News

Nigeria’s inflation at 17.78% in February 2017 - NBS

Nigeria’s inflation at 17.78% in February 2017 - NBS
  • Comments   -   Tuesday, 14 March 2017 - 18:42

(Ecofin Agency) - The National Bureau of Statistics (NBS) revealed on Tuesday that Nigeria’s annual inflation dropped to 17.78% last month from the 18.72% in January driven by a slower rise in general price levels. This is the first decline in 15 months.

According to the statistics office, the major sectors responsible for the slower rise in the headline index were Housing, Water, Electricity, Gas and Other Fuel, Education, Food and Alcoholic Beverages, Clothing and Transportation Services.

Nigeria’s inflation rose to 18.72% in January, its highest level in over 11 years, as the country struggles with an economic recession, a currency crisis and dollar shortages caused by low oil prices.

In order to pull the economy from recession and stimulate growth, President Buhari presented in December 2016, a N7.298 trillion naira ($23.97 billion) budget for 2017 to the National Assembly.

A week ago, the government also unveiled its economic recovery plan which contains measures in which it plans to reduce the country’s dependence on oil and ease foreign exchange restrictions.

Anita Fatunji

SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4
Starting from next month, the Federal Government of Nigeria will commence the...
Read more |  30 March 2017
Nigeria has received only one bid for a railway concession project worth...
Read more |  30 March 2017
Nigeria’s state oil company, NNPC, plans to shift its focus from mainly...
Read more |  30 March 2017
The Minister of Finance, Kemi Adeosun (photo), has announced that the Central...
Read more |  30 March 2017
Most Read | 7 days |
1 month |
1 year
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-03-23 18:34:31' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2017-02-28 18:34:31' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND a.created > '2016-03-30 18:37:53' AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.hits DESC, a.created DESC LIMIT 5
SELECT a.* FROM #__k2_items AS a WHERE a.published = 1 AND (a.catid IN (1174, 1215, 1175, 1176, 1177, 1178, 1179, 1180, 1181, 1182, 1216, 1183, 1184, 1185, 1186, 1187, 1188, 1189, 1190)) AND a.trash = 0 ORDER BY a.created DESC LIMIT 4, 4
listofid2=36681,36680,36679,36678,
reference=36681,36680,36679,36678,0
Nigerian Mortgage banks are struggling to survive as job losses and high...
Read more |  30 March 2017
The Central Bank of Nigeria (CBN) plans to sell N235billion ($765.99 million)...
Read more |  30 March 2017
As announced in February 2016, the European Investment Bank (EIB) has awarded...
Read more |  30 March 2017
Cros Agro Allied Ltd, a Nigerian agribusiness company, has announced plans to...
Read more |  29 March 2017

Copyright Agence Ecofin © 2015. All Rights Reserved.