STATISTICAL

VOLUME 33, DECEMBER 2022

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 E D I T O R I A L COMMITTEE
EDITOR-IN-CHIEF
Mohammed M. Tumala, PhD
Director of Statistics

EDITOR
Olusola O. Osifodunrin
Deputy Director

MANAGING EDITOR

Valli A. Takaya
Assistant Director

ASSOCIATE EDITORS

Suleiman F. Ogunyinka
Manager

Lailah G. Sanusi
Muhammed A. Kabir
Lamin M. Magaji
Nathan O. Anawo
Statistician & Assistant Statisticians

This Statistical Bulletin is a publication of the Central Bank of Nigeria (CBN).

All enquiries, comments and suggestions should be addressed to:
The Director, Statistics Department, Central Bank of Nigeria,
P.M.B. 0187, Garki, Abuja or
http://statistics.cbn.gov.ng/cbn-onlinestats/FeedBack.aspx

Data contained in this Bulletin as well as other high frequency data can be
accessed online at the CBN Statistics Database on
http://statistics.cbn.gov.ng/cbn-onlinestats/DataBrowser.aspx

Classified as Confidential
 Vision of the CBN

To be a people-focused Central Bank promoting

confidence in the economy and enabling an improved
standard of living

Mission of the CBN

To ensure monetary, price and financial system stability

as a catalyst for inclusive growth and sustainable
economic development

Mandate of the Statistics Department

To collect, analyze and manage data on all sectors of the

economy, in order to provide statistical support to the
Bank, the government, international organizations and
other stakeholders

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 CONTENTS
EXPLANATORY NOTES

SECTION

A FINANCIAL STATISTICS

A.1 DEPOSITORY CORPORATIONS’ STATISTICS

A.1.1 Monetary Survey: 1981 - 2006

A.1.2 Depository Corporations Survey from 2007

A.1.3 Quarterly Monetary Aggregates

A.1.4 Monetary Policy Targets and Outcomes (Growth Rates)

A.2 CENTRAL BANKING STATISTICS

A.2.1 Monetary Authorities’ Analytical Accounts – Assets

A.2.2 Monetary Authorities’ Analytical Accounts – Liabilities

A.2.3 Central Bank Accounts (1SR) – Assets

A.2.4 Central Bank Accounts (1SR) – Liabilities

A.2.5 Central Bank Survey

A.3 – A.18 OTHER DEPOSITORY CORPORATIONS’ STATISTICS

A.3.1 Deposit Money Banks’ Statement – Assets

A.3.2 Deposit Money Banks’ Statement – Liabilities

A.3.3 Other Depository Corporations’ Accounts (2SR) – Assets

A.3.4 Other Depository Corporations’ Accounts (2SR) – Liabilities

A.3.5 Other Depository Corporations’ Survey

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 A.4.1 Commercial Banks' Statement – Assets

A.4.2 Commercial Banks' Statement – Liabilities

A.4.3 Commercial Banks' Survey

A.5.1 Commercial & Merchant Banks' Accounts (2SR) – Assets

A.5.2 Commercial & Merchant Banks' Accounts (2SR) – Liabilities

A.5.3 Commercial & Merchant Banks' Survey

A.6.1 Non-Interest Banks' Accounts (2SR) – Assets

A.6.2 Non-Interest Banks' Accounts (2SR) – Liabilities

A.6.3 Non-Interest Banks’ Survey

A.7.1 Primary Mortgage Banks’ Accounts (2SR) – Assets

A.7.2 Primary Mortgage Banks’ Accounts (2SR) – Liabilities

A.7.3 Primary Mortgage Banks’ Survey

A.8.1 Microfinance Banks’ Accounts (2SR) – Assets

A.8.2 Microfinance Banks’ Accounts (2SR) – Liabilities

A.8.3 Microfinance Banks’ Survey

A.9 Deposit Money Banks’ Loans and Advances

A.10 Sectoral Distribution of Commercial Banks’ Loans and Advances

A.11 Money Market Interest Rates (Per Cent)

A.12 Weighted Average Deposit and Lending Rates of Deposit Money Banks (Per Cent)

A.13 Selected Financial Ratios of Commercial Banks (Percentage)

A.14 Deposits and Loans of Rural Branches of Commercial Banks

A.15.1 Number of Commercial Banks’ Branches in Nigeria and Abroad

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 A.15.2 Number of Deposit Money Banks’ Branches in Nigeria (by States) and Abroad

