Business
Nigeria’s foreign trade Increases by 23.28% in the second quarter
Nigeria’s total foreign trade has risen to N12 trillion in the second quarter of 2021 as the country recorded an increase in exports, the National Bureau of Statistics has said.
The figure represents a 23.28 per cent increase over the value (N9.8 trillion) recorded in the first quarter of 2021 and an 88.71 per cent increase compared to the second quarter of 2020.
“This increase resulted from the sharp increase in export value during the quarter under review,” it said.
The bureau disclosed this in its “Foreign Trade Goods Statistics Q1 2021” published recently.
The NBS stated that the export component of this trade was valued at N5.1 trillion or 42.22 per cent while import was valued at N6.95 trillion or 57.78 per cent while the trade balance stood at a deficit of N1.87 trillion.
“The crude oil which is the major component of export trade stood at N4, 078.20 billion or 80.29 per cent of total export.
“This further shows a sharp increase of 111.32 per cent in Crude oil value in Q2, 2021 compared to (N1, 929.83billion) recorded in Q1, 2021 while the Non-crude oil export recorded N1001.23 billion or 19.71 per cent of total export trade during the second quarter of 2021,” it said.
Categorizing the imported goods, the report said that the value of total imports rose by 1.45 per cent in Q2, 2021 compared to Q1, 2021 and 67.49 per cent compared to Q1, 2020.
“The value of imported agricultural products was 3.5 per cent more in q2, 2021 than in q1, 2021 and 56.9% more compared to Q2, 2020.
“The value of Raw material imports increased by 25.6 per cent in Q2, 2021 compared to Q1, 2021 and 47.3 per cent compared to Q2, 2020,” it said.
The NBS said the value of Solid minerals imports was 21.4 per cent higher in Q2, 2021 than its value in Q1, 2021 and 68.3 per cent more than its value in Q2, 2020.
“The value of Energy goods imports decreased by 94.6 per cent in Q2, 2021 against the level recorded in Q1, 2021 and 88.7 per cent compared to the corresponding quarter of 2020,” it said.
It added that the value of imported manufactured goods decreased by 5.1 per cent in Q2, 2021 against the value recorded in Q1, 2021 but increased 54.3 per cent compared to Q2, 2020.
“The value of other oil products imported in Q2, 2021 was 13.3 per cent more than its value in Q1, 2021 and 218.5 per cent higher than Q2, 2020,” it said.
As for exports, the value of agricultural exports increased by 74.72 per cent against the level recorded in Q1, 2021 and 128.29 per cent compared to Q2, 2020.
“This increase resulted mainly from the increase in export value of crude oil in Q2, 2021.
“The value of agricultural exports increased by 29.95% in Q2 2021 compared to Q1 2021 and 111.8% compared to Q2 2020,” it said.
It added that the value of raw material goods exports in Q2, 2021 was 49.98 per cent more than the value in Q1, 2021 and 326.6 per cent more than the value recorded in Q2 2020.
“The exports of Energy goods increased in value by 18.44 per cent in Q2 2021 compared to Q1 2021 and
62.1 per cent compared to Q2, 2020,” the report said.
Also, the value of Solid minerals exports increased by 60.10 per cent in Q2, 2021 against Q1 2021 and 852.9 per cent against the corresponding quarter in 2020.
“Manufactured goods exports decreased by 15.45 per cent in Q2 2021 compared to the value recorded in Q1 2021and 16.7 per cent compared to Q2, 2020.
“Crude oil exports in Q2 2021 increased by 111.32 per cent compared to Q1, 2021 and 162.4 per cent compared to Q2, 2020.
“The export value of other oil products decreased by 0.66 per cent in Q2 2021 compared to Q1 2021, but increased significantly by 69.3 per cent compared to Q2 2020,” it added.
Import by countries
According to the report, Nigeria’s imports by country of origin showed that the majority of the goods imported during the quarter originated from China with a Value of N2, 078.59 billion or 29.91 per cent.
“This was followed by India (N570.01 billion or 8.20 per cent), Netherlands (N557.16 billion or 8.02 per cent), United States (N526.92 billion or 7.58 per cent) and others,” it said.
For export, during quarter 2, 2021 total export was valued at N5, 079.44billion representing 42.22 per cent of the total merchandise trade.
“This value rose by 74.72 per cent in Q2, 2021 compared to Q1, 2021 and 128.29 per cent compared to Q2, 2020.
