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Nigeria’s capital importation up by 37.49%

Import index grows by 1.07% between April and June — NBS

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The National Bureau of Statistics (NBS) says the all-commodity group import index grew marginally by 1.07 per cent between April and June.
It said on Wednesday in Abuja, in the “Commodity Price Indices and Terms of Trade for Quarter Two, 2021” published on its website.
According to the report, the growth was driven mainly by products of the chemical and allied industries (1.40 per cent), wood and articles of wood, wood charcoal and articles (1.37 per cent) and paper making material, paper and paperboard articles (1.23 per cent).
The NBS also said that between April and May, the all-commodity group import price index grew marginally by 0.12 per cent.
This, it said, was due to marginal increases in the index of products of the chemical and Allied industries (0.78 per cent), wood and articles of wood, wood charcoal and articles (0.72 per cent), paper making material, paper and paperboard (0.44 per cent).
“This was offset by decrease in the prices of live animals, animal products (-0.17 per cent), animal and vegetable fats and oils and cleavage (-0.23 per cent) and mineral products (-0.27 per cent).”
It also said that between May and June, the all commodity group import index grew by 0.95 per cent, driven by mineral products (1.15 per cent), animal and vegetable fats and oils and other cleavage products (1.13 per cent) and live animals, animal products (1.10 per cent) and others.
The document said that all-commodity group export index increased by 0.72 per cent between April and June driven mainly by an increase in the prices of product of the chemical and allied industries (2.54 per cent).
Others are, plastic rubber and articles (0.85 per cent) and mineral products (0.74 per cent).
It, however, said that the index was negatively affected by live animals, animal products (-2.61 per cent), vehicles, aircraft and parts (-0.24 per cent) and wood and articles of wood, wood charcoal and articles (-0.23 per cent).
The NBS explained that Terms of Trade (TOT) represents the ratio between a country’s export prices and its import prices.
“The ratio is calculated by dividing the price of the exports by the price of the imports, usually in percentage terms.
“An increase in the TOT between two periods (or when TOT is greater than 100 per cent) means that the value of exports is increasing relative to the value of imports and the country can afford more imports for the same value of exports.”

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Inflation drops by 0.37% in July  

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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.

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Nigeria records dip in capital importation

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  The National Bureau of Statistics (NBS) has reported that the total value of capital importation into Nigeria declined to $875.62million in the second quarter of 2021 from $1,905.89million in the first quarter of 2021.

This represents a decrease of -54.06 per cent compared to Q1 2021 and -32.38 per cent decrease compared to the second quarter of 2020.

The National Bureau of Statistics (NBS) made this known in its document entitled: “Nigerian Capital Importation – Q1 & Q2 202.”

The data added: “By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q2 2021 with $780.06million. This accounted for 89.09 per cent of the total capital inflow in Q2 2021.”

The document noted that the largest amount of capital importation by type was received through Portfolio investment, which accounted for 62.97 per cent ($551.37million) of total capital importation, followed by Other Investment, which accounted for 28.13 per cent ($246.27million) of total capital imported and Foreign Direct Investment (FDI), which accounted for 8.90 per cent ($77.97million) of total capital imported in Q2 2021.

According to NBS, the United Kingdom emerged as the top source of capital investment in Nigeria in Q2 2021 with $310.26million.

This accounted for 35.43 per cent of the total capital inflow in Q2 2021, it said.

By bank, Stanbic IBTC Bank Plc emerged at the top of capital investment in Nigeria in Q2 2021 with $310.21million. This accounted for 35.43 per cent of the total capital inflow in Q2 2021.

By sector, Capital importation by Banking dominated in Q2 2021 reaching $296.51million of the total capital importation in Q2 2021.

On total capital importation, the report said: “The total value of capital importation into Nigeria declined to $875.62million in the second quarter of 2021 from $1,905.89million in the first quarter of 2021. This represents a decrease of -54.06 per cent compared to Q1 2021 and -32.38 per cent decrease compared to the second quarter of 2020.”

Source=Nation=  

Large bundle of US dollars

NBS says Capital importation declines by $14.31bn

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Chris Ndibe

The total value of capital importation in 2020 stood at 9.68 billion dollars compared to 23.99 billion dollars recorded in 2019.

The National Bureau of Statistics (NBS) said this in its “Nigerian Capital Importation, Quarter Four (Q4), 2020” report on its website on Friday in Abuja.

The figure reduced by 14.31 billion dollars, represented a decline of -59.65 per cent.

It also said that the total value of capital importation into Nigeria in fourth quarter stood at 1.06 billion dollars, representing a decrease of -26.81 per cent compared to third quarter which had 1.46 billion dollars.

The bureau, however, said that the figure showed a decrease of -71.87 per cent when compared to fourth quarter 2019 which had 3.802 billion dollars.

The NBS added that the largest amount of capital importation by type in fourth quarter was received through other investment, which accounted for 783.26 million dollars.

The amount represented 73.22 per cent of total capital importation.

This was closely followed by Foreign Direct Investment (FDI), which accounted for 251.27 million dollars and also represented 23.49 per cent.

Also, portfolio investment which accounted for 35.15 million dollars, represented 3.29 per cent.

By sector, it said shares dominated in the period under review reaching 287.04 million dollars.

The NBS also said that the United Kingdom emerged as the top source of capital investment in Nigeria in fourth quarter 2020 with 236.88 million dollars, accounting for 22.14 of inflow.

This was followed closely by Singapore with 181.11 million dollars and United Arab Emirates (UAE) with 131.34 million dollars.

For full year, the United Kingdom topped the chart with capital importation of 4.16 billion dollars, while UAE imported 899.44 million dollars.

Netherlands has 890 million dollars capital imported, while South Africa has 871 million dollars capital imported.

By Destination of Investment, Lagos state emerged as the top destination of capital investment in Nigeria in Q4 with 829.64 million dollars and for the full year with 8.304 billion dollars.

By Bank, Citibank Nigeria Ltd., emerged at the top of capital investment in Nigeria in fourth quarter 2020 with 216.17 million dollars and 1.507 billion dollars by full year 2020.