Headline inflation in Nigeria stood at 21.91 percent in February 2023, representing a month-on-month increase of 0.09 percent over the 21.82 percent reported in January, and a year-on-year increase of 6.21 percent compared to 15.70 percent, which was recorded in the same period in 2022. This is according to the February 2023 inflation data reported by the National Bureau of Statistics (NBS).
April 6, 2023
Nigeria Economic Update (Issue 10)
Related
Nigeria Economic Update (Issue 34)
Recent NBS data shows a significant decline in
power generated in 2016Q2. Precisely, power generated declined by 31 percent
(quarter on quarter) from a total quarterly average of 92,352 MWH in 2016Q1 to
63,692.39 MWH in 2016Q2. Remarkably, the reoccurrences of pipeline
vandalism in 2016Q2 prompted the shortage of gas for power generation. Thus,
there were about eight recorded system collapses in the quarter which led to
several days of power outages. However, subsequent quarterly declines in power
generation could be averted if efforts to repair vandalized pipelines and adopt
hydro sources are intensified.
Nigeria Economic Update (Issue 10)
Nigerias inflation rate remained above
CBNs bandwidth of 6-9 per cent. Specifically, the inflation rate increased
slightly from 9.55 percent in December 2015 to 9.62 percent in January 20165.
The Core sub-index remains the main driver of inflation in Nigeria. The higher
prices of items in the Core sub-index such as clothing and foot wears are
reflective of higher domestic production costs as a result of the decline in the
value of the naira relative to the dollar. However, in the period, the price
increase was moderated by the stable price of Premium Motor Spirit (PMS). Going
forward, without any sustainable policy measure to prevent the further
depreciation of the naira, inflation may exceed the current single digit
inflation rate in the near term.