A.16 Commercial Banks’ Loans to Small Scale Enterprises

A.17 Consolidated Bankers’ Clearing House Statistics

A.18 Payments System Statistics

A.19 & A.20 DEVELOPMENT AND SPECIALISED FINANCIAL INSTITUTIONS

A.19 Finance Houses – Summary of Assets and Liabilities

A.20 Number of Development & Specialised Banks/Institutions

A.21 CAPITAL MARKETS

A.21.1 Transactions at the Nigeria Stock Exchange

A.21.2 All Share Index on the Nigeria Stock Exchange

A.21.3 Total Annual Market Capitalization on the Nigeria Stock Exchange

A.21.4 Nigeria Stock Exchange Market Capitalization – Equities Only

A.22 INSURANCE COMPANIES

A.22 Consolidated Balance Sheet of Insurance Activities (General & Life Business)

A.23 MONEY MARKET AND GOVERNMENT SECURITIES

A.23.1 Value of Money Market Instruments Outstanding as at End-Period

A.23.2 Treasury Bills: Issues and Subscriptions

A.23.3 Treasury Bills: Issues, Subscriptions and Allotments

A.23.4 Holdings of Treasury Bills Outstanding

A.24 SAVINGS STATISTICS AND FINANCIAL DEEPENING

A.24.1 Savings Statistics – Cumulative

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 A.24.2 Selected Financial Deepening Indicators

B PUBLIC FINANCE STATISTICS

B.1 FEDERAL GOVERNMENT FINANCES

B.1.1 Summary of Federal Government Finances

B.1.2 Federal Government Recurrent Expenditure

B.1.3 Federal Government Capital Expenditure

B.1.4 Federal Government’s Domestic Debt Outstanding

B.1.5 Holdings of Federal Government’s Domestic Debt Outstanding

B.1.6 Nigeria's Public External Debt Outstanding

B.2 STATE GOVERNMENTS’ FINANCES

B.2.1 Summary of State Governments' and Federal Capital Territory’s Finances

B.2.2 Domestic Debt of State Governments

B.3 LOCAL GOVERNMENTS’ FINANCES

B.3.1 Summary of Local Governments' Finances

B.3.2 Local Governments’ Total Debt Outstanding

B.3.3 Summary of Federation Account Allocation Committee (FAAC) to All Tiers of Government

C DOMESTIC PRODUCTION, CONSUMPTION AND PRICES

C.1 PRODUCTION AND CONSUMPTION

C.1.1 Gross Domestic Product at Current Basic Prices - Annual

C.1.2 Gross Domestic Product at 2010 Constant Basic Prices - Annual

C.1.3 Implicit Price Deflator - Annual

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 C.1.4 Gross Domestic Product at Current Basic Prices - Quarterly

C.1.5 Gross Domestic Product at 2010 Constant Basic Prices - Quarterly

C.1.6 Implicit Price Deflator - Quarterly

C.1.7 Gross Domestic Product by Expenditure and Income at Current Purchasers' Prices - Annual

Gross Domestic Product by Expenditure and Income at 2010 Constant Purchasers' Prices -
C.1.8 Annual

Gross Domestic Product by Expenditure and Income at Current Purchasers' Prices -

C.1.9 Quarterly

Gross Domestic Product by Expenditure and Income at 2010 Constant Purchasers' Prices -
C.1.10 Quarterly

C.2 PRICES

C.2.1 Inflation Rates: Headline, Core and Food – Monthly

C.2.2 Composite Consumer Price Index (Base: November 2009)

C.2.3 Consumer Price Index (Base: November 2009) – Urban

C.2.4 Consumer Price Index (Base: November 2009) – Rural

C.3 AGRICULTURAL CREDIT GUARANTEE SCHEME FUND (ACGSF) OPERATIONS

C.3.1 ACGSF Operations - Value of Loans Guaranteed

C.3.2 ACGSF Operations - Number of Loans Guaranteed on State Basis

C.3.3 ACGSF Operations - Value of Loans Guaranteed on State Basis

C.3.4 ACGSF Operations - Loans Fully Repaid and Analysed on State Basis

C.3.5 ACGSF Operations - Cumulative Loans Guaranteed on Value Group Basis

C.3.6 ACGSF Operations - Cumulative Loans Guaranteed on Category Basis

C.4 MANUFACTURING CAPACITY UTILISATION

C.4.1 Average Manufacturing Capacity Utilisation

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 C.4.2 Average Manufacturing Capacity Utilisation … Continued

C.5 RAINFALL STATISTICS

C.5.1 Monthly Rainfall Statistics in Some Nigerian Towns

C.6 POPULATION FORECAST OF NIGERIA

C.6.1 Population Forecast of Nigeria

D EXTERNAL SECTOR STATISTICS

D.1 INTERNATIONAL TRADE STATISTICS

D.1.1 Foreign Trade: Oil and Non-Oil

D.1.2.1 Value of Major Imports Groups by S.I.T.C Sections

D.1.2.2 Imports by H. S. Section

D.1.3 Export Commodity Price Index (Base Period: January 2007)