Export by section revealed that mineral products accounted for N4, 637.05 billion or 91.29 per cent of total export trade.
“This was followed by Vehicles, aircraft and parts; Vessels etc N141.73 billion or 2.79 per cent, Vegetable products N92.80 billion or 1.83 per cent among others.
In terms of regional trade, Nigeria exported most products to Asia (N1, 842.95 billion or 36.28 per cent), Europe (N1, 822.29 billion or 35.88 per cent) America (N806.81billion or 15.88 per cent) and Africa (N584.11 billion or 11.50 per cent) while Oceania totalled N23.28 billion or 0.46 per cent.
“During the quarter goods worth, N363.3billion was exported to ECOWAS.
“By Country export trade showed that most goods were exported to India (N949.05 billion or 18.7 per cent), Spain (N524.49 billion or 10.3 per cent), Canada (N355.60 billion or 7.0 per cent) and Netherlands (N298.29billion or 5, 9 per cent) and United States N256.63 billion or 5.1 per cent,” it said.
Business
Businesses count losses amid power outage in Bauchi, Gombe, and Jigawa
Business owners in Bauchi, Gombe and Jigawa are recording losses due to week-long blackout ocassioned by vandalism of the power transmission line in parts of northern Nigeria.
The sudden disruption in electricity supply in the past days, also affected essential services such as water, sanitation, street lighting and healthcare delivery as most hospitals have been operating without light.
Some of the affected businesses including shop keepers, millers and artisans, who spoke while reacting to a survey by the News Agency of Nigeria (NAN), described the situation as “pathetic”.
The survey examined the perennial collapse of national grid and the need for alternative power supply in the country.
Rice millers in Gombe had decried the impact of the erratic power supply on their businesses.
A Miller, Musa Arab, at Nassarawo Industrial Layout in Gombe, said the trend was crippling their operations as they relied on electricity supply from the grid to process paddy.
He said the mills were not operational power outage as they could not afford exorbitant pump prices of petrol or diesel to run their machines.
This, he said, reduced the volume of rice supply to the market and posed serious challenge to food security.
“We must invest in power because it is the biggest determining factor for industries to thrive.
“I have over 20 workers in my mill, and we have 100 mini rice mills here, so you can imagine those who have no jobs for the past 10 days.
“Government must go tough on those responsible for the perennial grid collapse because some persons may be benefitting from it,” he said.
Also, Yusuf Ibrahim said the situation might trigger the already fragile inflation, as prices of local varieties would shot up ocassioned by the diminish supply.
He said that some had jerked up their charges to cover the expenses on diesel thereby affecting rice prices.
A check by NAN at the Gombe Main market showed that a 100 kilogramme of rice was sold for between N120,000 and N160,000, as against N110,000 and N150,000, before the blackout.
Mr Usman Sani, a rice dealer, attributed the hike in price to low supply of the produce to the market in spite of the number harvest recorded this cropping season.
He said the prices had decreased slightly at the onset of the harvest, however, it showed sprawling increase due to power outage.
“The price of rice is already dropping as a result of harvest but the trend reverse since the blackout in the past days “ he said.
Ugochukwu Daniel, a bartender in Bauchi, decried the epileptic power supply in the country, adding that lack of durable energy supply would retard Nigeria’s quest to attain social and economic greatness.
Daniel said that she spent much on fuel to run power generator for refrigrator and lightening the beer parlour, to enable her to keep the business running.
He said that businesses could only thrive in an enabling environment with stable electricity supply, to enhance wealth creation and reduce poverty among Nigerians.
“My trade is about chill drinks and it survives on electricity to operate otherwise you will out of bussiness.
“Without electricity there is nothing you can do, and not only business but about everything. We depend on it,” he said.
Similarly, Samuel Adamu, said the persistent power outage had forced him to patronised charcoal for ironing clothes in spite of its high cost and cumbersome processes.
He said that most cleaners in the area had resorted to fabricated iron charcoal in spite of hike in its prices which suddenly jumped from N5,000 to N15,000.
Adamu said the situation also encouraged division of labour in laundry to cut cost and make some gains.
“Presently, I do wash the cloth, and engage someone for ironing. The charge is N300 per set as against N150”.
While advocated development of renewable energies to enhance power supply in the country, Adamu urged security agencies to entensify efforts towards electrical installations in the country.
