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Tag: NBS

  • Workers earn N730 per hour in Q2, says NBS

    Workers earn N730 per hour in Q2, says NBS

    Workers earned N730.85 per hour for their labour in the second quarter of this year, the National Bureau of Statistics (NBS) has reported.

    The report on labour productivity released by the NBS indicated that the wages of labour in the second quarter of this year was higher than the N669.57 per hour which workers earned in the first quarter of the year.

    The increase represent an improvement in the standard of living.

    The NBS stated: “High labour productivity can be an important signal of the improvement in real incomes (wages of labour).”

    The report also showed that the total hours workers spent on labour in the second quarter increased from 31.28 billion hours recorded in the first quarter to 31.50 billion hours.

    The NBS reported that the labour force grew from 73,436,104 recorded in the period under review to 74,010,602 in the second quarter.

    “The purpose of this brief report is to review recent trends in labour force and labour productivity in Nigeria, as well as compare with other emerging economies, with a view to highlighting possible areas of interest in the analysis of labour productivity in Nigeria,” the NBS said.

  • NBS blames low oil prices for slow economic growth

    NBS blames low oil prices for slow economic growth

    Nigeria’s economic growth slowed sharply in the second quarter of the year as lower crude prices took their toll on the local economy. Annual growth dropped to 2.35 per cent from 6.54 per cent a year earlier, the Nigerian Bureau of Statistics (NBS) said yesterday.

    Reuters report said oil production fell to 2.05 million barrels per day from 2.21 million over the same period. With oil accounting for more than 90 per cent of Nigeria’s foreign exchange earnings and about 70 per cent of government revenues, the fall in crude prices and output has hurt Nigeria’s finances and its naira currency, with foreign investors pulling out of its stock and bond markets.

    The naira has fallen about 15 per cent over the last one year, with devaluations in November and February, despite the central bank spending billions of dollars to prop up the currency.

    The weakening currency has fuelled inflation, which at 9.2 per cent is at its highest annual rate since February 2013 and above the central bank’s target range. Tuesday’s figures showed the continent’s second biggest economy, South Africa, shrank for the first time in over a year, raising the risk that labour disputes and slowing Chinese demand for commodities could push it towards recession.

  • NLC faults NBS’s reports

    The Nigeria Labour Congress (NLC), has faulted the National Bureau of Statistics  reports which put unemployment rate in the urban areas of the country at 10.1 per cent in the second quarter of this year.

    The NLC fumed at the escalating rate of unemployment in the country, describing the situation as a ticking time bomb that all tiers of government must give immediate attention to address.

    The National Executive Council (NEC) of the central labour union expressed sadness that the National Bureau of Statistics (NBS), the government agency responsible for researching and providing reliable data to assist government’s job creation efforts, is not doing enough in this direction.

    In a communiqué at the end of its meeting in Lagos, signed by its President, Comrade Ayuba Wabba, the NLC frowned at what it called “disingenuous approach of the NBS and other agencies of government to manipulate unemployment figures in the country.”

    “This fraudulent approach is not helpful to the government, which needs accurate figures to properly plan on ways of resolving the alarming unemployment situation in the country,” Wabba said.

    Recently, the NBS put unemployment rate in the urban areas of the country at 10.1 per cent in the second quarter of this year. The rate indicated about 2.3 percentage points higher than the 8.8 per cent recorded in the preceding quarter and 3.6 percentage points higher than the rate in Q4, 2014.

  • Inflation rate highest in May since 2013-NBS

    Inflation rate highest in May since 2013-NBS

    The National Bureau of Statistics (NBS) has stated that the headline inflation for May 2015 at 9.0 per cent, 30bps was higher than 8.7 per cent recorded in April 2015 and the highest since May 2013 (9.0 per cent).

    Measured Month-on-Month (M-o-M), the Headline Index rose 1.1 per cent in May, the highest M-o-M increase since June 2012. NBS attributed the acceleration in the headline inflation to increases in most COICOP (Classification of Individual Consumption by Purpose) divisions which contribute to the headline index. The uptrend in the COICOP divisions is not unconnected to the scarcity of petrol which led to increased pump price of Petrol (Gas Prices) in May. This had a knock-on effect on the prices of other consumer commodities and related services.