D.1.3.1 Export Commodity Price Index (Base Period: January 2018)

D.1.4 Import Commodity Price Index (Base Period: January 2007)

D.1.4.1 Import Commodity Price Index (Base Period: January 2018)

D.1.5 Commodity Terms of Trade (Base Period: January 2007)

D.1.5.1 Commodity Terms of Trade (Base Period: January 2018)

D.2 BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENT POSITION

D.2.1.1 Balance of Payments – Analytical Statement (1981 – 1993)

D.2.1.2 Balance of Payments – Analytical Statement (1994 – 2004)

D.2.1.3A Balance of Payments Compilation – (₦’ Billion)

D.2.1.3B Balance of Payments Compilation – (US$’ Million)

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 D.2.1.4A Balance of Payments BPM6 Compilation – (₦’ Billion)

D.2.1.4B Balance of Payments BPM6 Compilation – (US$’ Million)

D.2.2.1A International Investment Position – (₦’ Billion)

D.2.2.1B International Investment Position – (US$’ Million)

D.2.2.2A International Investment Position – BPM6 (₦’ Billion)

D.2.2.2B International Investment Position – BPM6 (US$’ Million)

D.3 EXTERNAL RESERVES AND MONTHS OF IMPORT COVER

D.3.1 External Reserves

D.3.2 External Reserves Adequacy – Months of Import Cover

D.4, D.5 & D.6 EXCHANGE RATE STATISTICS

D.4.1 Monthly Average Official Exchange Rate of the Naira

D.4.2 Monthly Average (AFEM/DAS) Exchange Rates of the Naira – Central Rate

D.4.3 Average Naira Official Cross Exchange Rates – Selling

D.4.4 Average AFEM/DAS Naira Cross Exchange Rates – Selling

D.4.5 Naira Official Cross Exchange Rates – End-Period

D.4.6 End-Period Naira Cross Exchange Rates – Selling

D.4.7 Monthly Official Exchange Rate – End-Period

Monthly Average Exchange Rate Movements at BDC, IFEM and I & E Segments of the
D.4.8 FOREX Market

Computed Relative Purchasing Power Parity (RPPP) Exchange Rate with Percentage
D.4.9 Overvaluation and Undervaluation

D.4.10.1 Bilateral Real Exchange Rate – End-Period Exchange Rate

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 D.4.10.2 Bilateral Real Exchange Rate – Average Exchange Rate

D.4.11 Nominal Effective Exchange Rate Indices for Nigeria

D.4.12.1 Nominal Effective Exchange Rate Indices for Nigeria – End-Period Exchange Rate

D.4.12.2 Nominal Effective Exchange Rate Indices for Nigeria – Average Exchange Rate

D.4.13.1 Real Effective Exchange Rate Indices for Nigeria – End-Period Exchange Rate

D.4.13.2 Real Effective Exchange Rate Indices for Nigeria – Average Exchange Rate

D.5.1 Sectoral Utilization of Foreign Exchange for Transactions Valid for Foreign Exchange

Sectoral Utilization of Foreign Exchange for Transactions Valid for Foreign Exchange –
D.5.2
Continued

D.5.3 Supply of Foreign Exchange

D.6.1 Cash Flow

D.7 FOREIGN INVESTMENT STATISTICS

D.7.1.1 Capital Importation by Type of Investment

D.7.1.2 Capital Importation by Nature of Business

D.7.1.3 Capital Importation by Country of Origin

D.7.2 Coordinated Direct Investment Survey

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 EXPLANATORY NOTES

SECTION A: FINANCIAL STATISTICS

Financial data are normally compiled from balance sheets and financial statements which
are primarily designed to meet a variety of legal and administrative requirements, as well as
the specific needs of economic analysis. Financial data compilation involves the aggregation
of the financial system’s accounts to the level at which general macroeconomic tendencies
are discernible.

Effective end-December 2019, the Bank fully adopted the Standardized Report Forms (SRFs)
for compiling, presenting, and disseminating monetary statistics as well as policy decisions
in line with the IMF Monetary and Financial Statistics Manual 2000 (MFSM) and the 2008
Monetary and Financial Statistics Compilation Guide (MFS Guide). The SRFs contain more
detailed coverage of the classification, economic sectorization, currency denomination,
valuation, and recording of financial assets and liabilities in the economy. Although both the
non-SRF and SRF tables are presented in this publication, the non-SRF data series stopped
at end-December 2006 while the SRF reporting templates are used going forward with
historical data from end-December 2007.

