Business

The United Nations (UN), Federal Government, and Nigeria Bureau of Statistics (NBS) have underscored the need to prioritize data visualization in decision-making processes. They made this known at the official inauguration of the Nigeria Visualized Project on Monday night in Abuja. The programme was put together by the United Nations Development Programme (UNDP), the Federal Ministry of Budget and Economic Planning, and the NBS. The UN Resident and Humanitarian Coordinator, […]

The National Bureau of Statistics, NBS, has disclosed that real household consumption expenditure grew year-on-year  by 3.3 percent in the second quarter of 2023 (Q3’23). This was disclosed in its Nigerian Gross Domestic Product (Expenditure and Income Approach) Report for Q1 and Q2 2023. The bureau stated that household final consumption, in real terms, grew by -24.95 percent and 3.30 percent in Q1 and Q2 of 2023 respectively, on a […]

Oil prices recorded more loss on Thursday, after OPEC announced the shock delay of a key policy meeting, suggesting fresh upheaval in the bloc, while equities were mixed after two US reports dented recent euphoria over the future of interest rates. Both main crude contracts slipped on news that the much-anticipated gathering of the major producers combining OPEC and 10 allies would be put back by four days to November […]

The Nigeria’s inflation rate has surged to 27.33 per cent in October. The National Bureau of Statistics disclosed this on Wednesday. In its Consumer Price Index (October 2023) that was released on Wednesday, the NBS stated, that in October 2023, the headline inflation rate increased to 27.33 per cent relative to the September 2023 headline inflation rate which was 26.72 per cent. The continued rise in inflation has been attributed […]

The International Monetary Fund (IMF) has disclosed in its forecast that South Africa may topple Nigeria as Africa’s biggest economy. According to the IMF World Economic Outlook, South Africa, is the most industrialized country on the African continent and its reaching towards achieving $401 gross domestic product (GDP) in 2024. The global financial institution, however, envisioned that based on current prices, Nigeria and Egypt have GDPs of $395 billion and […]

Nigeria’s inflation rate has reached 26.72 per cent, marking a 0.92 per cent increase from the previous month’s 25.80 per cent. The National Bureau of Statistics disclosed this on Monday through its latest Consumer Price Index report for September 2023. The upsurge in inflation is mainly linked to the removal of petrol subsidies and the devaluation of the official exchange rate, both exerting substantial impacts on consumer prices.  

The Federal Government, has on Wednesday, announced an increase in the prices of single-phase and three-phase pre-paid electricity meters. This was announced in an order released by the Nigerian Electricity Regulatory Commission with number, NERC/2023/020, and jointly signed by the commission’s Chairman, Sanusi Garba, and its Commissioner, Legal, Licencing and Compliance, Dafe Akpeneye. In the order, the government stated that a single-phase meter would now cost N81,975.16k from the previous […]

A 2023 report by Brand Finance City has ranked Lagos as the fifth best African city with high desirability by people to live, work, and invest in. According to the report, Nigeria’s commercial city polled 56.7per cent in a survey conducted behind Cape Town (South Africa), Cairo (Egypt), Johannesburg (South Africa), and Casablanca (Morocco) as the first four best African cities with 62.9, 60.7, 59.7, and 59.3 per cents respectively. […]