November 6, 2020

Nigeria Economic Update (Issue 40)

Data from the National Bureau of Statistics (NBS) shows that 2,080 road accidents occurred in the second quarter of 2020.ยน Accounting for 47 percent of crashes, speed violation was reported to be the leading cause of crashes, followed by wrongful overtaking which accounted for 10 percent. A total of 855 lives were lost in road crashes with 5,535 people injured during the period. In both cases of injury and death, adults formed the majority amounting to 93 percent and 92 percent respectively. According to the report, men were approximately 4 times more likely to be a victim of road accident than women. The leading number of road accident cases occurred in the following states: Kaduna (177), Ogun (170), FCT (165), and Oyo (138). While the Federal Road Safety Corp (FRSC) penalizes traffic violations, it is imperative to display speed limits, sensitize the public on penalties/fines, and implement an automobile speed violation detection system across the country, particularly in urban areas. This will curb accidents as a result of over speeding and also increase the revenue accruing the government through payment of penalties/fines.

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Nigeria Economic Update (Issue 7)

Recent domestic Crude oil statistics from the Nigerian National Petroleum Corporation (NNPC), reveals an increase in total crude oil export sales in December 2016. Relative to November 2016, total export sales of crude oil rose from $166.18 million to $195.40 million in December 2016 representing 17.6 percentage (Month-on-Month) increase. The increase is attributable to a rise in crude oil production following a drastic (Year-on-Year) reduction in pipeline vandalism in the preceding month. Given that improvement in oil revenue is critical to fiscal sustainability and external balance, intensified efforts should be implemented towards the maintenance and sustainability of peace in the Niger Delta Region.