Business

Non-Oil Export Generates N305bn – NBS

Published

13 years ago

July 29, 2013

igeria earned about
N305.1billion within the first three months of 2013, figures obtained from the National Bureau of Statistics indicate.

A breakdown of the figures highlighted under “2013 Export First Quarter” in the NBS’ report on ‘Merchandise Trade’, showed that export from natural rubber was N158.38 billion; raw cocoa beans attracted N62.198 billion; Sesame seeds, N20,76 billion;? cotton yarn, N16.44 billion; and ?Leather products, ?N8.56 billion.

Similarly,? within the period under review, the ?export value of flowers and buds stood at N8.19 billion; footwear, N7.07 billion;? tanned or crust hides, N5.41 billion; frozen shrimps and prawns, N4.96 billion; ginger, N4.09 billion; sacks and bags, N3.84 billion; cigarettes, N2.75 billion; and aluminum alloys, N2.54 billion.

The exports mentioned above, which are captured under the sub-heading, “2013 Export First Quarter” in the NBS report, totaled about N305 billion.

However, the NBS further said, “Analysis on exports by section revealed that mineral products? contributed N3,034.2billion or ?87.9 percent of total exports during the quarter, followed by plastic, rubber and associated articles with N168.1billionn or 4.9 percent; and prepared foodstuffs, beverages, spirit, vinegar? and tobacco with N115.2billion or 3.3 percent.

“Exports to various continents showed that Europe ranked first with N1.66 billion or 48 percent of total exports, followed by the Americas with N830.2 billion or 24.1 percent; Asia with N591.8billion or 17.1 percent and Africa with N304.2billion or 8.8 percent.” Meanwhile, crude oil exports stood at N3, 030.7 billion during the first quarter of 2013, the NBS said, representing a decrease of N1.07 billion or 26.1 percent when compared with the previous quarter.

Based on the Bureau’s statistics, analysts linked the drop in exports to the significant decrease in crude oil export. Out of the exports to Africa, however, the report noted that ECOWAS contributed N178.2billion or 58.6 percent.

Exports by country of destination showed that United States took the lead with N414.1 billion, followed by Netherlands with N386.0bllion; Brazil with N343.0billion, India with N332.6billion and Spain with N327.6billion.

The NBS added that exports to various continents showed that Europe ranked first with N1.66 billion or 48 percent of total exports, followed by the United States with N830.2billion or 24.1 percent; Asia with N591.8billion or 17.1 percent and Africa with N304.2billion or 8.8 percent. Out of the exports to Africa, ECOWAS contributed N178.2billion or 58.6 percent.

Furthermore, exports by country of destination showed that the United States took the lead with N414.1 billion, followed by Netherlands with N386.0 billion; Brazil (N343.0billion); India (N332.6billion) and Spain (N327.6billion). Non-oil exports have become a major contributor to the growth of the country’s Gross Domestic Product within the last one year.

The Central Bank of Nigeria had said that the industrial sector contributed 66.9 percent of the Federal Government’s non-oil earnings in the first quarter of 2013. The apex bank, which made this known in its economic report for the first quarter of this year, noted that this represented an increase of 15.1 and 9.3 percent over the preceding and corresponding quarter in 2012, respectively.

Nigeria will export 63 cargoes of crude oil, totaling 58.2 million barrels or 1.94 barrels per day for the month of September 2013, according to data obtained from Bloomberg.

With cargoes ranging in size from 250,000 to one million barrels, the report said this will keep Nigeria’s daily crude exports for September little changed from August, and will cover 17 grades excluding Bonny Light.

Breakdown of the crude export loading programme shows that the country will ship 12 consignments of Qua Iboe grade, seven of Agbami, five each of Brass, Akpo, Bonga and Forcados, four of Usan, three each of Amenam, Erha, Escravos and Antan, two each of Yoho and Okono, and one each of Abo, EA, Okwori and Pennington.

Traders with knowledge of the loading programme, however stated that it remains unclear whether Nigeria will export Bonny Light in September, especially as no shipments for this grade were planned for August.

Royal Dutch Shell Plc declared force majeure on exports of Bonny Light after closing the Nembe Creek Trunkline on April 15 to remove connections oil thieves used on the pipeline. Force majeure is a legal step that protects a company from liability when it can’t fulfill a contract for reasons beyond its control.

Loading programme are monthly schedules of crude shipments compiled by field operators to allow buyers and sellers to plan their supply and trading activities.

