The report said the total value of Nigeria’s merchandise trade at the end of first quarter of 2016 stood at ₦2,723.9 billion
In the third quarter, the NBS said the country spent N250.329 billion, while in the fourth quarter, N310.866 billion was expended in the importation of petrol.
It said: “The headline index increased by 11.4 per cent year-on-year in February, roughly 1.76 per cent point higher from rates recorded in January (9.6%)se
“They (NBS) need to carry out surveys on labour force, inflation rate, etc and they need more budgetary allocations to be able to perform their mandate
The NBS attributed the increase to a result of higher food and non-food divisions, which include alcoholic beverage, tobacco and kola; clothing and footwear; housing, water, electricity, gas and other fuels divisions
According to the report, the marginal increase was as a result of slower increases in Alcoholic Beverages, Tobacco and Kola, Health, Transport, Recreation and Culture Divisions.
It further stated that the average annual rate of change on the food sub-index for the 12-month period ending in March over the previous 12-month average was 9.5 per cent
“As a result of substantially higher price levels last year, the implications are that the year-on-year changes for this year are likely to be lower