The consolidated accounts of the monetary authorities/central bank, which are shown in
Tables A.2.1 – A.2.5 are derived from different sub-accounts of the CBN operations. The
Finance Department generates the CBN Analytical Balance Sheet (ABS) using data obtained
from the general ledger on the Oracle ERP application. This is forwarded to the Statistics
Department as an input for central bank survey. Similarly, the consolidated balance sheets
of deposit money banks/other depository corporations (ODCs) are downloaded from
Financial Analysis Application (FinA) as inputs for ODCs’ account which are shown in Table
A.3.1 – A.3.5. The balance sheets of the central bank and ODCs are consolidated to produce
depository corporations survey shown on Tables A.1.1 – A.1.2. Balance sheets of the different
ODCs are provided in Tables A.4.1 – A.8.3.

Money market interest rates are captured on Table A.11. Monthly interest rate returns of
ODCs are used to compute the weighted average lending and deposit rates, using as weights,
amount lent for various rates and total depositors’ funds, respectively. The deposit rates:
savings and time/term deposit of various maturities ranging from 7 days to over 12 months
are also computed (Tables A.12). The sectoral allocation of ODCs’ loans and advances,
financial ratios of commercial banks as well as deposits and loans statistics etc., are covered
in Tables A.9, A.10, A.13, A.14 and A.16, respectively. ODCs branches and subsidiaries are in
Tables A.15.1 and A.15.2.

Clearing house statistics show the number and value of cheques cleared within the banking
system (Table A.17); payments system statistics follow on Table A.18. Assets and liabilities
of development and specialised financial institutions are presented in Tables A.19 – A.20.
Capital Market statistics are provided in Tables A.21.1 – A.21.4, and statistics on insurance
activities are given in Table A.22. Tables A.23.1 – A.23.4 focused on money market

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 instruments and treasury bills, while savings statistics and financial deepening indicators
are captured in Tables A.24.1 and A.24.2, respectively.

SECTION B: GOVERNMENT FINANCE STATISTICS

The fiscal account of government covers revenues, expenses and debts. Financing of debt is
also included. Revenue is an inflow of resources or money into the government sector from
other economic units/sectors. It includes all non-repayable receipts and grants. Revenue
comprises tax and non-tax receipts within a given period, and receipts from non-financial
assets used in production process for more than one year. Grants are non-compulsory, non-
repayable unrequited receipts from other governments and international institutions.
Expenditure is an outflow of resources from government to other sectors of the economy
whether requited or unrequited. It is divided into recurrent and capital expenditures.
Recurrent expenditures are payments which do not result in the creation or acquisition of
fixed assets. It consists mainly of wages, salaries and overheads, and consumption of fixed
capital (depreciation). Capital expenditures are payments for acquisition of fixed capital
assets, stock, land or intangible assets.

Fiscal balance indicator is computed as the difference between revenue and expenditure of
a tier of government and is also referred to as net lending or net borrowing position of
government. Three types of balance are reported in this Bulletin, namely the current,
primary and overall balance. The difference between government expense and total receipts
could either be surplus or deficit. If revenue is greater than expenditure, there is a surplus,
but when expenditure is greater than revenue, we have a deficit. Financing represents
government’s sources of meeting deficit or utilizing surplus. Sources of financing are divided
into domestic and foreign. Debt (domestic and external) is a stock of liabilities with different
tenors accumulated by government operations in the past and scheduled to be fully repaid
by government in the future. It covers only recognized direct financial obligations of
government on which government pays interest on redemption. External debt position is
converted to Naira using end-period exchange rate of the particular year.

SECTION C: REAL SECTOR STATISTICS

SECTION C.1: NATIONAL ACCOUNTS

The System of National Accounts (SNA) is a consistent, coherent and integrated set of
macroeconomic accounts; balance sheets and tables based on a set of internationally agreed
concepts, definitions, conventions, classifications and accounting rules. It provides a
comprehensive accounting framework within which economic data can be compiled and
presented in a format that is designed for purposes of economic analysis, policy making and
decisions. The compilation of the National Accounts Statistics presented in this bulletin is
based on the same principles recommended in the 2008 System of National Accounts (2008
SNA). The SNA runs a sequence of accounts to generate macroeconomic aggregates that
guide policy decisions and assist in gauging the performance of an economy. There are three
major accounts in the sequence of accounts: the current account, accumulation account, and

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 the balance sheets. The transactions in one account affect the transactions in the subsequent
accounts. Most of the data captured in this publication are compiled within the current
account and the accumulation account as presented in the relevant tables.

Source: International Monetary Fund (IMF 2021)

The current account consists of five sub-accounts: production account, generation of income
account, allocation of primary income account, secondary distribution of income account, and
use of disposable income account, which are flow accounts that account for production,
income, consumption and savings in an economy. These accounts generate very important
economic aggregates which are derived as balancing items from each of the accounts. Some
of the aggregates produced under the current account include the value added or gross
domestic product (GDP), gross national income (GNI), gross national disposable income
(GNDI), and national savings.

