No please! 🙏 Let’s Concentrate on boosting supply not controlling demand. We can’t really control demand in the near term without once again widening the fx gap and worsening confidence. Anytime we try to forcefully control anything it often leads to an increase in its price.
I was also 30 years old when Dr Shamsudeen Usman, the then Minister of Finance, who I had never met, offered me a position as his special adviser. 5 years later I was appointed Statistician General of the National Bureau of Statistics where I spent the next 10 years. 🙏🙏
I was 30 years old when I was first offered a public service role as Special Adviser to Prince Bola Ajibola, then Attorney General of the Federation and Minister of Justice.
I learnt a lot working for him. Permit me to share 3 defining events that I witnessed.
Q4 2018 & Full Year 2018 GDP published. Download report @ . Q4 2018 GDP grows 2.38% from 1.81% in Q3 2018 to end 2018 with growth of 1.93% from 0.82% in 2017 & -1.58% in 2016.Non Oil GDP at 2.7% in Q4 2018 from 2.32% in Q3 2018.Oil GDP at -1.62% from -2.91%
I hope we realize not every comment is anti or pro government or an attack/support of its officials. It can also be merely honestly contributing to a debate/discourse like you would if you were in a committee/seminar or offering one’s perspectives for the good of one’s country.
Q4 2017-Q3 2018 Labor force report-Vol 1:Unemployment& Underemployment published. Report link @ . Unemployment rises from 18.1% in Q3 2017 to 23.1% in Q3 2018. Partime employment/Underemployment remains at to 20.1% in Q3 2018 from 21.2% in Q3 2017
Having a team of Intelligent people is never enough to transform a Nation. Intelligence is pervasive in Nigeria. You also need humility, hunger & integrity. A team of intelligent round holes in round pegs but with Intergrity, humility & a hunger& unwavering drive to succeed.
@Papadonkee
@GarShehu
@sunrisedailynow
Assuming what U claim was said was actually said then I make it very clear that Neither the statistician general nor NBS ever made any such admission at anytime to anybody and the unemployment computations does take into account all sectors, age groups &both rural & urban areas.
And please note as a follow up to
@DrJoeAbah
wise counsel the effects of the school fees being paid will linger for at least 3 months later and after that January rent so just stay away till February...oops valentines day... make that May next year. We will appreciate it. Thanks
Q2 2020 GDP report published @
Q2 2020 Real GDP contracted by -6.10 % compared to 1.87% in Q1 2020 & 2.12% in Q2 2019.
Oil GDP contracted by -6.63% (5.06% in Q1 2020; 5.15%% in Q2 2019).
Non-Oil GDP contracted -6.05% (1.55% in Q1 2020; 1.64% in Q2 2019)
Nigeria propaganda is intriguing. One side finds nothing good & feels everything govt does is bad/wrong & worse than hell.The other side finds everything govt does is wonderful & see Nigeria as in some Eldorado. Both are wrong of course & as result neither is good for the country
2019 Poverty & Inequality in Nigeria report published @ . National Poverty rate at 40.09% (excluding Borno),representing 82.9mn persons. Urban poverty rate at 18.04%. Rural Poverty rate at 52.10%. Highest rate in Sokoto(87.73%) & Lowest in Lagos(4.50%)
We often advocate boosting Manufacturing in Nigeria re exports etc.But global production value is changing such that the higher value in firms value chain nowadays is more from the frontend (technology, patents etc) & backend(Marketing/sales) 1/3 & less from actual production 1/3
I was asked this recently.Why will results of a survey/poll be wrong? Was it intentional manipulated to mislead & if not how can results say one thing & outcome another? Polls saying one thing & outcome being different occurs everywhere in the world. But why does it happen? 1/5
Wonder how long before minimum wage arguments resurface. Between Apr 2019 when last min wage was set at N30k & now, CPI has increased by about 80%, cumulative MOM inflation about 60% & average headline inflation is about 15% so that N30k has a purchasing power today of about N17k
So much for the informal sector workers were never captured lie. Lying unintelligently. All that changed is allowable hours. Informal workers often tend to even work longer hours than formal workers.They are usually up before and often close after we formal sector people are home
CBN Journal of Applied Statistics Vol. 6 No. 1(a) (June, 2015)
On the Compilation of Labour Force Statistics for Nigeria
Yemi Kale and Sani Doguwa
# nigeria economics
CORRECTION!! Q4 2018 Foreign Trade in Goods. For 2018, value of Agric exports rose by 77.37% from N170.4bn(not N33.7b) in 2017 to N302.2bn in 2018 while the value of Agriculture imports declined -3.9% from N886.7bn in 2017 to N851.6bn in 2018. The error is regretted.
