The disparity between lending and savings deposit rate in Nigeria is at a 10 year high of 26%, according to latest data from the Central Bank of Nigeria. For a lot of small businesses, micro and medium, this is a quagmire that they have got so very used to,...
Nairametrics|The Manufacturing PMI stood at 53.6 index points in August 2017 compared to 54.1 in July. This indicates an expansion in the manufacturing sector during the review period. . The Statistics Department, Central Bank of Nigeria conducts a monthly survey of purchasing and supply executives of manufacturing and non-manufacturing organizations...
Data from the National Bureau of Statistics reveal Nigeria has attracted about $2.7 billion in capital importation in the first 6 months of 2017. Nigeria attracts millions of dollars in foreign investments every year most of which pass through commercial banks. Interestingly, out of the about 88 countries where Nigeria...
Despite the fact that Nigeria has been in recession since August last year due to lowered global prices, decrease in oil production and poor state of refineries; a report by the Central Bank of Nigeria has revealed that Nigeria’s foreign exchange reserve has increased by 4.17%. According to the report,...
Nigeria's maximum lending rates topped 30% in June for the fourth consecutive month in 2017. Maximum lending rates in Nigeria tipped 30% in March 2017, the first time since 1999 as a combination of government borrowing and forex policy kept rates high.     Why lending rates remain high Government borrowing - As...
The Central Bank of Nigeria has lofty goals heading towards 2020 According to the governing body’s National Financial Inclusion Strategy (NFIS) - a document outlining the government’s agenda to enhance financial inclusion in Nigeria - they intend to decrease the number of Nigerians that are excluded from financial services from...
Money laundering is the process of making money obtained from illegitimate means appear to have been earned in legally. It can also be defined as the conversion of criminal (dirty) money to legitimate (clean) money. Thais implies that before money laundering can take place, an offence must have been...
Data from the Central Bank of Nigeria reveals Nigeria's credit to the private sector as a percentage of credit to the Federal Government is at a 10 year low of about 4.2x to 1. Bank credit to the Public sector is also at a quarterly average all time high...
Data from the National Bureau of Statistics reveals Lagos State is by far the most indebted state in Nigeria. The state owes about $1.3 billion and another N311 billion in Naira denominated debts. The report contains the breakdown of both external and local debts owed by the 36 states and...
Data from the National Bureau of Statistics (NBS) shows that about 7.5 million Nigerians contribute pensions via the Retirement Savings Account contributors scheme, under the Pension Reform Act of 2004 and as amended in 2014. Despite this seemingly low small number of contributors, Nigerian pension fund asset under management is...
Shares of Oando Plc have fallen just 1.5% since news of an investigation by the Securities and Exchange Commission (SEC) broke two Fridays ago.   See chart   The share price dipped to N6.81 on Tuesday this week before bouncing back to N7.43 by close of business Friday. Even though the share price...
Seasamum Seeds rose to the top of Nigeria's Agricultural exports for the first quarter of 2017 according to data from the National Bureau of Statistics. According to the data, Sesamum Seeds exports was valued at N13 billion in the first quarter of the year. According to the data, Nigeria...
The latest Nairametrics Household Food index reveals prices of items under our watchlist rose 1.9% for the fortnight ended July 8th 2017. Nairametrics Food Price Survey is an unofficial tracker of prices of household food and related items in select markets within Lagos. Highlights of Week ended July 8th 2017 ...
Data from the National Bureau of Statistics show Nigerians spent a N11.3 trillion in the third quarter of 2016 as household consumption expenditure. This was a whopping N1.79 trillion higher than what was spent in the second quarter of the year. The data is obtained from the Bureau's third quarter...
Nairametrics| Deposit Money Banks (DMB's) in Nigeria reported a total of N137.29 billion in taxes for the financial year 2016. The figure represents a 43% increase from the N95.8 billion paid by banks in 2015.     Highlights Banks reported a total pre-tax profits of about N578 billion for the year ended...
This data displays a trend of Nigeria's Real Gross Domestic Product (GDP) Growth Rate from 1982 to 2015. The data was obtained from various reports published by the National Bureau of Statistics. GDP Growth rates are stated annually only. Sources: National Bureau of Statistics GDP 1981 - 2010 After rebasing exercice 2011...
The National Bureau of Statistics on Friday revealed Nigeria's inflation rate for the month of December 2016 was 18.55% (November 2016 18.48%). This is the  14th consecutive month of higher year on year inflation dating back to November 2015. These are the key highlights of this month's inflation Food Index According to the...
Nairametrics| The National Bureau of Statistics latest Automotive Gas Oil (AGO) diesel price watch for the month of November reveals diesel price sold on an average for N195.67 per liter compared to N187.25 per litre in October. The data reveals diesel prices rose slightly across states in the Federation with Rivers, Kebbi...
The Central Bank of Nigeria data shows total POS transactions in Nigeria for the month of October was about 6.3 million valued at about N71 billion. This is a remarkable improvement from total POS transactions of about 79,000 with a value of just a N100 billion in 2010. The data...
Internet web pay transactions has been on the rise over the years following the liberalization of the financial sector less than a decade ago. According to data from the CBN, Internet web pay transactions rose from about 133,000 transactions a month in 2010 to about 1 million transactions a...
President Buhari presented the 2017 Federal Budget with an ambitious revenue target of about N4.9 trillion. This is a 28% increase from a year before and if achieved will rank as the highest ever. The highest the Federal Government has achieved in terms of budgeted revenue was in 2014 when...
Nigeria's total domestic debt topped about N10.6 trillion as at June 2016. Domestic debt according to the debt management office refers to debts borrowed by the Federal Government via Treasury Bills, FGN Bonds or Treasury Bonds. Our debt profile has risen from about N794 billion in 1999 to N10.6 trillion...
The Monetary Policy Rates is the rates at which the CBN lends money to commercial banks. It is the benchmark interest rate in Nigeria. Treasury Bills are short term government debt securities sold to the public in return for interest payments and principal at the end of the tenor. Treasury...
Lending and deposit rates in Nigeria have had a somewhat odd relationship. Throw in the Monetary Policy Rates (MPR) and you get an even strange relationship. The monetary policy rate in Nigeria is the benchmark interest rate in the country because it is the rate at which the CBN lends...
Prime and Maximum Lending rates are considered the two major types of lending rates in the Nigerian financial sector. Prime lending rate refers to the average prevailing lending rate charged by most deposit money banks in Nigeria to some of its more favored customers. Maximum lending rates refers to...
Mobile Money Transactions in Nigeria has witnessed tremendous growth over the last half a decade. From just under 50,000 transactions a month it has grown to about 3 million transactions a month. At some point in March 2016, mobile money hit an all-time high 5.1 million transactions with a...
The Central Bank Published its list of forex allocation for the month of October 2016. The data included a list of companies and individuals that got the most forex. The data below is the top 20 companies that received the most forex. These 20 companies received over 37% of the...
Wondering which bank got the most forex in October? The data below from the Central Bank reveals, Access Bank Plc got the most forex allocation from the CBN for onward sale to businesses who need it to fund imports. In total the CBN sold about $867.8 million in the month...
NBS recently released the report for the Nigerian Telecommunication sector report for third quarter of 2016. The report shows that in September 2016, the total number of GSM subscribers was 152,836,997, an increase of 4,409,954, or 2.97% relative to September 2016. This is 1.13% points higher than the year...
The value of ATM transactions in Nigeria has risen from about N18 billion In January in 2010 to about N470 billion in October 2016. This is according to data from the Central Bank of Nigeria, published monthly. ATM transactions now average N400 billion monthly in Nigeria and about NN4.2...