Business

Wealth Creation: GCPBS Convenes Strategic Investment Workshop In PH

Published

1 week ago

April 20, 2026

The Tide

In a significant move aimed at strengthening financial literacy and promoting sustainable economic growth, the Alumni Association of the Garden City Premier Business School (GCPBS) has hosted its inaugural Annual Executive Workshop in Port Harcourt, drawing key stakeholders from across Nigeria’s financial and public sectors.

The workshop, themed “Wealth Creation through Investment in Money and Capital Markets,” held at the Corporate Residence, William Jumbo, Port Harcourt recently, brought together financial experts, policymakers, and professionals to deliberate on practical investment strategies in a rapidly evolving economic environment.

The event attracted a distinguished audience, including alumni of the institution, officials of the Securities and Exchange Commission, financial market leaders, top government functionaries, and seasoned professionals committed to advancing wealth creation initiatives in the country.

In her opening address, Chairman of the GCPBS Alumni Association, Her Excellency Dr. Mrs. Mina Tele Ikuru, charged the participants to take full advantage of the knowledge-sharing platform, stressing the importance of continuous learning and informed financial decision-making.

Also speaking, the Rivers State Head of Service, Dr. Mrs. Inyingi Brown, underscored the need for smart investment practices, noting that true wealth lies not merely in hard work but in the ability to make money work efficiently through strategic investments.

Deliberations at the workshop exposed participants to practical insights into navigating the financial markets, with experts emphasising the need for liquidity-conscious investments and encouraging the exploration of commercial papers issued by reputable corporations.

Speakers further highlighted the benefits of leveraging money market instruments such as bank deposits, while also stressing the importance of understanding market timing—knowing when to buy, hold, or exit investments—as a critical factor in achieving optimal returns.

The concept of compounding was extensively discussed as a powerful tool for long-term wealth accumulation, alongside the introduction of SWOOT—Stocks Worth Over One Trillion—with leading financial institutions identified as dominant players in Nigeria’s stock market.

Participants were also cautioned against common investment pitfalls, including the dangers of holding excessive idle cash, exposure to inflationary pressures, and the growing threat of fraudulent Ponzi schemes often disguised with unrealistic promises of high returns.

They also stressed the importance of diversification as a risk management strategy, with experts warning that failure to spread investments across asset classes could expose individuals to avoidable financial losses.

A panel session anchored by Prof. John Ohaka featured robust contributions from Barr. Bernard Ibe and Figbene Briggs, who examined critical approaches to monitoring investments and ensuring long-term financial stability.

A Financial expert, Uche Uwaleke (FCMA) provided further guidance, advocating the adoption of the DHL investment model—Diversify, Hedge, and Long-term planning—while emphasising the need for constant monitoring of market capitalisation and price indices.

The event also featured goodwill messages and the presentation of awards to deserving individuals and organisations, including Oida Energy Limited, Xenergi Limited, Aslan Resources Ltd, and Dr. Mrs. Mina Tele Ikuru, in recognition of their contributions to economic development and professional excellence, while special honours were conferred on Prof. Silver Opuala-Charles and Dr. Mrs. Inyingi Brown.

In a closing remark, Prof. Adline Ben-Chioma who summarised the key takeaways from the workshop, reiterated the importance of informed investment decisions, as ESV Okputu delivered the vote of thanks, appreciating organisers, speakers, sponsors, and participants for their roles in the success of the inaugural initiative.

By: King Onunwor

Banking/ Finance

Ripple Survey Reveals Appetite for Digital Assets

Published

2 weeks ago

April 15, 2026

The Tide

Cornerstone of Financial Services

A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.

According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.

“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.

The survey was conducted in early 2026 and the findings released in March.

Stablecoin Boon or Bane?

Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.

With a market cap of $1.56 billion, it is considered a major regulated player in the market.

No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.

Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.

Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.

In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.

The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.

The Asian city-state is one of the platform’s biggest growth markets.

The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.

The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.

Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.

Ripple converts dollars into XRP and then back into pounds.

If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.

That is a bridge Ripple will have to cross if it gets to that point.

Tokenisation Partners

Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.

Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.

The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.

Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.

Infrastructure Rules

In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.

“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”

No surprise that this is precisely where Ripple is placing much of its focus.

Business

Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

Published

3 weeks ago

April 10, 2026

The Tide

The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.

The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.

Ogan stated that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.

He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.

According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.

Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.

He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.

NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.

He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.

Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.

He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.

Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.

He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.

According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.

To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.

King Onunwor