Debt has 2 issues. What it is being used for & ability to repay.
Debt/GDP represents capacity to repay & is 6-8-%, so there is revenue in the system to repay.But Debt/Rev which is ability to repay is poor at about 80% so not enough revenue is being retrieved from the system1/3
@renoomokri
This is fake news. NBS never released any such report. NBS last report was on unemployment for q3 2017 with d update up to q2 2018 in progress. Let’s kindly keep NBS away from politics or fake news. We do not support politisation of data,neither do we respect people that do so.
About 40% of the N198tn economy is informal of which about 90% is cash based. Another 30% of the formal sector is cash based. This translates to estimated N106.9tn of Nigeria”s annual GDP cash based. By how much has the Naira redesign affected GDP in Q1 2023, if at all?
Won’t this lead to more fx being held in cash and outside the banking system ? And for those that still choose to continue to use the financial system , won’t it further widen the fx gap since they now have to add those taxes into the exchange price to compensate for them?🤷🏿♂️
The federal government may soon begin the imposition of excise tax penalties on foreign exchange transactions done outside the official market window as part of the moves to discourage multiple exchange rates in the country.
This is one of the twenty recommendations put forward
Q2 2018 GDP report published: Q2 2018 REAL GDP growth at 1.50% Year on Year compared to 1.95% in Q1 2018 and 0.72% in Q1 2017. OIL GDP contracts by -3.95%(14.77% in Q1 2018, 3.53% in Q2 2017). NON-OIL GDP grows 2.05%(0.76% in Q1 2018, 0.45% in Q2 2017). HALF YEAR 2018 GDP=1.73%
The reversal of inflation in March after a seeming slowdown in Feb,reinforces our view that the determinants of inflation in Nigeria are largely cost push factors which are out of control of monetary authorities. Further tightening to control money supply may not be the best 1/3
On 29 January 2019 @ 9am, the National Bureau of Statistics &
@UNODC
will present findings of the first ever national drug use survey in Nigeria. Key results include: drug type overview (incl. high risk); number of Nigerian users (incl. age/gender); health/social consequences etc
I have said this many many times. A drop in inflation does not mean prices dropped. That would be deflation. A drop in inflation rate means a drop in the speed of the rise in price. It rose but not as fast as before. It’s not complicated
NBS will launch its COVID-19 Data dashboard on 8 June 2019 at 9am. The hub will serve as a data warehouse for information related to the covid-9 in Nigeria, including (but not limited to) incidence information & other analysis related to socio-economic & health indicators.
Never invest in anything you don’t fully understand and you cannot independently verify no matter how lucrative it might seem and how well packaged or well spoken the owners and backers are. Even if it ends up being a big opportunity lost, you were still better not going into it
“I invested N21,600,000 of my money and my ROI also runs into millions of Naira. I’ve not received a kobo [...] I’ve lost everything... Each time I think about it, I cry. My life savings are gone."
I join everyone in supporting Tunde Onakoya as he embarks on a mission to break the Chess World Record & raise $1M for children's education! Such an inspiration and a breathtaking expression of the greatness that exists in Africa! You’ve got this Tunde. We are all proud of you.
After 22 years (recommended every 10 years), the NBS with support from the World Bank will begin the National Business Sample Census on October 12 2020 and ends December 12 2020.
