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Nigeria’s Exports Outpace Imports, Trade Surplus Hit N3.5trn In 9 Months — NBS

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  • Spain Tops Nigeria’s Export Destinations In Q3
  • China Dominates Nigeria’s Import Landscape In Q3

The National Bureau of Statistics (NBS) says Nigeria recorded a N3.5 trillion trade surplus between January and September of 2023.

This was made known by NBS in its foreign trade report for the third quarter (Q3) of 2023 on Monday.

In the nine months of the year, according to the bureau, Nigeria’s exports totalled N23.3 trillion and total imports stood at N19.7 trillion, which gives a trade surplus of N3.5 trillion.

A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh its imports.

On foreign trade for Q1 2023, NBS said total exports were N6.49 trillion, and imports value was N5.56 trillion.

The nation’s total trade was N12.05 trillion in Q1, higher than the value (N7.86 trillion) recorded in the corresponding period (Q1) of 2022.

In Q2 2023, the country’s entire trade stood at N12.16 trillion, with total exports at N6.44 trillion and imports amounting to N5.73 trillion.

In Q3 2023, there was an improvement as the total trade stood at N18.80 trillion, with exports and imports totalling N10.35 trillion and N8.46 trillion respectively.

“Nigeria’s total trade in the third quarter of 2023 stood at ₦18,804.29 billion. Exports were valued at ₦10,346.60 billion while total imports stood at ₦8,457.68 billion,” the report reads.

“Total exports increased by 60.78% compared to the amount recorded in the second quarter of 2023 (₦6,435.13 billion) as well as by 74.36% compared to the corresponding quarter in 2022 (₦5,934.15 billion).

“Similarly, total imports increased by 47.70% compared to the value recorded in the second quarter of 2023 (₦5,726.25billion) and by 33.33% when compared to the value recorded in the corresponding quarter of 2022 (₦6,343.53 billion).”

 

  • Spain Tops Nigeria’s Export Destinations In Q3

Nigeria’s export landscape underwent a significant shift in the third quarter of 2023, with Spain emerging as the country’s top export destination, accounting for a remarkable 12.31 percent of total exports, valued at N1.27 trillion.

This was followed by India with N1.02 billion (9.81 percent), Netherlands with N988.66 billion (9.56 percent), Indonesia with N758.59 billion (7.33 percent) and France with N720.45 billion (6.96 percent) of total exports.

These five countries collectively accounted for 45.98 percent of Nigeria’s total exports, demonstrating the country’s growing presence in diverse global markets.

Analysis by TheCable Index shows that despite the diversification of export destinations, petroleum oils and oils obtained from bituminous minerals, crude, remained Nigeria’s primary export product, accounting for an impressive 82.50 percent (N8.54 trillion) of total exports.

However, natural gas, liquefied, and urea, whether or not in aqueous solution, also emerged as significant export earners, contributing 9.82 percent (N1.02 trillion)  and 1.06 percent (N109.68 billion), respectively, to the overall export value.

  • China Dominates Nigeria’s Import Landscape In Q3

The NBS report shows that China maintained its position as Nigeria’s top import partner in the third quarter of 2023, accounting for a significant 23.33 percent of total imports.

“Data on Imports in the third quarter of 2023 reveals that the top five partner countries of origin for imports to Nigeria was China (₦1,973.34 billion or 23.33%), this was followed by imports from Belgium with ₦996.65 billion or 11.78%, India with ₦802.07 billion or 9.48%, Malta with ₦561.37 billion or 6.64% and the United States of America with ₦502.92 billion or 5.95% of total imports,” NBS said.

“The values of imports from the top five countries amounted to ₦4,836.36 billion representing a share of 57.18% of total imports.

“The commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ valued at ₦1,921.03 billion or 22.71%.”

Also included are gas oil worth N736.66 billion or 8.71 percent and durum wheat (not in seeds), valued at N331.76 billion or 3.92 percent of total imports.

BIG STORY

NCC Unveils Initiative To Combat Fraud, Spam Messaging

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The Nigerian Communications Commission has unveiled a draft regulatory framework aimed at addressing fraud, spam, and other challenges in the “Application-to-Person” messaging sector.

The telecom regulator made this announcement in a statement on Friday.

The proposed framework was introduced during a virtual Stakeholders’ Forum, a key step towards enhancing the sector’s integrity and ensuring a fair, transparent environment for all parties involved.

