Tag: NBS

The National Bureau of Statistics (NBS) said inflation dropped by 0.37 per cent to 17.38 per cent in July, from 17.75 per cent recorded in June.

The NBS said this in its “Consumer Price Index (CPI) July 2021 Report” released on Tuesday in Abuja.

The inflation rate has been on a steady decline for four consecutive months.

This is as inflation rate in May stood at 17.93 per cent from 18.12 per cent recorded in April, while 18.17 per cent was recorded in March.

According to the report, the figure implies that prices continued to rise in July but at a slower pace than it did in June.

It also said increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline Index.

“On month-on-month basis, the headline index increased by 0.93 per cent in July. This was 0.13 percentage points lower than the 1.06 per cent recorded in June.

“The percentage change in the average composite CPI for the 12 months period ending July 2021 over the average of the CPI for the previous 12 months period was 16.30 per cent, showing 0.37 per cent rise from 15.93 per cent recorded in June,” said the Bureau.

It added that urban inflation rate increased by 18.01 per cent (year-on-year) in July, from 18.35 per cent recorded in June, while the rural inflation rate increased by 16.75 per cent in July from 17.16 per cent in June.

On a month-on-month basis, it said the urban index rose by 0.98 per cent in July, but declined by 0.11 points against the rate recorded in June (1.09 per cent).

Similarly, it said the rural index rose by 0.87 per cent in July; however, it dropped by 0.15 points over the rate recorded in June (1.02 per cent).

According to the report, the corresponding 12-month year-on-year average percentage change for the urban index was 16.89 per cent in July.

This, it said was higher than 16.51 per cent reported in June, while the corresponding rural inflation rate in July was 15.73 per cent, compared to 15.36 per cent recorded in the previous month.

The report said the composite food index rose by 21.03 per cent in the month under review compared to 21.83 per cent in June, implying that food prices continued to rise in July, but at a slower speed than it did in June.

According to the NBS, on month-on-month basis, the food sub-index increased by 0.86 per cent in July, down by 0.25 per cent points from 1.11 per cent recorded in June.

It, however, said the rise in the food index was caused by increases in prices of milk, cheese and eggs, coffee, tea and cocoa, vegetables, bread and cereals, soft drinks, and meat.

Meanwhile, the “All items less farm produce” or Core inflation, which excludes the prices of volatile agricultural produce stood at 13.72 per cent in July, up by 0.63 per cent when compared with 13.09 per cent recorded in June.

On month-on-month basis, the core sub-index increased by 1.31 per cent in July, up by 0.50 per cent when compared with 0.81 per cent recorded in June.

However, the highest increases were recorded in prices of garments, shoes and other footwear, clothing materials, other articles of clothing and clothing accessories.

Others are: vehicle spare parts, major household appliances whether electric or not, pharmaceutical products, cleaning, repair and hire of clothing, furniture and furnishing, medical and hospital services.

The average 12-month annual rate of change of the index was 12.05 per cent for the 12-month period ending July 2021; this was 0.29 per cent points higher than 11.75 per cent recorded in June, the NBS said.

The report said in the month under review, all items inflation on year-on-year basis was highest in Kogi, 22.49 per cent; Bauchi, 22.04 per cent and Kaduna, 20.42 per cent.

Meanwhile, Akwa Ibom and Rivers at 15.78 per cent, Delta, 15.4 per cent, and Kwara, 14.53 per cent, recorded the slowest rise in headline Year-on-Year inflation.

On month-on-month basis, however, all items inflation was highest in Kebbi at 2.27 per cent, Yobe, 2.19 per cent, and Bauchi, 2.03 per cent.

However, Ebonyi, Akwa Ibom and Bayelsa recorded price deflation or negative inflation, which is the general decrease in the general price level of food, or a negative food inflation rate.

For food inflation, on a year-on-year basis, it was highest in Kogi at 28.51 per cent, Enugu, 24.57 per cent, and Lagos, 24.04 per cent.

Meanwhile, Akwa Ibom at 17.85 per cent, Bauchi, 17.74 per cent, and Abuja at 16.67 per cent, recorded the slowest rise in year- on-year inflation.

On month-on-month basis, however, July food inflation was highest in Kebbi at 2.98 per cent, Yobe 2.81 per cent, and Delta, 1.98 per cent.

However, Sokoto, Akwa Ibom and Imo recorded price deflation or negative inflation.

CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

The Federal Government is set to begin the fourth round of the Micro, Small and Medium Scale Enterprises (MSMEs) survey.

