government

Nigeria Economic Update (Issue 14)

Data from the Central Bank of Nigeria shows that as of April 8, 2022, external reserves were $39.66 billion.1 This indicates an increase of about $122 million from $39.54 billion recorded on April 1, 2022, but still lower than $39.79 billion recorded on March 8, 2022, and $40.5 billion at the commencement of the year. […]

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Nigeria Economic Update (Issue 12)

The Monetary Policy Committee of the Central Bank of Nigeria (CBN) held the second meeting for the year on the 21st of March, 2022, and voted to retain the Monetary Policy Rate (MPR) at 11.5 percent. The MPC also voted to retain other monetary parameters1. The asymmetric corridor was retained at +100/-700 basis points around […]

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Nigeria Economic Update (Issue 11)

Following the food inflation of 17.1 percent in February 2022, the Selected Food Price Watch of the National Bureau of Statistics (NBS) indicates an increase in the average cost of most food items, including beans, sliced bread, groundnut oil, and tomato2. The average price per kg of beans rose by 50.1 percent from N331.5 in February […]

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Nigeria Economic Update (Issue 9)

The National Bureau of Statistics (NBS) Power Sector Data report shows that Nigeria generated 36,397.92 Gwh of electricity in 2021, a 2 percent increase of over 35,720.27 Gwh generated in 20201. Despite the increase, the data suggests that about 4200MW of power was generated in 2021, which is grossly inadequate for a population above 200 […]

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Curtailing State Extremism In Data Governance

There is an increasing level of attention and growing conversations at the national, regional and global levels, around the imperative for a more effective set of rules and regulations to guide the use and sharing of online data and digital footprints of individuals, firms and governments. The rationale is that a framework of policies and […]

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Nigeria Economic Update (Issue 7)

The NBS report shows that the average retail price paid by consumers for premium motor spirit (petrol) slightly increased to N166.40 per litre in January 2022 from N 164.09 per litre in December 2021, indicating a 1.41 per cent increase year-on-year2. Assessment of month-on-month data shows that the average retail price increased by 0.38 per […]

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Nigeria Economic Update (Issue 6)

A report on the telecommunications sector released by the National Bureau of Statistics shows that in Q4 2021, a total of 195.4 million subscribers were active on voice compared to 204.6 million subscribers recorded in Q4 2020 and 190.9 million subscribers in Q3 2021.3 This implies a 4.47 percent decrease in voice subscriptions on a […]

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Nigeria Economic Update (Issue 5)

The CBN, in a recent circular to all banks and other financial institutions communicated an amendment to the Global Standing Instruction (GSI).3 The initial GSI which was introduced in July 2020 was a strategy to enable deposit money banks to recover outstanding debts from their customers who borrow money from it and default. The GSI […]

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Nigeria Economic Update (Issue 1)

The Nigerian National Petroleum Company (NNPC) Limited remitted N511.7 billion to the federation account between January and October 2021, against the projected sum of N2.09 trillion, resulting in a shortfall of N1.58 trillion.3 This is according to data obtained from the NNPC. The shortfall can be attributed to two main factors: low revenue generation by […]

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Nigeria Economic Update (Issue 49)

According to the National Bureau of Statistics (NBS) latest report on Value-Added Tax (VAT), there was a 17.8 percent year-on-year increase in VAT revenue in Q3 2021. However, on a quarter-on-quarter basis, there was a 2.3 percent decrease.1 VAT collected in Q3 2021 was N500.4 billion. This was lower than the VAT revenue generated in […]

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Nigeria Economic Update (Issue 47)

The Debt Management Office (DMO) is set to issue Sovereign Sukuk bond valued between N200 – N250 billion before the end of the year. The government stated that the fund would be used to finance critical road projects across the country.2 The Sukuk is a strategic initiative designed to support the development of infrastructure, promote […]

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Nigeria Economic Update (Issue 43)

The Central Bank of Nigeria (CBN) introduced the Tertiary Institutions Entrepreneurship Schemes (TIES) to promote the culture of entrepreneurship among the undergraduates and graduates of Nigerian Universities and Polytechnics. The TIES represents an innovative financial model, comprising three different categories of facilities for entrepreneurship in agribusiness, information technology, creativity industry, and science and technology. The […]

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Nigeria Economic Update (Issue 42)

According to the National Bureau of Statistics (NBS), the average price of Premium Motor Spirit (PMS) commonly referred to as petrol increased by 2.36 percent year-on-year but experienced a month-on-month decrease of 0.04 percent, from N164.91 in August 2021 to N164.85 in September 2021. In September, the top three States with the highest average price […]

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Nigeria Economic Update (Issue 36)

 Nigeria’s merchandise trade with the rest of the world grew by 23.23 percent between Q1 2021 and Q2 20211. Similarly, year-on -year merchandise trade increased by 88.71 percent between Q2 2020 and Q2 2021, largely as a result of increases in oil exports. Furthermore, disaggregated data shows that the value of imports rose by 67.47 […]

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Nigeria Economic Update (Issue 32)

Between 2015 and 2021, Nigeria’s external debt from the World Bank and the African Development Bank nearly doubled, increasing from US$7.23 billion to US$14.35 billion. ¹ About US$11.097 billion was obtained from the World Bank’s International Development Association (IDA) which provides concessional loans at lower interest rates and longer maturity and grace periods. Other sources […]

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Nigeria Economic Update (Issue 28)

Within the period of January 1 and May 31, 2021, the Nigerian Communications Commission (NCC) recorded an increase of over 400 percent in revenue budget performance in respect of spectrum fees.¹ The NCC exceeded its N36 billion projected revenue with over N150 billion within the five months. This has been as a result of effective […]

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