    The increases in the COICOP divisions were also observed in the major sub-indices of the headline Index as both core and food inflation accelerated in May.

    The Food index rose by 9.8 per cent Y-o-Y, 30bps higher than 9.5 per cent in April. Measured -o-M, the index rose 1.1 per cent, the fastest increase since September 2012. The NBS ascribed increases in Food prices to the combined effect of higher transportation cost and late onset of rain which delayed the harvest period. Similarly, the Core index rose 60bps to 8.3 per cent (Y-o-Y).

    Whilst the major driver of inflation in May is majorly transient, the possibility of subsidy removal by the new administration remains a risk factor for future price stability. The glut in global crude oil supplies and impact on external reserves accretion and the exchange rate also remains key risk factors.

    Also, the current level of inflation is already at par with the CBN’s upper limit target of 9.0 per cent.

    Major markets in Africa trended southwards as the Egypt EGX declined the most, losing 1.8 per cent W-o-W, followed by the Kenya NSE 20 (-0.8 per cent) W-o-W. Similarly, the Nigerian ASI declined 0.1 per cent W-o-W even as the Ghanaian GSE (-0.3 per cent).

  • Unemployment: Labour faults NBS’ statistics

    Unemployment: Labour faults NBS’ statistics

    Trade Union Congress of Nigeria (TUC) President, Comrade Bobboi Kaigama, has disagreed with the National Bureau of Statistics (NBS) that the number of the unemployed has dropped from 16.07 million in 2011 to 4.67 million at the end of last year’s fourth quarter.

    Speaking on the NBS statistics, Kaigama said: “My reaction is simple: I don’t believe the statistics of the NBS. Let them tell us where and in which organisations the jobs were created.”

    The General Secretary of Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), Comrade Bayo Olowoshile, said the NBS is economical with the truth. He disagreed with the agency, saying that the statistics was not done with the sincerity of purpose and the government should not rely on it.

    It would be recalled that the NBS said it had revised the country’s labour statistics, stating that as a result, the number of those unemployed had dropped from 16.07 million or 23.9 per cent in 2011 to 4.67 million or 6.4 per cent as at the end of the fourth quarter of last year.

    The bureau had in September 2014 constituted a committee of experts and stakeholders to review the definition and methodology applied in computing unemployment statistics in the country.

    This was aimed at assessing the current definition of unemployment in the context, and consequently recommending a new appropriate definition for computing unemployment rate and other labour related indicators in the country.  This is to ensure that it was in line with internationally agreed standards and satisfying local conditions.

    Historically, the NBS defined unemployed as the proportion of the labour force that did no work at all or worked less than 40 hours a week.

    This, however, presents a major challenge, as those who work for less than 40 hours are classified as unemployed.

    The International Labour Organisation uses one hour a week as the benchmark as opposed to the 40 hours used by the NBS

    But following the recommendation of the committee, which was chaired by Prof. Sarah Anyanwu of the University of Abuja, the NBS has adopted 20 hours per week in computing the unemployment rate.

    In the revised statistics, the total labour force at the end of the fourth quarter of last year was put at 72.93 million.

    Out of this figure, according to the bureau, the number of those that are fully employed (40 hours and above) was 55.206 million or 75.68 per cent; underemployed (20 to 39 hours) at 13.05 million or 17.89 per cent; and unemployed (one to 19 hours) at 3.14 million or 4.3 per cent.

    The report said 1.52 million people, representing 2.08 per cent, were currently not engaged in any economic activity, implying that their working hour was zero.

  • Brighter future for the physically challenged

    Brighter future for the physically challenged

    For the physically challenged, there is hope of a better tomorrow. Shell has introduced a programme through which they are being empowered, writes AKINOLA AJIBADE.

    In line with United Nations (UN) charter which identifies the rights of the physically challenged, such as the blind, dumb, deaf and lame, to live, develop their skills and work, corporate organisations, government and non-governmental organisations (NGOs) have gone into training them.