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 Source: International Monetary Fund (IMF 2021)

The accumulation account consists of the capital account, financial account, and Other
Changes in the Volume of Assets Account (OCVA). The capital account records transactions in
nonfinancial assets, while the financial account records transactions in financial assets and
liabilities. The other changes in the volume of assets account shows changes in nonfinancial
assets, financial assets, and liabilities that are not the result of transactions. The capital
account shows how saving and capital transfers are used to fund capital formation. Capital
formation consists of gross fixed capital formation, the change in inventories, and the net
acquisition of valuables. Gross fixed capital formation is the acquisition of assets used in
production such as buildings, machinery, and intellectual property products.

The various National Accounts tables presented in this publication were compiled by the
National Bureau of Statistics (NBS) in line with the 2008 SNA. Apart from reporting these
statistics in their nominal values using market prices, the NBS also provides their values in
real terms using the 2010 Price Deflators as the base period.

Table C.1.1
i. The Gross Domestic Product (GDP) is the monetary value of goods and services
produced in an economy during a specific period irrespective of the nationality of the
people who produced the goods and services. It is calculated without making
deductions for depreciation. The concept behind GDP compilation is to measure gross
value added after deducting the cost of inputs used in production (intermediate
consumption) from the gross output value.

ii. GDP at Current Basic Prices (i.e. Nominal GDP) equals GDP at Current Market Prices
less indirect taxes net of subsidies.

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 Table C.1.2
i. GDP at Constant Basic Prices (otherwise known as the real GDP) equals GDP at Market
Prices less indirect taxes net of subsidies.

ii. GDP at Current Market Prices equals GDP at Current Basic Prices plus indirect taxes net
of subsidies. This is GDP valued at the market prices which purchasers pay for the goods
and services they acquire or use.

Table C.1.3
Implicit Price Deflator is GDP at current basic prices divided by GDP at constant basic prices.
The ratio is used to account for the effects of inflation by reflecting the changes in the prices
of bundles of goods and services that make up the GDP as well as changes in the bundles
themselves.

Tables C.1.7 – C1.10

GDP by Expenditure (at current purchasers’ value and 2010 constant purchasers’ prices) and
by Income on annual and quarterly frequencies:

i) GDP by expenditure based - is total final expenditure at purchasers’ prices (including

the f.o.b value of exports of goods and services) less the f.o.b value of imports of goods
and services.

ii) GDP by income based - is compensation of employees, plus taxes less subsidies on
production and imports, plus gross mixed income and operating surplus

iii) Gross Fixed Capital Formation - is expenditure on fixed assets (such as building,
machinery) either for replacing or adding to the stock of existing fixed assets.

iv) Gross Capital Formation (i.e. Gross Domestic Investment) - is the total change in the
value of fixed assets plus change in stocks.

v) Private Consumption-Household Final Consumption

Household actual final consumption consists of the consumption of goods or services
acquired by individual households by expenditures or through social transfers in
kind, received from government units or Non-Profit Institutions Serving Households
(NPISHs). The value of household actual final consumption is given by the sum of the
two components:

a) The value of household expenditures on consumption of goods or services

including expenditures on non-market goods or services sold at prices that are
not economically significant.

b) The value of the expenditures incurred by the NPISH, on Individual

consumption of goods or services provided households as social transfers in
kind.

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 vi) Government Final Consumption Expenditure consists of expenditure, including
imputed expenditure incurred by general government of both individual
consumption of goods and services and collective consumption of services. This
expenditure may be divided into:

a) Government expenditure on individual consumable goods and service

b) Government expenditure on collection consumption

vii) Gross Consumption Expenditure is equal to Private Consumption Expenditure plus

Government Consumption Expenditure

viii) Gross National Savings show the amount of domestic and foreign investment financed
from domestic output, comprising public and private savings. It is gross domestic
investment plus the net exports of goods and non-factor services.

ix) GDP 2010 Basic Prices is the GDP at 2010 Producers Price less taxes on expenditure
plus subsidies.

x) GDP at Current Basic Prices is the GDP at Producers Price less taxes on expenditure
plus subsidies.

Tables C.1.4 and C.1.5

Quarterly GDP at Current Basic Prices and 2010 Constant Basic Prices span across 2010:Q1
– 2022:Q4.

Tables C.1.6
Quarterly implicit price deflators were arrived at by dividing the nominal quarterly GDP
series by the corresponding real quarterly GDP.

SECTION C.2: PRICES

Table C.2.1
This table shows monthly consumer price indices and inflation rates given in three forms: -
headline, core and food. The inflation rate is designed to measure the rate of increase of a
price index. It is a percentage rate of change in price level over time.

