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Nigeria’s Foreign Trade Records Drop By 10.3% In 2020

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Nigeria's Foreign Trade Records Drop By 10.3% In 2020

The National Bureau of Statistics (NBS) said Nigeria’s total trade was valued at N32.42 trillion in 2020, signifying a 10.3 per cent decline compared to N36.15 trillion recorded in 2019.

This is contained in its “Foreign Trade in Goods Statistics Quarter Four (Q4) 2020” report published on its website on Tuesday in Abuja.

The report said that the value of total imports in 2020 stood at N19.898 trillion, or 17.3 per cent higher than the N16.96 trillion recorded in 2019.

It added that total exports was valued at N12.522 trillion, or 34.8 per cent less than the N19.19 trillion recorded in 2019 and that the annual merchandise trade deficit in 2020 stood at -N7.375 trillion.

Giving an overview of the Q4, 2020 merchandise, it said that total trade stood at N9.120 trillion, representing 8.9 per cent over the level recorded in Q3 but was 9.9 per cent lower when compared to Q4 2019.

“The value of trade in Q4 was the highest recorded over the past year.

“The export component of trade stood at N3.194 trillion, an increase of 6.7 per cent over the preceding quarter but a drop of 33 per cent over the previous year.

“Further, the share of exports in total trade declined to 35 per cent in Q4 from 47 per cent a year earlier.”

The bureau said that on the other hand, total trade imports reached a record high at N5.925 trillion in Q4, an increase of 10.1 per cent over the preceding quarter, and 10.8 per cent over the preceding year.

It said that imports also accounted for 65 per cent of total trade in Q4 2020, compared to 53 per cent in 2019, while for 2020, the value of total imports was 17.3 per cent higher than the value recorded in 2019.

According to the report, the value of trade imports nearly doubled the value of exports, while the trade deficit rose to its highest level and a fifth consecutive quarterly deficit at -N2.731 trillion, an increase of 14.30 per cent compared to the preceding quarter.

Giving a breakdown of imports for Q4 2020 and full year, the report said the value of imported agricultural products was 5.75 per cent higher in Q4, 2020 than in Q3,2020 and 128.17 per cent higher compared with the corresponding quarter of 2019.

However, for 2020, the value of agricultural imports was 78.6 per cent higher than what was recorded in 2019.

“The value of raw material imports grew marginally by 0.75 per cent in Q4, compared to Q3 but was 113.12 per cent higher compared to Q4, 2019.

“For 2020, the value of raw material imports was 72.5 per cent higher than the value recorded in 2019.”

The NBS said that the value of solid minerals imports was 16.82 per cent lower in Q4, than its value in Q3, but 58.59 per cent higher than  in Q4, 2019.

It added that on an annual basis, the value of solid mineral imports was 39.3 per cent higher than the value recorded in 2019.

The report also said that the value of energy goods imports was 236.2 per cent in Q4, higher than in Q3, and 199.51 per cent higher than the value recorded in Q4, 2019.

On an annual basis, the value of energy goods imports was 24.1 per cent lower than recorded in 2019, it said.

For imported manufactured goods, the NBS said that its value grew by 11.43 per cent in Q4, against the value recorded in Q3, but decreased by 2.21 per cent compared to Q4, 2019.

For full year, it said the value of manufactured imports was 6.5 per cent higher than the value recorded in 2019.

It also said that the value of other oil products imported in Q4 was 17.4 per cent higher than its value in Q3 but 3.23 per cent less than the corresponding quarter of 2019.

For 2020 however, the value of other oil products imports was 15.1 per cent higher than the value recorded in 2019.

In its assessment of exports, the NBS said the value of total exports in Q4, 2020 increased by 6.7 per cent against the level recorded in Q3, but decreased by 33. 3 per cent compared to Q4, 2019.

It said that the value of agricultural exports fell by eight per cent in Q4 compared to Q3 and 18.2 per cent compared to Q4 2019.

On an annual basis, in 2020, the value of agricultural exports was 19.2 per cent higher than the value recorded in 2019.