The disclosure was made on Thursday in Abuja at a news conference jointly addressed by the office of the Statistician-General of the Federation and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).

Mr Adeyemi Adeniran, Director, Real Sector and Household Statistics Department at the Nigerian Bureau of Statistics, represented Mr Yemi Kale, Statistician-General of the Federation, at the news conference.

Adeniran said that the survey would begin on Monday with a train-the-trainers workshop, while field work would start on Aug. 21.

He said that the survey which would be carried out in the 36 states and the FCT would cover 2019 and 2020.

He added that three surveys had been successfully carried out in 2010, 2013 and 2017.

Adeniran said that in the fourth round, the concept of Nano enterprises, a concept considered as micro enterprises, would be introduced.

`The new sub-division (Nano) refers to those enterprises that have only one or two persons engaged in their operations, while the micro enterprises are those enterprises with three to nine persons engaged in their operations.

“On this note, the survey will henceforth be called NMSMEs survey. In addition, a new module was introduced into the survey, which is the impact of COVID-19 on business operations.

“It seeks to identify how enterprises coped during the pandemic period and what areas of support and intervention they will require from government at this post-COVID lockdown period’’ he said.

On the objectives of the survey, Adeniran said that they would help to establish a credible and reliable database for the MSMEs.

He said that they would also contribute to job and wealth creation over a three-year period.

Adeniran added that they would help to assess the contributions of the MSMEs sub-sector to GDP and identify the number of NMSMEs owned on gender basis.

“The survey will also identify the skills gap in the sector; ascertain top priority areas that need government interventions and assistance and identify possible financing windows to raise low cost financing,’’ he said.

On the impact of past exercises, Adeniran said they allowed government to look inward into those sectors within the MSMEs that were making impact on the GDP to strengthen them.

He added that they looked at those that were not making much contribution to the GDP to bring them up to speed so that holistically, the improvement in all sectors within the MSMEs would lead to overall improvement in growth.

“We also know that the MSMEs sub-sector of our economy employs a huge number of persons; they engage a lot of workers in their daily activities.

“To this end, they are able to cushion the effects of unemployment that Nigeria is witnessing.

“If not for the MSMEs that are still serving the communities, the labour force population and the unemployment we have in the country will be more than what we are experiencing now,’’ Adeniran added.

In his remarks, the Mr Dikko Radda, Director-General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) said that MSMEs were important to the sustainable growth of the economy.

He said the last survey indicated that the sub-sector contributed 49.78 per cent to the nation’s GDP.

According to him, they also accounted for more than 76 per cent of total employment and contributed 7.64 per cent to total export.

Radda said that the surveys gave SMEDAN the leverage to prepare programmes that would have impact on the sub-sector.

He said, however, that as important as the sub-sector was, it was still faced with challenges that impeded its start, growth and sustainability.

“One of the key challenges that have limited the development and growth in the sub-sector is the absence of up-to-date and usable data of MSMEs.

“Unfortunately, the inclusive, effective and sustainable development of the sub-sector is largely dependent on the availability of usable data.

“The exercise will necessitate visits to MSMEs across the country and we solicit the cooperation of all actors in the MSMES space as our enumerators will soon come to administer questionnaires,’’ Radda said.

Nigeria recorded an increase of N15.86 billion Value Added Tax (VAT) revenue from N496.39 billion generated in quarter one (Q1, 2021) to N512.25 billion in Q2.

This is contained in the National Bureau of Statistics’ (NBS) “Sectoral Distribution of VAT Data for Q2, 2021’’, obtained by the News Agency of Nigeria (NAN) on Tuesday in Abuja.

It said the N512.25 billion generated in Q2 as against what was generated in Q1 and N327.20 billion generated in Q2 2020 represented 3.20 per cent increase quarter-on-quarter and 56.56 per cent increase year-on-year.

The NBS said that manufacturing sector generated the highest amount of VAT with N44.89 billion and closely followed by professional services, N29.30 billion.

“Commercial and trading generated N21.96 billion while textile and garment industry generated the least at N77.74 million closely followed by pioneering and pharmaceutical with N169 million and soaps and toiletries generated N188.71 million.”

“Agricultural and plantations generated N760.02 million, automobiles and assemblies N868.06 million, banks and financial institutions N7.712 billion, breweries, bottling and beverages N3.47 billion, while building and construction accounted for N2.78 billion.

It added that Federal Ministries and Parastatals accounted for N5.22 billion, hotels and catering N3.24 billion, Local Government Councils N399.91 million, Mining N8.11 billion and State Ministries and Parastatals N18.41 billion.

