Business

Nigeria’s crude oil production fell to an average of 1.219 million barrels per day in April 2022. This represents a 1.53% decline compared to 1.238 million barrels per day recorded in the previous month. Recall that the Organization of the Petroleum Exporting Countries, OPEC, increased Nigeria’s oil production quota earlier in the month from the 1.735mbpd target approved in May 2022 to a new target of 1.772mbpd for June 2022.

Nigeria’s inflation rose to 16.82% in April 2022, following a similar uptick recorded in the previous month. According to the Consumer Price Index report, released by the National Bureau of Statistics, this represents the highest rate recorded since August 2021. The Consumer Price index, which measures the rate of inflation rose by 16.82% year-on-year in April 2022, which is 0.9% points higher than the 15.92% recorded in the previous month […]

Nigeria spent 86 per cent of its revenue on servicing debt in 2021. According to the International Monetary Fund’s Article IV, Africa’s most populous nation spent 85.5 per cent of its revenue on servicing the debt in 2021.

The Federal Government in collaboration with the World Bank has distributed N100million to the youths of Anambra State for development and empowerment. State Commissioner for Economic Planning and Budget, Chiamaka Nnake, who disclosed this, said the money was disbursed during the inauguration of the first phase of four-day training for youths in the State under the state COVID-19 Action Recovery and Economic Stimulus.

The World Bank has said that Nigeria’s oil production declined in 2021 due to a lack of maintenance and the loss of infrastructure efficiency. It added that Nigeria was yet to benefit from increasing oil prices as a result of declining oil production and fuel subsidy.

Nigeria’s agricultural imports continued to take an upward trajectory, hitting N2.7trillion in 2021 alone. According to figures by the National Bureau of Statistics in a recent report revealed that in 2021, Nigeria’s agric imports stood at N2.7trillion, indicating an increase of 36.6 per cent over the previous year, when compared to the value recorded in 2020

The National Bureau of Statistics has said Nigerian residents spent N108.47tn on household consumption in 2021 in nominal terms. The figure is higher than the N97.72tn recorded in 2020, showing an increase of 11 per cent amid double-digit inflation.

The exchange rate between the naira and the US dollar depreciated further on Thursday exchanging at N420 to the dollar at the Investors and Exporters Window. This represents 0.30 per cent depreciation from N418.75 traded on the previous day. Also, the exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N420.

The exchange rate between the naira and the US dollar closed at N418.27/$1 at the official Investors and Exporters window. This represents a fall of 0.12% from N418.25/$ recorded the previous day. Also, the exchange rate against the US dollar depreciated further on Thursday morning at the peer-to-peer market, trading at a minimum of N607.32/$1 compared to N602/$1 recorded as of the same time the previous day.