According to a report by the National Bureau of Statistics (NBS), Nigeria’s economy expanded by 4.23% year-on-year in the second quarter of 2025. This marks a significant improvement compared to 3.48% in Q2 2024 and 3.13% in Q1 2025, reflecting stronger economic momentum across key sectors.
Nigeria’s inflation rate declined for the fifth month in a row in August 2025, bringing relief to consumers facing persistent high living costs. According to data released by the National Bureau of Statistics (NBS) on Monday, the headline inflation rate fell to 20.12%, down from 21.88% in July — a drop of 1.76 percentage points…
Nigerian states spent ₦235.58 billion on external debt servicing in the first half of 2025—a sharp 68.4% increase from the ₦139.92 billion paid during the same period in 2024, according to National Bureau of Statistics data from FAAC disbursements. The spike highlights the growing strain of dollar-denominated loan repayments, worsened by the continued depreciation of…
The National Bureau of Statistics (NBS) revealed in its latest Foreign Trade in Goods Statistics report for Q1 2025 that Nigeria imported crude oil worth N1.2 trillion as local production faltered—classified under “Petroleum oils and oils obtained from bituminous minerals, crude,” imported crude ranked as the country’s third most imported product during the period. Accounting…
Nigerians imported food and beverages worth N1.67 trillion between January and March 2025, according to the latest data from the National Bureau of Statistics (NBS). This figure marks a modest 5% increase from the N1.59 trillion recorded during the same period in 2024. However, it represents a dramatic year-on-year surge of over 125% compared to…
Nigeria’s Gross Domestic Product (GDP) grew by 3.84% in the fourth quarter of 2024, according to a report from the National Bureau of Statistics (NBS) released on Tuesday. This marks an improvement over the 3.46% growth rate recorded in the third quarter of 2024 and is also higher than the 3.46% growth seen in the…
The Nigerian Labour Congress (NLC) has dismissed the reported decline in Nigeria’s unemployment rate, as published by the National Bureau of Statistics (NBS) on Monday, calling it fictional and inconsistent with the reality on the ground. This stance was supported by the Organised Private Sector (OPS), which also stated that the report fails to reflect…
Nigeria’s Gross Domestic Product (GDP) has grown by 3.46 per cent in real terms in the third quarter (Q3) of 2024 on a year-on-year basis. This is according to a Monday GDP report published by the National Bureau of Statistics (NBS) which showed that the growth represents a 3.19 percent increase from the one recorded…
The NBS reported in a study that the unemployment rate rose from the 5% reported in Q3 2023. “Compared to 5.0% in Q3 2023, the unemployment rate increased to 5.3% in Q1 2024. According to NBS, the unemployment rate for men was 4.3% and for women it was 6.2%. “For the first quarter of 2024,…
This is because food inflation is over 40% and the overall inflation rate is 33.40 percent according to the National Bureau of Statistics (NBS) most recent data. According to the CBN report, the survey, which had a 99.7% response rate, was conducted from July 22 to July 26, 2024. The NBS master sample list, which included 1,665 homes across the 36 federation states and the Federal Capital Territory, was used to determine the sample size. According to the Household Expectations Survey data the CBN made available on its website, many Nigerians plan to reduce their consumption of non-essential commodities over the course of the next three to six months. However, throughout the next six months, they want to spend 54.9% of their income on food.