In the same vein; Mr Muhammad Adamu, Chairman, Jigawa State House Assembly Commitee on Power and Energy, said the Jigawa Electricity Law 2024, made sound provisions to improve power generation and distribution in the state.
This, he said, was an offshoot of the devaluation brought about by the 5th alteration of the constitution, where removed power from the executive legislative list and to the concurrent list.
“It empowered the state houses of assembly to enact laws on power.
“The committee has also carefully pursued the bill and reviewed its structure and the promise it holds for the state power sector, infrastructure and the overall economy of the state.
“The new law will pave way for the establishment of Jigawa Electricity Commission, to regulate the state’s electricity market,” he said.
According to Adamu, the law will protect residents and investors in the energy sector through ensuring prepaid meter installation and possibility of recouping investor’s funds as well as address vandalism.
“The law will lead to provision of reliable, affordable and sustainable power, essential for development of all sectors of the economy, particularly in rural areas,” Adamu said.
“Vandalism will be over because we pay Kano Electricity Distribution Company (KEDCO) money for powered supplies, but whenever there is problem of damages or broken down transformers, it is either the communities or individuals that pay for the repairs”.
Business
Mercedes urges delay of EU tariffs on Chinese electric vehicles
The head of German luxury carmaker Mercedes-Benz, has called for the European Union to de-escalate the dispute with China over tariffs on electric cars.
“We need more free trade instead of new trade barriers.
“That is why it is important to find a solution that suits both the EU and China,” chief executive Ola Källenius told the Monday edition of Bild newspaper.
“The negotiations for this take time. In order not to jeopardise them, the EU should postpone the enforcement of the planned tariffs,’’ he said.
At the start of the month, a majority of EU countries paved the way for additional tariffs of up to 35.3 per cent on battery-powered electric vehicles imported from China.
Germany, however, voted against the measure amid concerns over retaliatory actions which could hurt the country’s giant car industry.
The European Commission had pressed for extra tariffs after an investigation accused Beijing of subsidising domestic electric car manufacturers, and thus distorting the market in the EU.
But whether the import tariffs would actually come into force at the beginning of November is still up to the commission.
The plans can still be dismissed if Brussels reaches a solution with China at the negotiating table.
Business
ACCI moves to promote business connections, balance work-life
The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.
The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.
Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.
He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.
“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.
“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.
“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.
“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.
According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.
“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.
“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.
“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.
“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.
The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.
Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.
He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.
The Abuja Chamber of Commerce and Industry (ACCI), is taking innovative steps to enhance professional relationships and promote a healthy work-life balance.
The President of ACCI, Dr Emeka Obegolu, said this in a statement on Tuesday in Abuja.
Obegolu said ACCI was committed to creating environments where professionals could connect beyond the confines of traditional boardrooms.
He said the upcoming “Business Meets Golf’’ Tournament epitomises this vision.
“Scheduled for Oct. 18 to Oct 19 at the IBB Golf Club, the tournament will gather industry leaders, top executives, and key decision-makers for a unique networking experience.
“This two-day event aims not only to strengthen business ties but also to foster partnerships that can drive economic growth.
“The ACCI’s initiative reistates the importance of maintaining a balance between professional achievement and personal well-being.
“By encouraging corporate cultures that prioritise relaxation and self-care, the Chamber acknowledges that such balance is vital for productivity and overall success,” he said.
According to Obegolu, the event will feature a range of activities designed to facilitate both business engagement and relaxation.
“Highlights include a Business-to-Business (B2B) cocktail on the first day, followed by the golf tournament and additional networking opportunities on the second day.
“The tournament will culminate in an awards ceremony recognising outstanding golfers among the participants.
“‘Business Meets Golf’ exemplifies our dedication to fostering innovative networking opportunities.
“We aim to create spaces for meaningful discussions that can lead to impactful collaborations,” Obegolu said.
The ACCI boss said in addition to promoting business connectivity, the council aimed to restate the importance of relaxation and a balanced lifestyle.
Obegolu said through events like this, the Chamber continued to play a pivotal role in supporting trade and industry in Nigeria while driving sustainable growth within the private sector.
He said to raise awareness about this landmark event, ACCI was partnering with the News Agency of Nigeria (NAN) and Media Trust Limited, to ensure broad visibility and engagement from leading brands.
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