per cent.

    Additional 15 million economically active persons between 15 and 64 entered the labour force between last January 1 and March 31.

    According to the NBS, the new entrants into the labour market also consisted of newly qualified graduates, fresh entrants into the economically active population (who became 15 in Q1 2016) and those who chose not to work for whatever reasons in earlier periods, among others.

    The report added that within the same period, the number of those in fulltime employment decreased by 528,148 persons or 0.97 per cent.

    It explained that this category consists of people who lost their jobs and were either forced or for various reasons chose to move from full time employment to underemployment.

    The NBS noted that the drop in full time employment between Q4 2015 and Q1 2016 was predominantly those between the ages 15 and 24 years, followed by ages 55-64 years, ages 45-54 years, and ages 35-44 years.

    Against the backdrop, the report noted that with an economically active or working age population of 106 million and with a labour force population of 78.4million in the first quarter of 2016, the development means that 27.5 million persons within the economically active or working age population decided not to work for various reasons in the first quarter of 2016. Consequently, they are not part of the labour force and cannot be technically considered unemployed or underemployed, even though they were not working.

    The report buttressed this by stating that: “You have to be willing to work and actively seeking work before you can be considered unemployed.”

  • NBS seeks cooperation on public service survey

    NBS seeks cooperation on public service survey

    The National Bureau of Statistics (NBS) has solicited the cooperation of respondents in volunteering accurate information to interviewers for a National Survey on Quality and Integrity of Public Service.

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

    Kale said the cooperation of respondents would determine the success of the exercise across country.

    According to him, the NBS is collaborating with the UN Office on Drugs and Crime and the European Union to conduct the survey.

    “This Survey is a follow up to a pilot survey earlier conducted on the same issue in the States of Delta, Oyo, Katsina and Kwara.

    “This baseline survey’s main objective is to collect evidence-based data on the different forms of corruption affecting the daily life of the average Nigerian citizen.’’

    Kale added that the survey would document citizens’ direct experiences of corruption events, and access to justice.

    It would also focus on “opinion and perception of citizens about recent trends, patterns and policies on corruption and experience of reporting corruption and other crimes to public authorities,’’ he said.

    The Statistician-General disclosed that the survey would cover all the 36 states of the Federation, and the Federal Capital Territory.

    “NBS interviewers will visit 33,300 households from 30th April to 19th May, 2016 to solicit for information during the survey,’’ he said.

     

  • NIGERIA RECORDS LOWEST EXPORTS IN THREE YEARS -NBS

    NIGERIA RECORDS LOWEST EXPORTS IN THREE YEARS -NBS

    Nigeria’s export trade has been on a downward spiral since January 2013, a report released by the National Bureau of Statistics (NBS) has stated.

    According to the NBS, the total value of Nigeria’s exports trade in 2015 was N7,251.6 billion or 30.6% less than the total trade value recorded for 2014.

    Tagged: ‘Merchandise Trade Declines in Q4, 2015,’ the NBS report rued the poor state of foreign trade in the fourth quarter of 2015.

    However, the report clearly indicates that Nigeria is succeeding in curbing citizens’ appetite for rather frivolous imported goods as there is a reported decrease of N454.6billion or 22.4% in the quarterly comparisons.

    “The total value of Nigeria’s merchandise trade during the Fourth Quarter of 2015 stood at N3,653.1billion, 9.2% lower than the value of N4,021.4billion recorded in the preceding quarter.

    “For the 2015 calendar year, the country’s total trade was recorded at N16,426.8billion, amounting to N7,251.6 billion or 30.6% less than the total trade value recorded for 2014.

    This development arose largely due to sharp decline the value of exports; from N16,304.0billion in 2014 to N9,728.8 billion in 2015, a decline of 40.3%.

    “A decrease of N676.4billion or 9.2% in the total imports in 2015 helped to mitigate the declining trade balance, which stood at N3,030.8billion, N5,898.9 billion less than the value in 2014,” the NBS stated.

    The body’s analysis of imports gave elaborate explanations of progress recorded thus far.

    “The value of Nigeria’s imports stood at N1,576.4billion at the end of Q4, 2015; this was 6.6% less than the value (N1,688.2billion) recorded in the preceding quarter.

    “Comparison with the corresponding quarter of 2014, showed a decrease of N454.6 billion or 22.4%.

    “The structure of Nigeria’s imports was dominated by the imports of “Machinery and transport equipment”, “Mineral Fuel”, and “Food and Live Animals”, which accounted for 32.4%, 18.5%, and 15.0% respectively in 2015.

    “These commodities contributed the most to the value of import trade in 2015, whereas commodities such as “Crude inedible materials”, “Oils, fats & waxes”, and “Beverages & tobacco”, contributed the least; accounting for 1.6%, 1.0%, and 0.5% respectively (Table 6).

    “Imports by section (Table 2), were dominated by the imports of “Boilers, machinery and appliances”, which accounted for N1,580.0billion or 23.6% of the total value of imports in 2015.

    “Other commodities which contributed noticeably to the value of imports in 2015 were “Mineral Products” at N1,273.4billion (19.0%), “Vehicles, aircraft and associated parts” at N608.5billion (9.1%), “Products of the chemical and allied industries” at N578.9billion (8.6%) and “base metals and articles of base metals” at N574.1billion (8.5%).

    In 2015, imports classified by Broad Economic Category revealed that “Industrial supplies not elsewhere classified” ranked first with N1,824.1billion or 27.2%, followed by “Capital goods and parts” with the value of N1,516.7 billion or 22.6%, and “Fuels and Lubricants” with the value of N1,210.7billion or 18.1% while the value of Premium Motor Spirit stood at N288.6billion.

    “The crude oil component of total trade decreased by N4,945.9billion or 41.6% as against the level recorded in 2014” the NBS stated, noting that crude oil figures for the last quarter are provisional.

  • January inflation rate steady at 9.6%, says NBS

    January inflation rate steady at 9.6%, says NBS

    The consumer inflation rate for last month remained steady at 9.6 per cent, data from the National Bureau of Statistics has shown.

    The December inflation figure was also at 9.6 per cent even as food inflation was steady at 10.6 percent in January compared with the previous month.

    The December inflation rate rose to 9.6 per cent compared with the 9.4 per cent inflation rate in November, the December 2015 Consumer Price Index (CPI)/ Inflation Report issued by the NBS in Abuja indicated.

    The report said the pace of increased recorded by CPI which measures inflation increase for the second consecutive month.

    “The Headline Index increased by 9.6 per cent (year-on-year), 0.2 per cent points higher from rates recorded in November. The increase in the headline index is driven in part by higher prices within key divisions which contribute to the index. In particular, imported food items within the food and non-alcoholic beverages divisions, alcoholic beverage, tobacco and kola, clothing and footwear and transportation divisions all impacted the index,’’ it said.

    According to the report, food prices recorded significant pressures in December. It said that the food sub-index increased to 10.6 per cent (year-on-year) during the month, 0.3 per cent points from rates recorded in November.

    “All major food groups, which contribute to the food sub index, increased at a faster pace during the month with the exception of the milk, cheese and eggs group.’’

    According to the NBS, the Consumer Price Index (CPI) measures the average change over time in prices of goods and services consumed by people for day-to-day living. It said the construction of the CPI combines economic theory, sampling and other statistical techniques using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.

    Also, the weighting occurs to capture the importance of the selected commodities in the entire index. The production of the CPI requires skills of economists, statisticians, computer scientists, data collectors and others.