The first CPIs were computed separately for the then Federal and Regional Capitals. The
indices for Lagos, and Ibadan, Kaduna, Enugu had 1953 and 1957 as base years, respectively.
The CBN in collaboration with Federal Office of Statistics (FOS) now National Bureau of
Statistics (NBS), felt that computing separate indices had some disadvantages. The
Consumer Expenditure Survey (CES) conducted in 1957 was reviewed to reflect the need for
a single national CPI based on the prices of a union market basket of commodities purchased
and consumed by a representative set of households in selected centres from all over the
country, especially since the indices from one centre to another made comparability difficult.

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 A more serious limitation of the index then, was the absence of a composite consumer price
index to measure average change in the price of goods and services purchased by the
specified groups of consumers. As a result of this limitation, a common base was derived for
all-cities index by averaging prices in 1960. In selecting every consumer item, the prices
index for any given period was adjusted on the basis that the average price index for the
same item in 1960 is 100. As consumption patterns change over time, a set of item weights
obtained in a particular CES progressively become outdated. The changing consumption
pattern of households is mirrored in the results of CES taken at regular intervals, which gives
rise to new markets and constitute item weights. With the National Consumer Expenditure
survey (NCES) conducted by NBS in 1974/75 which provided expenditure data from which
item weights were derived for urban and rural indices, the CPI adopted 1975 as the ruling
base year.

However, CPI is continually updated and rebased and that informed the updating of the base
period to 1985 from the CES of 1980/81. The CES was updated in view of the time lag
between the period of the survey and the time the detailed analysis was completed (1986).
The mean expenditures were consequently re-valued to take account of the time lag. Relative
price changes between 1980 and 1985 were employed to update the CES estimates to 1985
values. Such relative price changes were derived from the 1975 CPI baskets when
considered state by state. For entirely new items, as new items and classification were
introduced, relative price changes were compiled and utilized for the updating.

The basket of the 1985-based CPI has been restructured to indicate commodity groups such
as medical care and health expenses, recreation, entertainment, education and cultural
services which were not classified when 1975 base was used. Due to changes in consumption
patterns overtime, NBS conducted another CES between March 1996 and April 1997, and
item weights derived from the survey data were updated to May 2003, the price reference
period of the CPI series. The basket for the survey was a re-structured version of the former
basket because the classification of individual consumption by purpose (COICOP) was
adopted. It consists of twelve major commodity groups and eighty-five subgroup indices.
Currently, the consumption expenditure data are re-valued to a new base period of
November 2009, using the Nigerian Living Standard Survey (NLSS) outcome of 2003/2004
to arrive at the CPI series for all items, all items less farm produce and food categories. The
monthly indices in the Table C.2.1 span 1995 to 2020.

SECTION C.3: AGRICULTURAL CREDIT GUARANTEE SCHEME FUND (ACGSF)

Tables C.3.1, C.3.2, C.3.3, C.3.4, C.3.5 and C.3.6

These Tables are on the operation of ACGSF, an initiative of the Central Bank of Nigeria. The
Scheme started operation in 1978 with an initial capital base of N100 million shared in a
ratio of 60:40 between Federal Government of Nigeria and Central Bank of Nigeria. The
capital base of the scheme has been raised to N3 billion, managed by the Central Bank of
Nigeria. The ACGSF is meant to share the risks of banks in agricultural lending and hence
encourage them to continue to extend credit to the agricultural sector.

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 SECTION D: EXTERNAL SECTOR STATISTICS

SECTION D.1: INTERNATIONAL TRADE

International trade takes place between residents in the reporting economy and the rest of
the world (ROW). International Trade Statistics (ITS), therefore, measure the quantities and
values of goods that move into or out of a country. In other words, ITS refer to imports and
exports unadjusted for Balance of Payments (BOP). They are compiled from customs bills of
entry, which are usually completed by importers and exporters, indicating the quantities and
values of goods imported into or exported out of the compiler economy. ITS can also be
derived from banking records of transactions in foreign exchange where customs data are
not available. For Nigeria, the ITS is compiled from customs records.

For analytical purposes, Nigeria’s ITS is presented using the Standard International Trade
Classification (SITC), which has 10 main groups, with codes 0 – 9 as well as the 21 sections
of the Harmonised Commodity Description and Coding System (HS code). These are:

