In the first quarter (Q1) 2025, Nigeria recorded N5.172 trillion trade surplus, according to the National Bureau of Statistics (NBS). NBS in its “Foreign Trade in Goods Statistics Q12025,” revealed that the country’s import dipped to N15.426 trillion as export rose to N20.59trillion, totally N36.02trillion trade in the period under review. The report said total…
As a result of the fall in the cost of food, fuel and gas, the headline inflation eased from 24.48 per cent in January 2025 to 23.18 per cent in February this year. The National Bureau of Statistics (NBS) made this known yesterday in its document titled: Consumer Price Index (CPI) February 2025. It added…
A former Chairman of Manufacturers Association of Nigeria (MAN), Dr Wale Adegbite, has called on the Federal Government to stabilise the exchange rate as a means of controlling inflation in the country. Adegbite made the call in an interview with the News Agency of Nigeria (NAN) in Ota, Ogun State on Wednesday. The former MAN…
The Nigeria Inter-Bank Settlement System (NIBSS) has said enrollments for the bank verification number (BVN) increased to 64.83 million in January. According to data from the NIBSS, the figure represents an increase of 1.35 million, compared to the 63.47 million recorded in January 2024. The BVN is an 11-digit number unique to each individual across…
About 700 million people, equivalent of 8.5 per cent of the global population now live in extreme poverty on less than $2.15 a day, according to a World Bank report. The bank also added that around 3.5 billion people live on less than $6.85 a day. In a report,” 2024 Key Development Challenges in Nine…
President Bola Tinubu’s economic reforms, if sustained, have the potential to pull through critical deliverables for the economy to return to a growth path, the Lagos Chamber of Commerce and Industry (LCCI) has said. The group added that the country would witness more impact of the reforms on fundamental indicators such as inflation, interest rates…
Nigeria’s data agency, National Bureau of Statistics (NBS) has said the rise in the costs of food, energy, and other items, inflation rate rose from 34.60 per cent in November 2024 from the 33.88 per cent recorded in October 2024. Statistician-General of the Federation, Prince Adeyemi Adeniran disclosed this in a statement. According to him,…
The capacity of Nigeria’s manufacturing sector to create jobs has continued on the decelerating pace with only 2,606 jobs created in the first half of 2024 (H1 2024), a 29.99 per cent reduction from H2 2023,according to the Manufacturers Association of Nigeria (MAN). MAN’s ‘Executive Summary’ of finding of the manufacturing sector’s survey for H1…
