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

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

15 hours ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

15 hours ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

6 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.