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Foreign Trade In Nigeria Rises To N13.3 Trillion



Nigeria's GDP Drops - NBS

In the third quarter of 2021, foreign trade in Nigeria rose to N13.3 trillion, according to the National Bureau of Statistics (NBC).

The N13.3 trillion trade comprises N8.2 trillion imports and N5.1 trillion exports, resulting in a trade deficit of N3.03 trillion.

The figures were disclosed by the Statistician-General of the Federation, Simon Harry, during a press briefing on the Q3 Foreign Trade Report held in Abuja.

The latest figures show that Nigeria’s imports expenditure grew by N1.3 trillion from N6.95 trillion recorded in the second quarter of 2021.

READ ALSO: NBS Puts GDP’s Growth At 5.01 Per Cent

The NBS noted that the rise in imports was driven mainly by an increase in the importation of commodities such as motor spirits (N1.1 trillion), gas oil (N225.6 billion), imported motorcycles and cycles and CKD valued at N116.3 billion from N94.7 billion, respectively.

“Comparing 3 quarter to 2 quarter, 2021, total trade grew by 10.43% from N12,029.64 billion, export trade grew by 1.00% from N5,079.44 billion, import trade also grew by 17.32% from N6,950.21 billion,” Harry said.

He stated that crude oil dominated export trade in Q3, as total export of the commodity amounted to N4tn or 78.47 per cent of total export.

“This was followed by natural gas, liquefied with N487.49 billion (9.50%), floating or submersible drilling platforms with N163.70 billion (3.19%) and urea, whether or not in aqueous solution with N107.17 billion (2.08%). On the other hand, imports were mainly motor spirit valued at N 1,052.5 billion (12.91%), durum wheat valued at N 315.17billion (3.87%), gas oil with N225.63 billion (2.77%), used vehicles N 185.41 billion (2.27%),” he added.

The NBS also listed China (N2.4 trillion), India (N710.3 billion), the United States (N599.1 billion), Netherlands (N554.2 billion), and Belgium (N434.1 billion) as Nigeria’s top five export trade partners during the review period.

Similarly, “the top five major trading partners in export trade during the 3rd Quarter, 2021 were India with N758.1 billion, Spain with N627.01 billion, Italy with N446.04 billion, France with N363.23 billion and Netherlands with N242.49 billion.


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BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1



BREAKING: Old Naira Notes Deadline Stays - Emefiele
CBN Governor Godwin Emefiele

The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .

This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”

The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.

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BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500



Senator Withdraws Support For Tinubu Over Choice Of Muslim Running Mate
President Tinubu

The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.

However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.

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BREAKING: FCMB Founder Olasubomi Balogun Dies



Olasubomi Balogun

Theo Founderf First City Monument Bank (FCMB), Otunba Michael Olasubomi Balogun, is dead.

According to reports, family sources revealed that Balogun died in London Friday morning at the age of 89.

He was Otunba Tunwase of Ijebuland before his death.

As a ranking Ijebu Chief, his death will, however, only be officially announced in line with tradition.



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