    One such organisations is Shell Petroleum Development Company (SPDC). The oil major is training the physically challenged to make them employers. It has so far trained 30 who were selected from the Niger Delta, especially Rivers, Bayelsa, Delta, Akwa-Ibom, Imo and Abia.

    The initiative, part of Shell Live Wire empowerment programmes, is meant to make the physically challenged productive.

    Outgoing  Shell Managing Director Mutiu Sunmonu said the training was introduced to enable the less-privileged achieve their goals. He said the scheme has a lot of jobs’ prospect, adding that the 30 beneficiaries are going to provide thousands of jobs. Those expected to benefit from the scheme are skilled, semi-skilled and unskilled workers, such as shoe makers, bead makers, tailors, hair dressers, phone repairers, and poultry managers. Others are those into dying.

    Sunmonu explained that 54 per cent of Nigerians are youths between 15 and 35, arguing that the only way Shell could bring about the desired change is to empower them. He said 54 per cent of youths were unemployed, going by the 2012 Baseline Youth Survey Report provided by the Nigerian Bureau of Statistics (NBS).

    “Through training, we believe we can help reduce unemployment in Nigeria. The country was ranked as the largest economy in Africa. However, unemployment rate is rising in Nigeria. The figures are alarming when profiling youths between 15 and 35 years. The 2012 National Baseline Youth Survey Report issued by NBS in December 2013 attested to this. It said 54 per cent of Nigerian youths were unemployed,” Sunmonu said.

    Sunmonu, said the physically challenged are sensually impaired and unable to do what others are doing, arguing that the only way to make them relevant is to empower them.

    This, he said, informed Shell’s decision to train 30 people, and give them N300,000 each to start  business, adding that through the initiatives the Anglo-Dutch firm, Shell is ploughing back to the countries where it operates.

    Managing Director, Shell Nigeria Exploration Petroleum Companies (SNEPCOs) Tony Attah said the organisation gave N750,000 each to 20 youths trained under the Shell LiveWire programme last year.

    Youth Development Adviser, Shell Monica Umah said the beneficiaries were picked across board, adding that those trained were 10 with visual impairment, 10 deafs and dumb, and 10 that are physically challenged.  She said six consultants were hired to handle the training.

    Umah said: “We had a-27-day programme where people were put in a class, trained on how to repair shoes, phones, make beads, keep poultry among others. During the training, we made people to understand that they would get a shop, buy materials with which they would render services to their customers, expand their businesses to create more jobs and grow the economy. At the end of the programme, beneficiaries were given start-up funds of N300,000 to enable them commence operations.”

    She said Shell signed a Memorandum of Understanding (MoU) with the Ministry of Social Welfare and Rehabilitation in the six states to enable it achieve its goals.

    On the method of recruitment, she said people applied, were shortlisted, interviewed and selected for the training, stressing that each of the states was represented in the programme. Umah said the training is on-going because Shell is committed to the society’s growth.

    According to her, Shell wants to see that more people are empowered in order to help drive socio-economic activities in its countries of operation. She said every aspect of the social empowerment programmes organised by Shell, comes with something unique and attractive.

    Umah said the physically challenged have been exhibiting their skills in sports and other aspects of human endeavours. She said members of the Nigerian contingent to Paralympic Olympics in London in 2012 won 13 medals, including six gold, five silver and two bronze. Many who are physically challenged can make success of their entrepreneurial skills, if giving the opportunity to do so.

    “Shell is creating opportunities for the physically challenged to develop their skills, create jobs and help grow the economy. Shell Live Wire programme has succeeded in developing skills, hitherto inactive in the country,” she added.

    A beneficiary,Mbuotidem Okorie, said the training has not only exposed him to business ideas and ways of actualising his dream of becoming rich. He said he would be repairing phones and render ancillary services, noting that the growth in Information Communication Technology (ICT) has provided a vista of opportunities for people.

    Another beneficiary, Agnes Udo, said she benefited from the training, adding that her  childhood dreams of becoming an employer has come true.

