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BREAKING: Nigeria’s Unemployment Rate drops to 4.3%

by Folarin Kehinde
written by Folarin Kehinde

Nigeria’s unemployment rate has decreased to 4.3 percent in the second quarter of 2024, according to a report by the National Bureau of Statistics (NBS).

The new rate represents a significant drop from the 5.3 percent recorded in the first quarter of 2024.

The NBS report, released on Monday, defines the unemployment rate as the share of the labour force, comprising both employed and unemployed individuals, who are actively searching for work and are available to start immediately.

More to follow…

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Business

Nigeria’s GDP rose by 3.46% in third quarter of 2024 – NBS

by Folarin Kehinde
written by Folarin Kehinde

The Statistician General of the Federation, Adeyemi Adeniran, says Nigeria’s Gross Domestic Product, GDP, growth rate in real terms (constant price) rose by 3.46 percent in the third quarter (Q3) of 2024 on a year-on-year basis.

Adeniran made this known in a statement on Monday, saying the growth is 0.92 percentage points higher than the rate recorded in Q3 2023 (2.54%).

He added that the growth in the quarter was higher by 0.27 percentage points relative to the 3.19 percent recorded in the second quarter (Q2) of 2024.

“This reflects a higher growth rate when compared to the corresponding quarter (Q3 2023) and the preceding quarter (Q2 2024).

“The major driver of the economy is the Services sector, which recorded a growth of 5.19% and contributed 53.58% to the aggregate GDP.

“The economic activity in real terms for Q3 2024 stood at N20.1tr, which is higher than the rates recorded in the preceding Q2 2024 which stood at N18.2tr , and the corresponding quarter Q3 2023 which recorded N19.4tr,” Adeniran said.

According to him, nominal terms (current price), aggregate GDP stood at N71.1tr in Q3 2024, indicating a year-on-year nominal growth rate of 17.26 percent compared to the value of NN60.tr recorded in Q3 2023.

“Similarly, the quarter under review is higher than the value of N60.9tr recorded in the preceding quarter (Q2 2024).

“The major contributing economic activities in real terms in the quarter under review (i.e., Q3 2024) are Crop Production 26.51%, Trade 14.78%, Telecommunication 13.94%, Crude petroleum 5.57% and Real Estate 5.43%.

On a broad classification of the economic activities into Agriculture, Industry, and Services sectors based on growth. The Agricultural Sector grew by 1.14% in Q3 2024 in real terms, which is less than Q3 2023 which recorded 1.30%.

“The industry grew by 2.18% in Q3 2024, which shows improvement compared to the figure recorded in Q3 2023 (0.46%). While the Services sector grew by 5.19% higher than 3.99% recorded in Q3 2023,” he added.

The statistician general further said that the economic performance of the non-oil sector in Q3 2024 is attributed to the growth recorded in some economic activities, like crop production in the agriculture sector, trade, telecommunication, and real estate in the services sector.

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Business

BREAKING: Kerosene hits N2,000 per litre

by Folarin Kehinde
written by Folarin Kehinde

More pressure on ordinary Nigerians as kerosene hits N2,000 per litre

The National Bureau of Statistics (NBS) has reported another sharp rise in kerosene prices.

According to the latest report published on the bureau’s website, the per litre and per gallon costs of Household Kerosene (HHK) have increased significantly, both on a monthly and yearly basis.

NBS revealed that the average retail price per litre of HHK paid by consumers in October 2024 increased to N1,957.44 per litre.

This represents a 3.07% increase compared to the price of N1,957.44 recorded in September 2024.

On a year-on-year basis, the average retail price per litre of the product has risen by 54.81% from N1,303.16 in October 2023.

The report further revealed that the average retail price per gallon of Household Kerosene paid by consumers in October 2024 increased by 1.94% to N6,949.75, from N6,818.11 in September 2024.

On a year-on-year basis, the increase represents a 51.68% rise from N4,581.89 in October 2023.

According to State-wise analysis of kerosene prices, the report revealed that the highest average price per litre in October 2024 was recorded in Abuja, with N2,875.00, followed by Akwa Ibom with N2,518.89 and Kaduna with N2,500.79.

On the other hand, the lowest price was recorded in Borno, with N1,500.30, followed by Bayelsa with N1,500.67 and Adamawa with N1,679.19.

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Business

BREAKING: Nigeria’s inflation rate rises to 33.8% -NBS

by Folarin Kehinde
written by Folarin Kehinde

The National Bureau of Statistics says Nigeria’s inflation rate was 33.88 percent in October — up from 32.7 percent in September.

The data is captured in the NBS’ latest consumer price index (CPI) report for October published on Friday.

The CPI measures the rate of change in prices of goods and services.

More to follow…..

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