The NBS said out of the total amount generated in Q2 2021, N187.43 billion was generated as non-import VAT locally, while N207.69 billion was generated as non-import VAT for foreign.

It added that the balance of N117.13 billion was generated as Nigeria Customs Service-import VAT.

Data for the report was provided by the Federal Inland Revenue Service (FIRS), verified and validated by the NBS.

The National Bureau of Statistics (NBS) says the inflation rate reduced by 0.18 per cent to 17.75 per cent in June from the 17.93 per cent recorded in May.

The NBS stated this in its “Consumer Price Index (CPI), June 2021” report released on Friday in Abuja.

It said CPI, which measures inflation, increased by 17.75 per cent (year-on-year) in June, adding that prices continued to rise in June, but at a slightly slower rate than May.

“Increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the headline index.

“On month-on-month basis, the headline index increased by 1.06 per cent in June.

“This is 0.05 per cent higher than the rate recorded in May (1.01 percent),” said the bureau.

It added that the percentage change in the average composite CPI for the 12 months period ending June over the average of the CPI for the previous 12 months period was 15.93 per cent.

This, it said, represented 0.43 per cent point increase over 15.50 per cent recorded in May.

According to the report, the urban inflation rate increased by 18.35 per cent (year-on-year) in June from 18.51 per cent recorded in May, while the rural inflation rate increased by 17.16 per cent in June from 17.36 per cent in May.

It said on a month-on-month basis, the urban index rose by 1.09 per cent in June, up by 0.05 points compared to the rate recorded in May.

However, rural index rose by 1.02 per cent in June, up by 0.04 percentage points over the rate recorded in May (0.98) per cent.

“The corresponding 12-month year-on-year average percentage change for the urban index was 16.51 per cent in June.

“This is higher than 16.09 per cent reported in May, while the corresponding rural inflation rate in June was 15.36 per cent compared to 14.94 per cent recorded in May,” NBS stated.

It said composite food index rose by 21.83 per cent in June compared to 22.28 per cent in May.

Accordingly, it implied that food prices continued to rise in June, but at a slightly slower speed than May.

It added that the rise in the food index was caused by increases in prices of bread and cereals, potatoes, yam and other tubers, milk, cheese and eggs, fish, soft drinks, vegetables, oils and fats and meat.

However, on month-on-month basis, the food sub-index increased by 1.11 per cent in June, up by 0.06 per cent points from 1.05 per cent recorded in May.

The bureau said, “All items less farm produce” or core inflation, which excluded the prices of volatile agricultural produce stood at 13.09 per cent in June, down by 0.06 per cent compared with 13.15 per cent recorded in May.

“On month-on-month basis, the core sub-index increased by 0.81 per cent in June.

“This was down by 0.43 per cent when compared with 1.24 per cent recorded in May.

“The highest increases were recorded in prices of garments, passenger travel by air and by road, motor cars and vehicle spare parts, shoes and other footwear, pharmaceutical products, medical services, hairdressing salons and personal grooming establishments.

“Others are cleaning, repair and hire of clothing, clothing materials, other articles of clothing and clothing accessories, furniture and furnishing and fuels and lubricants for personal transport equipments.”

For state profile, the NBS said in June, all items inflation on year-on-year basis was highest in Kogi (23.78 per cent), Bauchi (20.67 per cent) and Jigawa (19.81 per cent).

Meanwhile, Cross River (15.53 per cent), Delta (15.18 per cent) and Abuja (15.15 per cent) recorded the slowest rise in headline year-on-year inflation.

On month-on-month basis, however, all items inflation in June was highest in Kano (2.22 per cent), Akwa Ibom (1.98 per cent) and Osun (1.92 per cent), while Bauchi recorded no change in headline month-on-month.

However, Abuja and Cross River recorded price deflation or negative inflation, a general decrease in the general price level of food or a negative food inflation rate.

For food inflation, on a year-on-year basis, it was highest in Kogi (30.34 per cent), Enugu (25.18 per cent) and Kwara (24.78 per cent), while Bauchi recorded (18.97 per cent).

The report said River (18.92 per cent) and Abuja (17.09 per cent) recorded the slowest rise in year-on-year inflation.

On month-on-month basis, however, food inflation was highest in Jigawa (2.67 per cent), Edo (2.43 per cent) and Cross River (2.16 per cent), while Lagos (0.14 per cent), Borno (0.06 per cent) and Kwara (0.02 per cent) recorded the slowest rise in food inflation.

CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.