Look at States IGR profile. The share of self assessment which is the informal/self employed is 3% of total IGR. Informal sector is about 30-40% of the economy, so has bigger room for IGR growth using right strategy/tech compared to just getting those already paying to pay more.
Just noticed tat while we focus of “fuel crisis may be over...” in this 1977 headline & I don’t know if flour is still scarce in Ilorin but d last story “we rely of foreign firms for figures” is no longer d case. Eku ise 2 my hard working NBS staff. Hail yourselves small😅👏🏽💪
Q1 2020 GDP report published @ . Q1 2020 Real GDP grew by 1.87 % compared to 2.27% in Q4 2019 & 2.10% in Q 2019. Oil GDP grows 5.06% (4.59% in Q4 2019; -1.46% in Q1 2019). Non-Oil GDP grows 1.55% (2.06% in Q4 2019; 2.47% in Q1 2019).
A woman”s right to CHOOSE is what I understand by “feminism”. If she CHOOSES 2 cook & clean etc, not becos she is compelled to by men, culture or religion etc & is happy 2 have doors opened 4 her bcos she CHOOSES it then she is no less a woman & her CHOICE should be respected.
Following the completion of the Harmonised National Living Standard Survey conducted throughout 2019, by the NBS in collaboration with the World Bank, The Executive Summary of the 2019 Poverty and Inequality in Nigeria report will be published on Monday May 1 2020 at 9am
Condolence Visit by the Chief of Army Staff, Lt General T Lagbaja, to the Kale family home in Ibadan on Nov 16, 2023 following the death of Major General(rtd) Dr Mrs Aderonke Kale FWACP, OON, CRF, mni.
Q3 2018 GDP published. Report link @ . Q3 2018 GDP grows 1.81% from 1.50% in Q2 2018 and 1.17% in Q3 2017. Q3 2018 Oil GDP contracts -2.91%(-3.95% in Q2 2018; 23.93% in Q3 2017). Q3 3018 Non-oil GDP grows 2.32% (2.05% in Q2 2018; -0.76% in Q3 2017)
Q4 2020 Unemployment/Underemployment report published @
National unemployment rate at 33.3% in Q4 2020 (27.1% in Q2 2020)
Underemployment rate at 22.8% in Q4 2020 (28.6% in Q2 2020)
Total unemployment+underemployment at 40% in Q4 2020(35.2% in Q2 2020)
Whatever d problems/challenges u are trying 2 solve in your personal life,at work or relating to your country, a basic truth is if u don’t truely understand d problem/challenge, it is highly likely u will NEVER truely solve it no matter how willing/committed u are to solving it.
As a public servant, the most important recognition is the one you get from the majority of an unbiased,fair & balanced general public who you actually serve
That’s what should matter most & should give you peace with your service
Key words here are unbiased, fair & balanced
Ceterius Paribus is arguably the biggest “ojoro” in economics and arguably biggest “get out of jail card” for economists. 😀
Nothing is ever remaining constant especially with respect to an economy so basing so many theories on it is …well…. 🤦♂️
Is this because of
1. Competition eating into its market share
2. Declining household demand so it’s customers cutting back so not really competition.
3. Rising Costs making production unsustainable.
4. All of the above
5. None of the above & some other factors?
UNILEVER Nigeria Plc says it is stopping the production of the legendary OMO, Sunlight and Lux home care brands as it struggles to sustain its operations in Nigeria.
Q1 2021 GDP report published @
Q1 2021 Real GDP grew 0.51 % compared to 0.11% in Q4 2020 & 1.87% in Q1 2020
Oil GDP contracted -2.21% in Q1 2021 (-19.76% in Q4 2020; 5.06% in Q1 2020)
Non-Oil GDP grew 0.79% in Q1 2021(1.69% in Q4 2020; 1.55% in Q1 2021)
The 2018/19 Nigerian National Living Standard Survey will be published Wednesday 8 July 2020 by 9 am. Summary of the table of contents can be found below.
