Nigeria

The global growth is projected at 3.6 percent in 2022 and 2023—0.8 and 0.2 percentage points lower than in the January forecast, respectively. The downgrade largely reflects the war's direct impacts on Russia and Ukraine and global spillovers. North Africa, and sub-Saharan Africa are most affected. The food and fuel price increases will hurt lower-income households globally

Data cited at: Consumer price indexes, The International Monetary Fund Consumer price indexes (CPIs) are index numbers that measure changes in the prices of goods and services purchased or otherwise acquired by households, which households use directly, or indirectly, to satisfy their own needs and wants. In practice, most CPIs are calculated as weighted averages of the percentage price changes for a specified set, or ‘‘basket’’, of consumer products, the weights reflecting their relative importance in household consumption in some period. CPIs are widely used to index pensions and social security benefits. CPIs are also used to index other payments, such as interest payments or rents, or the prices of bonds. CPIs are also commonly used as a proxy for the general rate of inflation, even though they measure only consumer inflation. They are used by some governments or central banks to set inflation targets for purposes of monetary policy. The price data collected for CPI purposes can also be used to compile other indices, such as the price indices used to deflate household consumption expenditures in national accounts, or the purchasing power parities used to compare real levels of consumption in different countries.

In May 2023, the headline inflation rate increased to 22.41% relative to April 2023 headline inflation rate which was 22.22%. Looking at the movement, the May 2023 inflation rate showed an increase of 0.19% points when compared to April 2023 headline inflation rate. Similarly, on a year-on-year basis, the headline inflation rate was 4.70% points higher compared to the rate recorded in May 2022, which was (17.71%). This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2023 when compared to the same month in the preceding year (i.e., May 2022). On a year-on-year basis, the headline inflation rate was 4.70% points higher compared to the rate recorded in May 2022, which was (17.71%). This shows that the headline inflation rate (year-on-year basis) increased in the month of May 2023 when compared to the same month in the preceding year (i.e., May 2022).

International Merchandise Trade Statistics

Abridged Labor Force Survey Under Covid-19 

Migration and Remittances Fact book provides a snapshot of migration and remittances for all countries, regions and income groups of the world, compiled from available data from various sources.

MSMEs Contribution to National GDP of Nigeria, 2013

 

Notes:- I. In 2017, the nominal gross domestic product for the 22 states (for which data is currently available) stood at N63.8trillion, or 56% of Nigeria nominal gross domestic product in that year. ii. By sector, the 22 states accounted for 57%, 77% and 48% of agriculture, industry and services GDP at the national level respectively. Among the 22 states, however, services sector accounted for 67%, while agriculture accounted for 22% and industry, 11%. iii. Among the 22 states, FCT had the highest gross domestic product at N10.6 trillion, or 17% of total states GDP. This was followed by Akwa-Ibom and Rivers States, each with 8% of total states GDP . iv. In the FCT, services accounted for 81% of GDP while industry and agriculture accounted for 18% and 10% respectively. In Akwa-Ibom, however, industry accounted for 65% while services and agriculture accounted for 19% and 16% respectively. v. Across the 22 states, the non-oil sector represented 98% of total states GDP while the oil sector accounted for only 2%. vi. The 6 states with the highest nominal GDP in 2017 – FCT, Akwa-Ibom, Rivers, Delta, Bayelsa, Anambra – accounted for about 50% of the total states GDP, or 27% of Nigeria nominal GDP, in 2017.”

National Monitoring : School life expectancy by level of education

Data cited at: The World Bank https://datacatalog.worldbank.org/ Topic: Global Economic Monitor Publication: https://datacatalog.worldbank.org/dataset/global-economic-monitor License: http://creativecommons.org/licenses/by/4.0/   The dataset Provides daily updates of global economic developments, with coverage of high income- as well as developing countries. Average period data updates are provided for exchange rates, equity markets, interest rates, stripped bond spreads, and emerging market bond indices. Monthly data coverage (updated daily and populated upon availability) is provided for consumer prices, high-tech market indicators, industrial production and merchandise trade.

Global growth is expected to hold steady at 2.7 percent in 2025-26. However, the global economy appears to be settling at a low growth rate that will be insufficient to foster sustained economic development. Emerging market and developing economies are set to enter the second quarter of the 21st century with per capita incomes on a trajectory that implies feeble catch-up toward those of advanced economies. Most low-income countries are not on course to graduate to middle-income status by 2050. Policy action at the global and national levels is needed to foster a more favorable external environment, enhance macroeconomic stability, reduce structural constraints, address the effects of climate change, and thus accelerate long-term growth and development.

The primary World Bank collection of development indicators, compiled from officially-recognized international sources. It presents the most current and accurate global development data available, and includes national, regional and global estimates

Note: World Economic Situation and Prospects, 2021 update available here: https://knoema.com/WESP2021/