Business
Imported Goods Soar By N4.3trn In Q2, 2021 -NBS
The National Bureau of Statistics, NBS, has said that the value of manufactured goods imported into the country exceeded the exports by N4.37 trillion in the second quarter of 2021.
According to the figures obtained from the NBS on Monday, the value of manufactured goods trade in the second quarter of 2021 stood at N4.51trillion representing 37.50 per cent of total trade.
“Out of this , the export component accounted for N211.67 billion while the import component was valued at N4.3 trillion.
“The products that drove up manufactured products were vessels and other floating structures for breaking up, which was exported to Cameroon in the value, worth N71.9 billion.
“Vessels and other floating structures for breaking up were also exported to Spain and Equatorial Guinea in values worth N18.34 billion and N6.62 billion respectively.
”Other products under this group were aluminium alloys unwrought, exported to Japan in the value worth N10.85 billion and China (N3.63bn)”, the NBC report stated.
It added that there were aeroplanes and other aircrafts of an unladen weight worth N16.65 billion exported to Ghana and cruise ships and similar vessels for the transport of persons or goods worth N10.59 billion exported to Cameroon during the period under review.
In terms of manufactured imports, the report explained that used vehicles were mainly imported from the United States and Italy in values worth N33.78 billion and N5.74 billion.
During the quarter, it stated that machines for reception, conversion and transmission were imported from China, Sweden and Hong Kong in values worth N118.69 billion, N8.98 billion and N5.22 billion respectively.
Also, motorcycles worth N32.72 billion and N61.8 billion were imported from China and India.
There were also herbicides worth N81.17 billion imported from China and polypropylene imported from South Africa, Saudi Arabia and South Korea in values worth N35.75 billion, N15.46 billion and N9.47 billion respectively.
By: Corlins Walter
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.