The report said that the value of raw material goods exports in Q4 was 317.6 per cent higher than the value in Q3 and 122 per cent higher than the value recorded in Q4 2019.

In 2020, the value of raw material goods exports was only 0.7 per cent higher than the value recorded in 2019, it said.

The NBS also said that the value of solid minerals exports decreased by 20.7 per cent in Q4 against Q3 but increased by 135 per cent against the corresponding quarter in 2019.

It added that in 2020, the value of solid mineral exports was 46.2 per cent lower than the value recorded in 2019.

“The exports of energy goods increased in value by 13.3 per cent in Q4 compared to Q3 but decreased by 15.5 per cent compared to Q4, 2019.

“In 2020, the value of energy goods exports was 40.3 per cent lower than the value recorded in 2019.

“The value of manufactured goods exports fell by 3.1 per cent in Q4 compared to the value recorded in Q3 and 74.7 per cent compared to Q4, 2019.

“In 2020, the value of manufactured exports was 53.7 per cent lower than the value recorded in 2019.”

It however, said that the value of crude oil exports in Q4 increased by 4 per cent compared to Q3 but decreased by 30.5 per cent compared to Q4, 2019.

It added that for full year, the value of crude oil exports was 35.7 per cent lower than what was recorded in 2019.

Meanwhile, for other oil products there was a 22.2 per cent increase in value of exports in Q4 as against Q3, but decreased by 19.3 per cent compared to Q4 2019.

On an annual basis however, the value of other oil products exports was 17.1 per cent lower than the value recorded in 2019. 

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BREAKING: Naira Crashes To N1,309/$1 At Official Market

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The Nigerian Naira has depreciated in value at the official market, with the exchange rate falling to N1,309.39 to a dollar, according to the latest data from the FMDQ trading platform.

This represents a 0.69 percent decline from the previous day’s rate of N1,300.43 against the dollar.

https://gwg.ng/2024/03/29/why-we-arrested-killed-17-soldiers-in-delta-state-traditional-ruler-opens-up/

Despite this, trading volume showed a significant increase, with the total turnover rising to $857.78 million, more than doubling from Wednesday’s $416.10 million.

In the Investor’s and Exporters’ (I&E) window, the Naira experienced fluctuations, trading between N1,392 and N1,250 against the dollar.

This volatility in the forex market comes amidst various economic adjustments and policy shifts by the Central Bank of Nigeria (CBN).

https://gwg.ng/2024/03/29/see-the-complete-fixtures-kick-off-time-date-for-euro-2024/

Adding to the financial landscape changes, the CBN has recently announced new capital requirements for banks, significantly raising the minimum capital base for commercial banks with international authorization to N500 billion.

This move is part of the apex bank’s broader strategy to fortify the Nigerian banking sector, following its call for banks to hasten the recapitalization process to bolster the financial system.

These developments, including the adjustment of the benchmark interest rate to 24.75%, signal the CBN’s intent to tighten monetary policy in a bid to stabilize the economy.

As the financial sector braces for these changes, the impact on borrowing costs, investment, and overall economic health remains a focal point for analysts and stakeholders.

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Why Google Blocked 5.5bn Adverts

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US-based multinational technology corporation Google has blocked over 5.5 billion adverts and suspended 12.7 million others for violating its policies.

The search engine giant also said on Wednesday that it had removed adverts from over 2.1 billion pages.

https://gwg.ng/2024/03/28/see-the-pastor-that-charges-n1-7m-to-teach-people-how-to-perform-miracles/

“Billions of people worldwide rely on Google products to provide relevant and trustworthy information, including ads. That’s why thousands of people are working around the clock to safeguard the digital advertising ecosystem. Today, we are releasing our annual Ads Safety Report to share the progress we’ve made in enforcing our advertiser and publisher policies and to hold ourselves accountable in maintaining a healthy ad-supported internet,” it said.

https://gwg.ng/2024/03/28/man-jailed-6-months-for-stealing-car-battery/

In 2023, it said scams and fraud across all online platforms were on a steady rise.

