Nigeria’s trade with the United Kingdom (Nigeria-UK Trade) has experienced a significant decline of 25% in the first quarter of 2024, raising concerns for both countries. This unexpected drop comes despite the recent devaluation of the Nigerian naira, a policy change typically intended to make Nigerian exports cheaper and more …
Read More »Telecom Sector Contributes N2.508 Trillion, 14.13 % to Nigeria’s GDP
The telecommunications and Information Services sector in Nigeria has, in the first quarter 2023, delivered a handsome N2.508 trillion in terms of financial value contribution to the nation’s gross domestic product (GDP), representing 14.13 per cent. Figures released by the National Bureau of Statistics (NBS) showed that the sector recorded …
Read More »Nigeria Spent N776.3 Billion to Import Sugar in Two Years
Nigeria has spent over N776.3 billion to import sugar in two years, despite committing over N170 billion to boosting self-sufficiency in sugar production. An analysis of quarterly reports of the country’s foreign trade reports released by the National Bureau of Statistics (NBS) revealed that N425.5 billion was spent on importing …
Read More »Inflation Rises Above Prediction to 21.91%
Nigeria’s inflation rate has risen above prediction to a record 21.91 percent in February. This signals a possible hike in monetary rates when the Monetary Policy Meeting of the Central Bank of Nigeria (CBN) meets next week. A report by the National Bureau of Statistics (NBS) yesterday showed that inflation …
Read More »FG Generates N1.18 Trillion VAT in 6 Months
The federal government has generated a total of N1.188 trillion as Value Added Tax (VAT) in the first six months on 2022. Data from the National Bureau of Statistics (NBS) indicated that was 18.14 per cent increase compared to the N1.0 trillion generated in the first quarter of 2021. A …
Read More »Minister Applauds ICT Unprecedented 18.44% Contribution to Nigeria’s GDP
The Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim (Pantami), is very excited to hear of the remarkable contribution of the Information and Communications Technology (ICT) sector to Nigeria’s Gross Domestic Product (GDP) in the second quarter of 2022 (Q2 2022). The National Bureau of Statistics (NBS) stated …
Read More »Inflation Rises to 16.82%
…Exceeds IMF’s 2022 Projection Against the International Monetary Fund (IMF) projection for 2022, the Consumer Price Index has risen to 16.82 per cent in April from 15.92 per cent in March, latest figures from the National Bureau of Statistics have revealed. The NBS disclosed this in its ‘Consumer Price Index …
Read More »LCCI Reacts as Nigeria Trade Deficits with China Worsen
Data from the National Bureau of Statistics (NBS) has shown the bilateral trade deficit against Nigeria is widening in favour of China, with a steady increase in Nigeria’s importation from the Asian country from 2019 to 2021. The NBS data shows that Nigeria imported N6.53 trillion worth of goods from …
Read More »FG Rakes in N960 Billion from ICT Companies, Spectrum Sales in Two Years
The Federal Government has said telecommunications and digital economy sector would remain central to the future growth and prosperity of the country. The Minister of Communications and Digital Economy, Prof. Isa Pantami who disclosed this, said the sector generated over N1 trillion to the Government coffers between 2019 and 2021. …
Read More »Northeast Garners 25.90% of Nigerians Certified IT Professionals, Experts Disagree with NBS
Some tech experts have questioned data from the National Bureau of Statistics (NBS) showing the insurgency-infested North-East of Nigeria has the most certified information technology (IT) professionals in the country. According to the dataset, the geopolitical region has 25.90 percent of certified IT professionals. This puts it ahead of the other geopolitical …
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