nbs

The Digest: According to a new report from the National Bureau of Statistics (NBS), Nigeria’s air transport sector contributed N215.6 billion to the national GDP in 2023. The data reveals that just three states- the FCT, Lagos, and Rivers account for over 70% of this figure, cementing their...

The Digest: According to a new report from the National Bureau of Statistics (NBS), Nigeria's telecommunications sector contributed N22.68 trillion to the national nominal GDP in 2023. The data reveals The Economic Divide, with a handful of states leading the contributions and showcasing the...

The Digest: The National Bureau of Statistics (NBS) has reported that the average national retail price of petrol increased by 33.02% year-on-year in July 2025. This rise, which has contributed to The Price Paradox, comes despite a month-on-month decrease and a recent drop in crude oil prices...

The Digest: In July 2025, Nigeria's inflation rate decreased to 21.88%, down from 22.22% in June. This marks the fourth consecutive disinflation recorded in the year. According to the National Bureau of Statistics (NBS), the drop reflects an ongoing trend towards lower inflation. Key Points...

The Digest: Nigeria's Value Added Tax (VAT) revenue has experienced a significant 84.6% year-on-year increase, reaching N6.7 trillion in 2024, according to the National Bureau of Statistics (NBS). The growth trajectory continued through the year, with Q4’24 showing a 9.5% quarter-on-quarter...

The Digest: In a sharp contrast to the 215% rise in capital importation, 32 Nigerian states, including Abia, Delta, and Ogun, attracted no foreign investments in 2024. The National Bureau of Statistics' report reflects Nigeria's investment challenges despite overall growth. Key Points: 32...

The Digest: Nigeria's economy reached new heights with a nominal GDP of N372.8 trillion in 2024, but remains the fourth-largest economy in Africa. Despite the impressive growth, Nigeria trails behind South Africa, Egypt, and Algeria. What does this rebasing reveal about Nigeria's economic...

The Digest: The National Bureau of Statistics (NBS) has officially rebased Nigeria’s GDP to N372.82 trillion. This update, representing a 41.7% increase, ensures that economic data better reflects the current realities, including emerging industries. Key Points: What is GDP Re-basing...

The Digest: Nigeria's inflation rate eased to 22.22% in June 2025, down from 22.97% in May. This improvement signals a shift toward more stable economic conditions despite ongoing challenges in food inflation and broader price increases. Key Points: Headline Inflation: Eased to 22.22% from...