    The Chief Executive Officer, First Books Limited, Dr Emmanuel Obidiegwu, said every human being is blessed with one talent or the other, arguing that anybody that fails to discover and use his talent would not grow.

    He urged the physically challenged not to lose hope. He said Nigeria is a signatory to the Convention on the Rights of Persons with Disabilities (CRPD), arguing that the physically challenged would occupy vantage positions soon.

    “The disabled should see hope, instead of hopelessness; success instead of failure, and goodness and not sorrow. They should sit down, discover their talents or skills, put them into practise and forge ahead.  By doing these, they would succeed in their chosen endeavours and make impact on the economy the same way people who are not impaired in any form are doing,” Obidiegwu advised.

    Joblessness, UNO said, is a scourge that must be fought to enable the physically challenged realise their potentials and feel a sense of belonging in the society. It said through this, the physically challengedwould be able to live a normal life.

    The global body said the physically challenged, like other human beings, are unique and should be assisted emotionally, mentally and physically. The International Day of Persons with Disabilities marked across the world in December 3 last year underscored this assertion. It had the theme: “Sustainable Development: The Promise of Technology.”

  • Nigeria’s trade drops by 5.4 in third quarter, says NBS report

    Nigeria’s trade drops by 5.4 in third quarter, says NBS report

    THE National Bureau of Statistics (NBS) has said the country recorded a decline of about 5.4 per cent in the total value of trade in the third quarter of this year, as a result of fall in the value of import and export.

    In the third quarter trade report released yesterday in Abuja, the bureau said the total value of merchandise trade during the period under review stood at N6,299.7 billion.

    It added that this figure indicates a decline of N359.6 billion over the value of N6,659.4 billion recorded in the previous quarter.

    The Bureau noted that the decrease was a result of fall in the value of exports and imports in the third quarter relative to the second quarter. According to the report, while exports declined by N202.7 billion or 4.3 per cent to N4,479.5 billion, imports declined by N157.0 billion or 7.9 per cent to N1,820.3 billion, leaving the balance of trade standing at N2,659.2 billion.

    The report said further that the value of crude oil exports stood at N2,931.0 billion, constituting 65.4 per cent of the export total, while the non-crude oil export value of N1,548.5 billion made up the remaining 34.6 per cent.

    It, however, said the total trade grew by N641.6 billion or 11.3 per cent relative to the N5,658.2 billion recorded in the corresponding quarter of 2013.

    The year to date total merchandise trade amounted to N18,474.1 billion.

    While classifying import by Standard International Trade Classification and Country of Origin, the 15 paged report said: “Nigeria’s imports amounted to a value of N1,820.3 billion in third quarter of 2014, representing a decrease of N157.0 billion or 7.9 per cent over the N1,977.2 recorded in the previous quarter.

    “In comparison with the N2,0948 billion of imports recorded in third quarter of 2013, the 2014 value revealed a decrease of N264.5billion or 12.7 per cent. The year to date total imports amounted to a value of N5,343.0 billion, a marginal increase of N13.2 billion or 0.2 per cent from levels recorded in the corresponding period in 2013.

    “Classified by SITC, the quarter-on-quarter decrease in the value of imports was primarily driven by a fall in the value of mineral fuel imports of N100.1billion or 27.2 per cent from the N368.6 billion recorded in Q2 of 2013 to N268.4 recorded in quarter three.

    “However, significant declines were also recorded in machinery and transport equipment, declining by N44.2 billion or 6.8 per cent to a value of N606.4 billion in quarter three and chemicals and related products, which declined by N39.5billion or 14.6 per cent to an export value of N231.8 billion in Quarter Three.

    “Classified by section, boilers, machinery and appliances accounted for the largest share of imports with a value of N426.8 billion or 23.4 per cent of the quarter three total. Sections of mineral products and vehicles and aircraft and parts ranked second and third with N278.4billion or 15.3 per cent of the total and N185.9 billion or 10.2 per cent of the quarter three total respectively.

    “Analysis at the product level showed that motor spirit recorded the greatest value of imports, contributing N227.8 billion or 12.5 per cent of the total imports for Q3, 2014.