SITC Codes HC Section

01 - Live animals; animal products
0 - Food & Live Animals
02 - Vegetable products
03 - Animal or vegetable fats and oils and their cleavage products; prepared edible
1 - Beverages & Tobacco
04 - Prepared foodstuffs; beverages, spirits and vinegar; tobacco and manufactured
05 - Mineral products
2 - Crude Materials Inedible
06 - Products of the chemical or allied
07 - Plastics and articles thereof; rubber and articles thereof
3 - Mineral Fuel
08 - Raws hides and skins, leather, furskins and articles thereof; saddlery and
09 - Wood and articles of wood; wood charcoal; cork and articles of cork;
4 - Animal & Vegetable Oils and Fats
10 - Pulp of wood or of other fibrous cellulosic material; waste and scrap of paper
11 - Textiles and textiles articles
5 - Chemicals
12 - Footwear, headgear, umbrellas, sun umbrellas, walking sticks, seat sticks, whips
13 - Articles of stone, plaster,cement,asbestos, mica or similar materials; ceramic
6- Manufactured Goods
14 - Natural or cultured pearls, precious or semi-precious stones, precious metals,
15 - Base metals and articles of base metal
7 - Machinery & Transport Equipments
16 - Machinery and mechanical appliances; electrical equipment; parts thereof; sound
17 - Vehicles, aircraft, vessels and associated transport equipment
8 - Miscellaneous Manufactured Goods
18 - Optical, photographic, cinematographic, measuring, checking, precision, medical
19 - Arms and ammunition; parts and accessories thereof
9 - Miscellaneous Transactions
20 - Miscellaneous manufactured articles
21 - Works of art, collectors pieces and antiques

SECTION D.2: BALANCE OF PAYMENTS AND INTERNATIONAL INVESTMENTS

POSITION

The BOP is defined as a systematic record of economic and financial transactions for a given
period between residents of an economy and non-residents. These transactions involve the
provision and receipts of real resources and changes in claims on, and liabilities to, the ROW.
Specifically, it records transactions in goods, services, primary income and secondary
income, as well as changes in ownership and other holdings of financial instruments,
including monetary gold, Special Drawing Rights (SDRs) and claims on, and liabilities to, the

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 ROW. The secondary income captures personal transfers - the provision or receipt of an
economic value without the acceptance or relinquishing of something of equal value, or quid
pro quo.

Generally, transactions involving payments to residents of an economy by non-residents are

classified as "Credit" entries, while payments by the residents of an economy to non-
residents are "Debit" entries. Tables D.2.1.1 – D.2.1.3B present the BOP tables from 1981 up
to 2020.

The method of BOP compilation has been reviewed six times by the International Monetary
Fund (IMF). The sixth edition of the Balance of Payments and the International Investment
Position Manual (BPM6) provides an expanded conceptual framework to encompass both
BOP flows (transactions) and stock of external financial assets and liabilities otherwise
called the International Investment Position (IIP).

However, the editions of the Manual provide flexibility in the sense that although more
details are provided for in the revised editions, the overall presentations do not change
significantly. The BOP tables D.2.1.1 – D.2.1.4B provide information on vital components of
the account, showing the various changes in presentations highlighted by the editions of the
manual that have been in use.

Basically, following the BPM6, the BOP table is usually divided into three main sections,
namely the Current Account, Capital Account and the Financial Account. The current and
capital account is recorded in terms of “Credit” and “Debit” while the financial account is
recorded in terms of “Net Acquisition of Financial Assets – NAFA” and “Net Incurrence of
Liabilities – NIL”. The BOP also has a net balancing item called the Net Errors and Omissions.

Current Account
The Current Account is divided into two major sections: visible and invisible. The visible
account consists of Goods Account (exports and imports), which are tangible physical
commodities, movement of which constitutes merchandise trade. Exports are "Credit"
entries as non-residents acquiring goods have to pay the exporting country. Imports are
"Debit" entries as the importer has to use up his stock of foreign currencies to pay for the
imported goods. Under the BPM6 framework, the goods account also covers “net exports of
goods under merchanting” as well as exports and imports of “non-monetary gold”. In the
BOP table, the value of exports and imports are recorded "free-on-board" (F.O.B.) to show
the actual costs of the goods without insurance and freight, both of which are treated in the
Services sub-account of the current account.

The services include manufacturing Services; maintenance and repair; transport; travels;
construction; insurance and pension; financial; telecommunication, computer &
information; charges on the use of intellectual properties; personal, cultural & recreational;
other business services, Government goods and services nie. Entries are either credit or
debit depending on whether the charges are received or paid by the reporting economy.

The primary income account covers compensation of employees and investment income.
The Investment Income component refers to accrued income on existing foreign financial

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 assets and liabilities. This income may be profits, interest, dividends and royalties received
by or paid to direct and portfolio investors. It may also be interest and commitment charges
on loans (Other Investment Income).

The secondary income is the fourth sub-account under the Current Account. It is a unilateral
transfer by the reporting economy to the ROW or vice versa without an equivalent value in
exchange. It is usually classified as private (other sector) or official (government). Personal
transfers include home remittances by migrant workers while official transfers are by way
of grants, aides, subscriptions, technical and official development assistance to governments
and other official agencies. Transfers received are recorded as credit items, while outflows
are debits to the reporting economy.