“Bad actors constantly evolve tactics to manipulate digital advertising to scam people and legitimate businesses. To counter these ever-shifting threats, we quickly updated policies, deployed rapid-response enforcement teams and sharpened our detection techniques”, it added.

https://gwg.ng/2024/03/28/what-i-experienced-in-detention-firstnews-editor-narrates/

Millions of content creators across the globe, including Nigeria, rely on Google Ads to drive revenue.

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Amidst Rumours, Naira Exchanges ₦1,371.170/$1 At Parallel Market For March 28

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Naira dollar exchange for March 28

The Naira is today, Thursday, March 28 2024 exchanging 1,371.170 Naira to 1 US Dollar at the parallel market (black market) in Nigeria according to Naira rate’s Official X handle on Thursday. This means that you can get 1,371.170 Naira for every 1 Dollar that you exchange.

The black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels..

Note that the Black Market Exchange rate is typically higher than the official exchange rate because it is not regulated by the government.

Today, March 28 exchange, indicates that the naira appreciated against dollar with ₦26 difference compared to yesterday, when naira exchanged $1 to ₦1,345.300.

GWG.ng reports that the value of any nation’s currency is determined by aggregate supply and demand.

The forces of Supply and demand are themselves influenced by a number of factors, including interest rates, inflation, capital flow, and money supply.

The most common method to value currency is through exchange rates. The two main exchange rate systems are fixed rate and floating rate systems.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

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Naira Appreciates To N1,350/$ In Parallel Market

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The Nigerian currency, the naira, experienced a notable appreciation in value, reaching N1,350 per dollar in the parallel market, a sharp rise from N1,430 per dollar on Monday.

This trend was mirrored in the Nigerian Foreign Exchange Market (NAFEM), where the naira strengthened to N1,382.95 per dollar, up from N1,408.04, as reported by FMDQ data.

https://gwg.ng/2024/03/27/why-i-dont-win-awards-yemi-alade/

This development has resulted in an increased gap between the parallel market rate and the NAFEM rate, which has expanded to N32.95 from the previous N21.96.

The naira’s value has been on an upward trajectory, with an 18.28 percent increase recorded since February 23, 2024, when it hit a low of N1,665.50.

Analysts attribute the naira’s recent gains to a series of foreign exchange reforms implemented by the Central Bank of Nigeria (CBN).

These reforms, aimed at streamlining the foreign exchange system, include consolidating exchange rate windows, liberalizing the FX market, and clearing foreign exchange backlogs for banks and airlines.

https://gwg.ng/2024/03/27/son-of-ex-president-jailed-in-us/

The CBN’s introduction of a Price Verification System (PVS), revised limits on banks’ Net Open Position, removal of the daily cap on remunerable Standing Deposit Facility (SDF), and the restructuring of the Bureau De Change (BDC) sector, are steps towards fostering a more transparent and efficient market.

Further measures to enhance market dynamics include adjusting margin limits for International Money Transfer Operator (IMTO) remittances, implementing a two-way quote system, and thorough reforms in the BDC segment.

These initiatives are designed to improve market stability, transparency, supply, and price discovery in the Nigeria Autonomous Foreign Exchange Market.

In a recent move, the CBN has set the sale rate of dollars to BDC Operators at N1,251, directing them to offer foreign currency to eligible customers at a margin not exceeding 1.5 percent above this rate.

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See The Lastest Price Of Petrol (Per Litre) In Nigeria For Today

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One of the most essential commodities in the country and all over the world is petrol, also known as Premium Motor Spirit (PMS), as it powers various aspects of the economy and daily life.

However, the price of petrol has been fluctuating over the years, due to various factors such as global oil prices, exchange rates, subsidy policies, and supply and demand.