    “Third quarter imports classified by Broad Economic Category showed that industrial supplies accounted for the greatest value of imports, at N510.2 billion or 28.0 per cent of total imports, followed by capital goods at N378.9billion or 20.8 per cent of the total, and food and beverages at N323.8 billion or 17.8 per cent of the total”.

  • Nigeria records 500,224 new jobs in six months, says NBS

    Nigeria records 500,224 new jobs in six months, says NBS

    The National Bureau of Statistics (NBS) yesterday said the formal and informal sectors recorded 500,224 new jobs in the first half of the year.

    The Statistician-General of the Federation, Dr Yemi Kale,  who spoke in Abuja during a three-day National Stakeholders’ workshop on Review of the Definition and Methodology for Computation of Unemployment Statistics in Nigeria,  said the sectors recorded 240,871 and 259,353 new jobs in the first and second quarters respectively.

    He said the formal sector recorded 76,018 jobs in the first quarter while 78,755 jobs were created in the second quarter.

    The statistician-general said 158,894 jobs were created in the informal sector in the first quarter, while 175,786 jobs were created in the second quarter.

    He said: “In the first quarter of 2014, the public sector recorded 5,959 jobs while 4,812 jobs recorded in the second quarter.

    “The total new jobs for first quarter of 2014 was, therefore, 240,871, representing 10.3 per cent decrease from the previous quarter, which recorded 265,702 jobs and lower than the 431,021 jobs created in the corresponding quarter of 2013.

    “The education (private) sector dominated the formal sector with the most number of jobs, taking up 23,643 jobs, representing 31 per cent of the total share, followed by manufacturing with 11,088 jobs, representing 14.6 per cent.’’

    He said electricity, gas steam and air conditioning supply sectors recorded 12 jobs and water supply, sewage, waste management and remediation sector created 12 jobs in the first quarter.

    “The informal sector which constitutes most of the jobs created in agriculture and micro, small, medium scale enterprises went up to 9.8 per cent compared to the preceding quarter which was 143,278,’’ he said.

    He said the figure was lower than the 232,272 jobs created in the corresponding period of 2013.

    Kale said the total new jobs created in the second quarter were 259,353, representing 7.1 per cent increase from the preceding quarter, which recorded 240,871 jobs.

    The statistician-general also inaugurated the committee to review the definition and methodology for computation of unemployment statistics in the country.

    He said the review became necessary because under the International Labour Organisation (ILO) guidelines, anyone in the labour force who worked  at least an hour during seven-day reference period was considered employed.

    “Within the Nigerian context, any person in the labour force who did not work for up to 40 hours during reference week is considered to be unemployed.

    “The definition used by NBS was adopted in a national workshop with several participants drawn from the National Statistical System (NSS).

    “The use of 40 hours as a cut-off or measure has been described as outdated by local and international partners and inconsistent with present realities in the country,’’ he said.

    Kale said the NBS inaugurated the committee in line with its mandate of developing and promoting the use of statistical standards and appropriate methodologies in the country.

    The Director, ILO Country Office for Nigeria, Mrs Sina Chuma-Mkandawire, urged the Ministry of Labour and Productivity and NBS to build a strong statistical foundation for the review of the National Employment Policy.

    Chuma-Mkandawire, who was represented by its Senior Programme Officer, Mrs Chinyere Emeka-Anuna, said sound policy could only be achieved on the basis of solid and empirical evidence.

    Prof. Sarah Anyanwu from the University of Abuja, who chaired the committee, promised that the committee would make recommendations that would reflect the unemployment statistics in Nigeria in line with international standards.

  • Inflation rises by 8.3%, says NBS

    Inflation rises by 8.3%, says NBS

    The Consumer Price Index (CPI), which measures inflation, rose to 8.3 per cent in July 2014, from 8.2 per cent recorded in June.

    This is the fifth consecutive month of year-on-year increases in the headline index.

    According to the CPI report released in Abuja yesterday by the National Bureau of Statistics (NBS), the faster pace of price increases recorded in the headline index was as a result of an increase in multiple divisions that contribute to the headline index.

    It explained that between February and July, movements in food prices as observed by the Food sub-index have, mirrored the Headline index.