The draft framework, presented by the acting Head of Legal and Regulatory Services at the NCC, Mrs. Chizua Whyte, on behalf of the Executive Vice Chairman, Dr. Aminu Maida, seeks to regulate the A2P messaging space.

A2P messaging, used for notifications such as bank alerts, promotional campaigns, and government updates, has become a vital communication tool in Nigeria.

However, the sector faces significant challenges, including consumer protection concerns, fraud, and data privacy issues, as well as an unequal distribution of value within the ecosystem.

“The international A2P messaging space in Nigeria faces gaps that have led to issues such as fraud, spam, and data privacy concerns. These challenges threaten the sustainable growth of this communication tool,” the NCC said.

The regulator emphasised its commitment to fostering innovation while ensuring a secure, transparent environment for businesses, consumers, and service providers.

The proposed framework aims to address these challenges by protecting consumers, promoting fair competition, and holding service providers accountable.

“This forum marks a pivotal step towards addressing these challenges,” the NCC said. “We are here to engage with all stakeholders—operators, aggregators, businesses, service providers, and consumers—to refine the framework and ensure it meets the needs of the entire ecosystem.”

The NCC stressed the importance of inclusivity and collaboration in creating an effective regulatory environment.

The commission’s efforts are focused on promoting a sustainable A2P messaging ecosystem that enables business innovation, enhances communication efficiency, and supports Nigeria’s socio-economic growth.

Stakeholders were encouraged to provide feedback and contribute ideas during the forum to help shape the final framework.

The NCC reiterated its commitment to creating a regulatory environment that supports innovation while safeguarding the interests of all stakeholders in the A2P messaging sector.

For further updates, the NCC urged stakeholders to remain engaged throughout the regulatory process, stressing the importance of cooperation in shaping the future of A2P messaging in Nigeria.

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BIG STORY

JUST IN: Oil Marketers Reduce Petrol Price By 11.8% To N939.50 Per Litre

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Oil marketers sourcing “Premium Motor Spirit”, “PMS”, also known as petrol, from the Dangote Petroleum Refinery have reduced the price by 11.8 percent to N939.50 per litre, down from N1,060 per litre.

As of Thursday, December 19, petrol was still being sold at N1,060 per litre in Lagos and surrounding areas.

However, by Friday, MRS, a leading marketer, along with others, had adjusted their prices, now selling at N939.50 per litre.

It’s worth noting that the Dangote Petroleum Refinery had earlier lowered the ex-pump price of petrol to N899.50 per litre, down from N970 per litre.

According to the refinery, this price reduction is intended to offer much-needed relief to Nigerians ahead of the holiday season.

Anthony Chiejina, the Chief Branding and Communications Officer of Dangote Group, made this announcement.

“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on “PMS” (“petrol”). From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM,” Chiejina said.

‘‘Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”

 

More to come…

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BIG STORY

EFCC Allocates N18bn For Allowances, N5bn For Travels In Proposed 2025 Budget

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The Economic and Financial Crimes Commission (EFCC) has announced plans to allocate N18 billion for allowances in 2025.

This figure is part of the proposed 2025 budget currently under consideration and awaiting approval by the national assembly.

As per the appropriation bill, the EFCC’s total budget for 2025 stands at approximately N62.2 billion.

This budget includes personnel costs (N38.6 billion), overheads (N20.9 billion), and capital expenditure (N2.2 billion).

Within the allowance budget, N1.7 billion is designated for “non-regular allowances,” while “regular allowances” are set at N16.7 billion.

Other proposed expenditures for the EFCC include welfare packages (N1.4 billion), fuel and lubricants (N2 billion), financial charges (N1.2 billion), construction and provision of office buildings (N1.1 billion), and maintenance services (N2.1 billion).

The EFCC also plans to allocate N4.9 billion for “local travel and transport,” with “international travel and transport” expected to cost N1.7 billion.

The proposed budget includes N800 million for the purchase of fixed assets.

On Wednesday, President Bola Tinubu unveiled the N49.7 trillion 2025 “Budget of Restoration: Securing Peace and Rebuilding Prosperity.”

In his address to the national assembly, Tinubu stated that it was time “we rewrite Nigeria’s narrative together.”

The primary focus of next year’s budget will be the defence, infrastructure, health, and education sectors.

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