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The National Bureau of Statistics (NBS) reports that 40%  of people in Nigeria live in poverty, figures published on Monday highlighting the low levels of wealth in a country that is Africa’s biggest economy.   Source : International Centre For Investigative Reporting The Statistics office a report about poverty and inequality from September 2018 to October 2019, said 40% of people in the continent’s most populous country lived below its poverty line of 137,430 naira or $381.75 per year. It said that represents 82.9 million people. Nigeria is a top oil exporter in Africa, which has helped to create wealth related to crude sales that account for more than half of government revenue. But a failure to diversify the economy and build much needed transport and power infrastructure has stunted growth and the spread of wealth beyond the rich elite. Rapid population growth outstrips economic growth, which stands at around 2%. The United Nations estimates that Nigeria...

Nigeria’s inflation rate has increased for the third consecutive month. With a 0.25% rise, it moved from 11.85% in October to 11.85% in November 2019 according to the National Bureau of Statistics. “The urban inflation rate increased by 12.47 percent (year-on-year) in November 2019 from 12.20 percent recorded in October 2019, while the rural inflation rate increased by 11.30 percent in November 2019 from 11.07 percent in October 2019,” the report reads. Food Items Source: The Market Food Shop Meanwhile, the composite food index rose by 14.48 per cent in November 2019 compared to 14.09 per cent in October 2019. This current rise in the food index is due to the increases in the prices of everyday foods such as bread, cereals, oils and fats, meat, potatoes, yam including other tubers like cassava and fish. When compared to October 2019, the food sub-index increased by 1.25 per cent in November 2019, down 0.08 per cent points from 1.33 percent recorde...

Nigeria’s economic growth has slowed to an annual rate of 1.94 percent in the three months to the end of June. The second quarter shows the country is struggling to shake off the effects of a recession it escaped two years ago. Naira notes Source : videoblocks.com Nigeria’s economy grew by 2.10 percent in the first quarter compared with the previous year, according to the National Bureau of Statistics (NBS) on Tuesday. Nigeria's Q2 2019 Source: NBS The economy has been held back by sluggish performance in the non-oil sector, despite government efforts to improve those industries and wean Nigeria off the crude oil on which it depends. The central bank has forecast growth of 3% for 2019. In the second quarter, the non-oil sector grew 1.64 percent and the oil sector expanded 5.15 percent, according to the statistics office. Crude production dipped to 1.98 million barrels per day from 1.99 million in the previous qu...

The National Bureau of Statistics (NBS), said the Consumer Price Index (CPI), which measures inflation increased by 11.37 per cent (year-on-year) in April 2019. The NBS said this in its “CPI and Inflation Report for April’’ released on Wednesday in Abuja. According to the bureau, this is 0.12 per cent points higher than the rate recorded in March, 2019 (11.25) per cent. The bureau, however, said the high inflation was caused by increase in prices of some foodstuff. Source: NAN The report said the composite food index rose by 13.70 per cent in April compared to 13.45 per cent in March, 2019. It said the rise in the food index was caused by increases in prices of meat, fish, oils and fats, bread and cereals, milk, cheese and egg, yam and other tubers, fruits and vegetables. On month-on-month basis, the report said the food sub-index increased by 1.14 per cent in April, up by 0.26 per cent points from 0.88 per cent recorded in March. The average annual rate of change...