The prices of key energy products – petrol, kerosene, cooking gas, and diesel – have increased significantly in March 2023 compared to their respective levels in March 2022. According to NBS, the average price of petrol increased by 42.63 percent from N185.3 per litre in March 2022 to N264.29 in March 2023. Similarly, the average retail price of refilling a 5kg cylinder of cooking gas rose by 22.03 percent from N3,778.3 to N4,600.57, while the average retail price of diesel increased from N539.32 to N836.81 (55.9 percent) over the same period.
May 4, 2023
Nigeria Economic Update (Issue 16)
Related
Nigeria Economic Update (Issue 38)
Recent
NBS data on Nigerias real GDP growth rate declined from -0.36 percent in
2016Q1 to -2.06 percent in 2016Q2. With negative GDP growth rate in
two consecutive quarters, Nigeria records its first recession in 23 years. Both
the oil and non-oil sectors continued to contract by -15.59 and -0.20
percentage points, respectively, relative to preceding quarter. The worsening
growth rate in the oil sector was largely driven by the decline in domestic crude
oil production by 14.5 percent relative to preceding quarter
Nigeria Economic Update (Issue 11)
Recently released report by the National Bureau of Statistics (NBS) indicates price increase of selected food items for the month of February 2017, relative to January 2017. Specifically, prices of the selected 24 food items ranged from N47.42 N1, 812 in January to N42.90 N1, 955.10 in February 2017. Average price of all selected items increased month-on-month by 2.7 percent to N540.05. Non-seasonal agriculture factors such as rising cost of crop production, imported products, and transportation continue to drive domestic food prices higher as domestic food supply contracts. This is also reflective of the high food inflation rate in February (18.53 percent) relative to 17.82 percent recorded in January 2017. Strengthening Nigerias crude oil production, supporting local agricultural production, and improving forex policies to straighten the naira remain critical in improving food supply and reducing inflation.