Current Price of Petrol in Nigeria

According to the regulator of petrol price in the country, the Nigerian National Petroleum Company Limited (NNPCL), the official pump price of petrol (PMS) in Nigeria is N617 per litre.

https://gwg.ng/2024/03/27/why-delta-state-assembly-reverses-sack-of-accountant-after-24-years/

This was after the federal government removed a subsidy on the commodity, which led to a significant increase in the price from N195 per litre.

However, due to logistics and other factors that vary by location, the actual price of petrol may differ across the country.

Naija News understands that petrol presently goes for prices ranging from N600 to N700 per litre across the country, while the over-the-country average price of petrol is presently N630 per litre.

https://gwg.ng/2024/03/27/why-i-granted-full-autonomy-to-local-government-councils-governor-alia/

The table below shows the petrol prices in all 36 states and FCT in Nigeria as of March 27, 2024, as released by NNPCL.

StatePrice (N)
Abia687.50 Per Litre
Abuja632.12 Per Litre
Adamawa671.40 Per Litre
Akwa Ibom677.00 Per Litre
Anambra680.00 Per Litre
Bauchi650.00 Per Litre
Bayelsa673.00 Per Litre
Benue632.84 Per Litre
Borno657.27 Per Litre
Cross River663.33 Per Litre
Delta665.63 Per Litre
Ebonyi638.71 Per Litre
Edo662.00 Per Litre
Ekiti651.33 Per Litre
Enugu673.87 Per Litre
Gombe703.00 Per Litre
Imo687.00 Per Litre
Jigawa679.67 Per Litre
Kaduna670.00 Per Litre
Kano678.27 Per Litre
Katsina680.40 Per Litre
Kebbi796.67 Per Litre
Kogi626.79 Per Litre
Kwara614.90 Per Litre
Lagos663.05 Per Litre
Nassarawa629.32 Per Litre
Niger624.04 Per Litre
Ogun653.11 Per Litre
Ondo653.02 Per Litre
Osun658.77 Per Litre
Oyo662.53 Per Litre
Plateau670.00 Per Litre
Rivers674.55 Per Litre
Sokoto664.80 Per Litre
Taraba704.11 Per Litre
Yobe675.55 Per Litre
Zamfara771.43 Per Litre

Please note that these prices are subject to changes in different stations across the country.

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Eno Neutralises Sharks In Akwa Ibom With N1.5bn Interest-Free Loans

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Akwa Ibom interest-free loans

Governor Umo Eno of Akwa Ibom on Tuesday announced a N1.5 billion interest-free loans to Akwa Ibom traders.

The News Agency of Nigeria (NAN) reports that the loans are to be managed by the Ibom Fadama Micro Finance Bank.

Eno also launched the free-food voucher programme for the vulnerables at the popular Itam market in Itu Local Government Area (LGA) of the state.

“I have heard of how some of you go to some places to get loans with very high interest rates and that has made the cost of food to go up, and before you finish paying the loans, you cannot meet up with your market or trading obligations anymore.

“I have come to tell you not to take such loans again, Consequently, we are releasing N500 million interest-free loans to each of the three senatorial districts making a total of N1.5 billion to help your businesses,” Eno said.

Besides the interest-free loans, the Akwa Ibom governor also promised to construct a car park, provide solar panel light, modern toilet facilities at Itam market for better convenience of the traders.

The Governor, therefore, directed the Transition Chairmen of the remaining 29 councils, excluding Itu and Uyo LGAs, to ensure they launch the free-voucher food programme by April 2.

The free food voucher for the vulnerable, is a key element of the Bulk Agency Bill that was signed into law a week ago, and the Board, equally inaugurated by the Governor, last week.

The key responsibility of the Agency is to provide free staple food items such as Garri, rice and beans to the most vulnerable through the Social Register. (NAN)

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Former DSS Chief, Dennis Amachree: Nigeria Shouldn’t Expel Binance Traders

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Dennis Amachree Binance

Dennis Amachree, a former Assistant Director of Nigeria’s Department of State Services (DSS), has stepped into the fray regarding the pursuit of individuals trading on the Binance cryptocurrency platform. His stance is coming against the backdrop of controversies surrounding the escape of Binance executive Nadeem Anjarwalla from custody, an event that has stirred widespread discussion and concern within the country.

