Meta Data
The monetary survey, which consolidates the analytical accounts of the monetary authority with the consolidated analytical balance sheet of the Deposit
Money Banks (DMBs), is prepared by the Money and Banking Statistics Office, Statistics Department of the CBN. This is done using the IMF’s
Monetary and Financial Statistics Manual (MFSM) 2000 and its compilation guide of 2008.
The monetary authority analytical balance sheet is generated from the enterprise electronic solution – Oracle ERP. Since 2007, DMBs’ returns are received on the electronic Financial Analysis Surveillance
System (e-FASS) platform for processing the consolidated balance sheet of the DMBs. Currently, the DMBs exist in three forms based on the nature of
their banking license as a result of the termination of the universal banking system by end 2012 by the monetary authority. These are the commercial
banks with the longest history of banking activities; the merchant banks which returned to Nigeria’s financial system in January 2013; and the
non-interest banks with records of banking activities from March 2012.
The office also generates credits granted by the DMBs to the economic sectors, and other report tables on the DMBs. These financial and monetary tables
are captured in the Financial Statistics category of the CBN Statistics Database. Other data available in this category include discount houses’
statistics, payments system statistics, bankers’ clearing house statistics and capital market statistics. The Interest Rates category captures money
market interest rates and weighted average interest rates of the DMBs.
The Central Bank of Nigeria is responsible for the preparation of the Balance of Payments (BOP) and the International Investment Position (IIP) of the
Nigerian economy. Commencing 2005, these accounts are compiled based on the IMF’s Balance of Payments Manual 5 (BPM5); the BOP and IIP tables feature in
the External Sector Statistics category of the CBN Statistics Database. BOP is provided on annual and quarterly frequencies, with the quarterly starting
from quarter one of 2010.
Currently, the sources of data used for preparing these accounts include the enterprise e-FASS for services and capital importation, Cobalt for non-oil
exports, Nigerian Integrated Customs Information System (NICIS) of the Nigerian Customs Service (NCS) for imports, Nigerian National Petroleum
Corporation (NNPC) and Nigerian Liquefied Natural Gas (NLNG) for oil & gas exports and Petroleum Products Pricing Regulatory Agency (PPPRA) for oil
imports. Other sources include Bank for International Settlement (BIS) for non-financial sector deposits and loans of Nigerians abroad, the Debt
Management Office (DMO) for debt statistics, as well as the National Bureau of Statistics (NBS) for data reconciliations.
Other external sector statistics which feature in the External Sector Statistics category are on exchange rate statistics, demand and supply of foreign exchange,
external reserves, international trade summary, external debt stock, capital importation, cash flow, and crude petroleum statistics.
Besides external debt stock data, which is provided on quarterly frequency, others are monthly data
On the national account statistics side, real sector tables in the CBN Statistics Database include Gross Domestic Production (GDP), by production as well as
income and expenditure; implicit GDP deflator; and a drill down into GDP sub-components for crop production, wholesale & retail trade and other manufacturing.
Assigned category for GDP data is National Accounts, with quarterly history usually dating back to quarter one of 1981. 1990 is the base year for
real GDP at constant basic prices. GDP statistics are measured in million Naira. National accounts statistics are produced by the
National Bureau of Statistics (NBS), using the basis of the 1993 System of National Accounts (SNA).
The GDP by production is the flagship national account
depicting the current economic status of the Nigerian economy. It is an integration of the macroeconomic accounts, which presents the entire system of
production in Nigeria on economic activity sector basis. Currently, 33 economic activity sectors are captured in the GDP by production table.
These are divided into 5 main groups, namely
- Agriculture – with 4 activity sectors,
- Industry – with 7 activity sectors,
- Building & Construction – as a stand-alone activity sector,
- Wholesale & Retail Trade – as a stand-alone activity sector, and
- Services – with 20 activity sectors.
More information on Nigeria’s national accounts statistics can be accessed at the NBS website: www.nigerianstat.gov.ng .
The consumption expenditure data of the 2003/2004 Nigerian Living Standard Survey is the basis of Nigeria’s Consumer Price Index (CPI);
now revalued to November 2009 as the base from the hitherto May 2003 base period. Currently, it is computed as a weighted measure of average price changes
collected through monthly survey on a selected market basket of 740 goods and services.
Weights are attached to the 12 divisions in the All Items CPI market basket,
according to significance. Construction of the 12 divisions is on the basis of Classification of Individual Consumption by Purpose (COICOP).
CPIs are computed for the urban and rural classification sectors, before they are combined on the basis of allocated weights of 0.455 and 0.545, respectively to
generate the national composite CPI. The weights are according to the country’s population ratios split along the urban and rural divide. Inflation is computed from the weighted monthly measures of CPI and reported by the NBS in three categories, namely Month-on Change, Year-on Change and 12-Month Average Change; all expressed in percentage. The CPIs available in the database include:
- The Composite CPIs for the country (All Items, All Items less Farm Produce and Food)
- Basket Composition for the All Items Composite CPI (This features the 12 divisions)
- Urban CPI for the country
- Rural CPI for the country
The 12 divisions of the All Items CPI with weights constructed, using the COICOP approach are indicated in the table below:
| S/N | Division | Nov. 2009 base period weight | May 2003 base period weight |
|---|---|---|---|
| 1 | Food and Non-Alcoholic Beverages | 518.00 | 644.10 |
| 2 | Alcoholic Beverages, Tobacco and Kola | 10.87 | 20.60 |
| 3 | Clothing and Footwear | 76.50 | 32.10 |
| 4 | Housing, Water, Electricity and Gas | 167.34 | 181.00 |
| 5 | Furnishings, Household Equipment | 50.30 | 38.20 |
| 6 | Health | S30.04 | 13.60 |
| 7 | Transport | 65.08 | 42.40 |
| 8 | Communication | 6.80 | 1.10 |
| 9 | Recreation and Culture | 6.87 | 8.90 |
| 10 | Education | 39.44 | 2.10 |
| 11 | Restaurants and Hotels | 12.12 | 12.90 |
| 12 | Miscellaneous Goods and Services | 16.63 | 3.00 |
Government finance statistics are compiled based on the IMF’s Government Finance Statistics Manual (GFSM) 2001. The Statistics Department of the
Central Bank of Nigeria conducts annual and half year fiscal surveys of finances of the state, the Federal Capital Territory (FCT) and local governments. The finances of the Federal Government of Nigeria are received through secondary sources from the Federal Ministry of Finance and the Office of the Accountant General of the Federation. The finance statistics of all the tiers of government span across revenue, expenditure, loans and financing of budget shortfalls.
Other areas are functional classification of government recurrent and capital expenditures, as well as debt statistics.
Domestic and foreign debt statistics are primarily compiled and reported by the Debt Management Office. The finance statistics of the three tiers of
government are available in the Government Finance Statistics category of the Statistics Database on an annual frequency.