Q3 2020 GDP report published @
Q3 2020 Real GDP contracted for second consecutive quarter by -3.62% (-6.10% in Q2 2020 & 2.28% in Q3 2019).
Cumulative GDP for the first 9 months of 2020 therefore stood at -2.48%.
@renoomokri
Lool Attempt at blackmail and still trying to shift focus. I thought u heard about me. That doesn’t work on me. U lied and I’ll advise u don’t do that with nbs or I’ll call u out. I watch all u say and I say nothin. When u bring nbs into it then we have a problem.
The fiscal debt cycle- Use 96% to service (note not repay) debt. 4% left cant fully pay salaries not to mention other recurrent expenditure. So you have to borrow some more to complete recurrent & any capital investments. Then debt &service goes even higher then rinse & repeat😓
NBS publishes baseline results of the COVID-19 National Longitudinal Survey on the SOCIO-ECONOMIC EFFECTS OF COVID-9 ON NIGERIAN HOUSEHOLDS @ . This is a monthly series & this report for May 2020 covers the effects of Covid-9 on households in April 2020.
Nigeria will drain you.
I needed a particular data on fertility from National Population Commission for my thesis, they asked for money, I could not afford it.
I contacted Dr.
@sgyemikale
on twitter & he liked me up with one Mr. Esiri, gbam I got same data without paying a kobo
March 2021 CPI/Inflation report published @
YEAR on YEAR:
Headline Inflation at 18.17% in March 2021 from 17.33% in Feb 2021
Food inflation at 22.95% in March 2021 from 21.79% in Feb 2021
Core Inflation at 12.67% in Mar 2021 from 12.38% in Feb 2021
How long before we realize economic sanctions are not very effective? Can anyone name one country where it triggered correction? Sanctions merely squeeze resources in a country & the leaders will take all that exists to the detriment of the people so they suffer not the leaders😮💨
October 2020 CPI/Inflation report published @
YEAR on YEAR:
Headline Inflation at 14.23% in Oct 2020 from 13.71% in Sept 2020. Food inflation at 17.38% in Oct 2020 from 16.66% in Sept 2020. Core Inflation at 11.14% in Oct 2020 from 10.58% in Sept 2020
Unpopular opinion but do all MDAs have to be given capital in every budget cycle? Why can’t we as part of MTEF, come up with a system of budgeting over 4+ years that says re capital allocation, we will focus on this 3/4sectors/mdas first,then another set next year or so etc. 1/4
🙂Appreciation of the naira to the dollar by “loading” our reserves “from inflow” by “borrowing forex”.. You hear the most amusing stuff on Twitter and it’s usually said with so much confidence.
@KLAZEMATICS
Errr… but PMB renewed my tenure for another 5 years now. Was appointed by two different political parties both of which i really annoyed with my data. 😌Work energy, output and quality remained consistent regardless of party in power.
CORRECTION! Following completion of the Harmonised National Living Standard Survey conducted throughout 2019, by the NBS in collaboration with the World Bank, The Executive Summary of the 2019 Poverty and Inequality in Nigeria report will be published on Monday May 4 2020 at 9am
You must develop the ability to do what your heart truly feels is right (after consultation with all those that matter) and not to be concerned about being disliked or attacked or you will neither stand for anything nor free yourself from the prison of other people”s opinions.
February 2019 CPI/Inflation published @ . Headline year on year Inflation slows to 11.31% in Feb 2019 from 11.37% in Jan 2019. Year on Year Food inflation drops to 13.47%(13.61% in Jan 2019). Year on Year Core inflation drops to 9.80%(9.90% in Jan 2019)
Please note the correction to this info graphic earlier posted following the publication of the Q2 2020 unemployment/underemployment report. Kindly replace the previous with this updated one. our apologies for any inconvenience.
"My staff panicked when they realized the first data I would publish at
@NBS_Nigeria
did not favour the
@NigeriaGov
. They expected me to be fired.
Today, all my successors can do their job freely!
Public service is a sacred TRUST."
~
@sgyemikale
#IntegrityIcon
-2017
#NameAndFame