Amachree’s argument revolves around the idea that targeting individual traders on the Binance platform lacks a justifiable basis. Instead, he contends that regulatory and investigative efforts should be directed towards scrutinizing the platform itself and its executives. To illustrate his point, Amachree draws an analogy with the banking sector, explaining that if a bank like UBA were implicated in a crime, authorities would focus on the management responsible for the bank’s operations rather than targeting its customers. He asserts that similar logic should apply to Binance and its users.

The escape of Anjarwalla from a guest house in Abuja, where he was being held alongside colleague Tigran Gambaryan, has raised serious questions about the efficacy of security measures and decision-making processes within the involved authorities. Amachree criticizes the apparent lax security that facilitated the escape, suggesting that Anjarwalla should have been detained by more secure and appropriate agencies such as the Economic and Financial Crimes Commission (EFCC) or the DSS.

This incident has ignited demands for accountability from the security personnel responsible for overseeing the custody of the Binance executives. Amachree’s remarks underscore the need for a thorough investigation into the circumstances surrounding the escape, as well as the enforcement of more stringent security protocols to prevent similar occurrences in the future. The escape has cast a spotlight on the competence and integrity of Nigeria’s security apparatus, prompting calls for swift and transparent action to address any shortcomings and restore public confidence.

In the wake of these developments, the Nigerian public awaits further updates on the investigation and hopes for decisive measures to ensure the accountability of those involved.

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CBN Ups Fight Against Inflation, Raises MPR

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CBN MPR

In a move apparently aimed at curtailing inflation, the Monetary Policy Committee, MPC of the Central Bank of Nigeria, CBN on Tuesday, to hike its benchmark Monetary Policy Rate, MPR by 200 basis points.

The decision came after the two day deliberations of the MPC for the month of March. It was the second time that the MPC now headed by CBN governor Yemi Cardoso and the second time that it would hike the MPR.

GWG.ng reports that the MPC at the end of today’s meeting elected to hike the MPR by 200 basis points.

The Committee voted as follows: Raise the MPR by 200bps to 24.75 from 22.75 per cent

Increase the asymmetric corridor to +100bps/-300 basic points.

Retain the Cash Reserve Ratio of Deposit Money Banks at 45 per cent and Adjust the CRR of Merchant banks from 10 per cent to 14 per cent.

The CBN retained a liquidity ratio of 13 per cent.

GWG.ng reports that the decision of the CBN to raise the MPR could be seen as being overtly cautious as many stakeholders had expected the apex bank to further monitor the steep rate hike it introduced last month.

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Pressure Mounts On Hoarders To Sell Off Dollars As Naira Rebounds

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CBN on dollars

Individuals and businesses holding on to dollars are facing renewed pressure to offload the excess foreign currency in thier possession as the Central Bank of Nigeria (CBN) continues to implement policies that are shoring up the value of the currency.

GWG.ng reports that the Nigerian naira, which recently experienced a significant slide selling up to N1,9000 against the dollar due to heightened demand and outstanding forwards, rebounded and sold below N1,3000 last Monday.

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According to Mallam Yakubu Salisu, a BDC operator, there’s a heightened willingness among people to exchange their dollars amidst fears of further depreciation.

The decision of CBN to sell 20,000 dollars worth of foreign exchange to eligible BDC operators across the nation marks a significant shift, especially after the suspension of such sales three years prior.

Out of the 5,690 registered BDC operators nationwide, approximately 1,373 have been screened for allocation, with specific allocations delineated for various regions including Abuja, Awka, Kano, and Lagos.

The recent circular issued by the CBN reinstating the sale of forex to BDC operators aims to rectify distortions in the retail forex market and bridge the exchange rate gap. The allocated rate of N1,301/$ reflects the lower band rate of executed spot transactions at the Nigerian Autonomous Foreign Exchange Market.

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