    NBS said in a statement, that the Food index edged higher to 9.9 per cent in July from 9.8 per cent in June, explaining that prices were pushed higher as a result of higher prices in the Bread and Cereals, Meats, and Fish groups, while the pace of the increase was weighed upon by slower increases in the Dairy, Sugar, jam, honey, chocolate and confectionery, Coffee, Tea and Cocoa groups.”

    After increasing at a faster pace for the previous three months, the report said the pace of price increases measured by the “All items less farm produce” or Core sub-index, eased in July.

    The statement reads: “Prices rose by 7.1 per cent (year-on-year), a full percentage point lower from the rate recorded in June. Slower price increases in the Alcoholic Beverages Tobacco and Kola, Clothing and Footwear; Housing Water, Electricity, Gas and Other Fuel; and many other divisions contributed to the muted increases in the Core sub-index.

    “On a month on month basis, price increases in the headline index eased for the second consecutive month. Prices increased by 0.65 percent in July, lower from a 0.77 per cent increase in June. The slower price increase of the Headline index in July were driven by a slower rise in all areas that contribute to the index.

    Urban prices (year-on-year) increased as a faster pace for the third consecutive month in July.

    “Prices edged higher to 8.5 per cent, up 0.1 percentage points from June. Rural prices have exhibited the same trend over the period, increasing by 8.1 per cent from 8.0 per cent in June.

    “On a month-on-month basis, the pace of increases in Urban prices eased in July, after advancing faster for two consecutive months. Urban Headline index increased by 0.70 per cent, 0.1 percentage points lower from June.

    The Rural All-items index rose at a slower pace by 0.60 percent in July, down from 0.74 percent in June.

    “The percentage change in the average composite CPI for the twelve-month period ending in July 2014 over the average of the CPI for the previous twelve-month period was recorded at 8.0 percent, unchanged from the average twelve month rate of change recorded in June 2014. The corresponding 12-month year-on-year average percentage change for the Urban index was 8.1 percent in July, unchanged in the previous month while the corresponding Rural index eased to 7.8 per cent for the Month of July.

    “As observed by the Food sub-index, food prices increased by 9.9 per cent (year-on-year) in July, marginally higher from 9.8 percent recorded in June. This is the highest price increased observed in a year, and an advancement in the pace of price increases for the fifth consecutive month. During the month, increases in Fruit, Vegetables, and Potatoes, Yam & Other Tubers groups contributed to the price increases.”

     

  • Inflation rises by 8.0 per cent

    Inflation rises by 8.0 per cent

    May inflation rate rose to eight per cent from 7.9 per cent in April, report from National Bureau of Statistics (NBS) has said.

    Commenting on the figure, Head of Research, Standard Chartered Bank, Razia Khan, said although both food and core inflation are exhibiting the fastest month-on-month increases seen since January, the impact of earlier foreign exchange weakness appears not to have been as pronounced as we expected.  She said inflationary pressures are still relatively benign.

    “Nonetheless, there is evidence of upward pressure on prices.  The increase in the inflation index seen in every month since March, is a touch higher than the average for those months using the index rebased to 2009.

    “This does not signal an alarming degree of price pressure – it merely indicates that the trend in the coming months is more likely to be higher, rather than lower inflation,” she said.

    Khan said market conditions remain liquid, adding that overnight rates continue to hover near the lower end of the corridor.  The foreign exchange rate has exhibited signs of pressure, despite gains in the oil price related to events in Iraq. For now, local factors appear to matter more.

    “Given this, we remain wary of inflation risks. The rise in the oil price does not provide sufficient reassurance that Nigerian inflation will remain low and well-behaved.

    The amount of pre-election spending remains the key factor to watch.  Should market conditions exhibit signs of even greater liquidity growth, there may be a case for more CBN tightening in response,” she said.

    We expect inflation to continue to rise in the coming months, she said, adding that given the low base year-on-year, inflation was in single digits for all of 2013, helped by CBN tightening and favourable food price trends domestically.

    She said  a surge of upto 10 per cent may occur before  year-end.