The sum total of the balances of these sub accounts namely: Goods, Services, Primary Income
and Secondary Income make up the Current Account.

Capital Account
The Capital Account covers acquisition and disposal of non-produced, nonfinancial assets
such as land, mineral deposit as well as capital transfers - goodwill such as debt forgiveness.
Acquisition and inward capital transfers are recorded as credit while disposals and outward
capital transfers are recorded as debit.

The current and capital account balance (+/-) shows the net lending and borrowing position
of an economy within the period under review. A positive (+) current and capital account
balance indicates that the country is a net lender to the ROW while a negative (-) balance
indicates it is a net borrower from the ROW.

Financial Account
The Financial Account captures changes in a country's foreign assets and liabilities,
movements of invested funds and changes in international investment position.
International investment, as a major component of the financial account could be in the form
of “Direct Investment - DI” if the investor seeks to have control or significant degree of
influence in an enterprise measured by an equity ownership of at least 10 per cent or
“Portfolio Investment - PI” which covers the acquisition and disposal of equity and debt
securities (instruments) other than those classified under direct investment.

Financial account transaction also includes financial derivatives & employee stock option
and reserve assets. Increase/decreases in financial derivatives assets and liabilities relating
to swaps, futures, etc are recorded. Reserve assets are those external assets that are readily
available to and controlled by the monetary authorities for meeting BOP financing needs, for
intervention in exchange markets to affect the currency exchange rate, and for other related
purposes (such as maintaining confidence in the currency and the economy and serving as a
basis for foreign borrowing).

Capital movements may also take place between residents of the reporting economy and the
ROW in the form of new loans (assets or liabilities) or reduction in existing loan assets or
liabilities. Other forms of “Other Investments – OI” include increase/decrease in cross
border bank deposits or foreign currency holdings by residents, trade credit and advances,

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 other equity, Special Drawing Right (SDR) allocation as well as other payables/receivables.
OI is a residual category in the financial account.

The financial account balance (+/-) is also an indicator of whether the reporting economy is
a net lender or borrower from the ROW with similar interpretation as stated above.

In general, under the double-entry accounting system, all debit and credit entries should be
equal. If this happens to all the items in both the current and capital accounts, it will be easy
to ascertain the net change in assets and liabilities of the reporting economy by establishing
the balance on both current and capital accounts. However, this equality does not always
hold in reality as either the debit or credit is usually understated. Thus, provision is made in
the “errors and omissions”.

Net Errors and Omissions

Ideally, the net lending or borrowing position of a reporting economy for a period viewed
from either the current and capital account perspective or from the financial account side
should be equal. However, in practise this usually is not attainable. In most cases, this is due
to the differences in data sources for the compilation. Data from both sides of a single
transaction may arise from independent sources leading to discrepancies. In addition,
different values may be given to the same item at each valuation point and the item may be
completely omitted at one of the valuations.

To ensure that both perspective/sides of the net lending or borrowing position is the same
(balanced) for each reporting period, the BOP introduces a net balancing item called the “Net
Errors and Omissions - NEO”. A positive NEO shows the likelihood that the credit entries in
the current and capital account is too low or the debit entries is too high or the net increase
in assets in the financial accounts are over-estimated or the net increase in liabilities is
under-stated. A negative NEO indicates otherwise.

SECTION D.4: EXCHANGE RATES

The foreign exchange and exchange rate management in Nigeria has undergone
transformation over the years. It has moved from officially pegged exchange rate system
between 1970 and 1985 to a market-determined system since 1986. The naira exchange rate
is now determined through the foreign exchange market on the basis of demand and supply.
The dollar is the intervention currency in the market; while the exchange rates of other
currencies are based on cross reference to the naira - dollar exchange rate.

The trade-weighted Nominal Effective Exchange Rate (NEER) indices for Nigeria represent
the value of the Naira in terms of a weighted basket of currencies. The weights represent the
relative importance of each currency to the Nigerian economy. In other words, it represents
the share of each of the selected countries in Nigeria’s total trade. Therefore, the NEER index
measures the average change of the Naira’s exchange rate against all other currencies.

In constructing the NEER index, the geometric approach was adopted, while ab initio, 10
major trading partners, which control about 76.0 per cent of Nigeria’s trade with the ROW
were selected. These are: Belgium, France, Germany, Italy, Japan, Netherlands, Spain,

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 Switzerland, United Kingdom and United States of America. However, following the
dynamism in Nigeria’s International Trade, there had been some modifications in the group
of selected trading partners. Thus, the following 19 are the current major trading partners:
Belgium, Brazil, China (Mainland), Cote d’Ivoire, France, Germany, Ghana, India, Indonesia,
Italy, Japan, Netherlands, South Africa, South Korea, Spain, Sweden, United Arab Emirates,
United Kingdom and United States of America.

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