Connect with us

Business

Agric Sector Records N1.7tn Trade Deficit In Nine Months 

Published

4 years ago

on

The agricultural sector recorded a trade deficit of N1.7tn between January and September this year, as exports stood at N371.8bn while imports rose to N2.1tn.
This is contained in the latest National Bureau of Statistics’ (NBS) foreign trade report.
The report showed that the total value of trading in agricultural goods during the first three quarters of 2021 was N2.4tn.
In the first quarter of the year, the total trade in the sector was N757.4bn, comprising an export component of N127.2bn and imports worth N630.2bn.
The difference between the value of exports and imports during the reviewed quarter resulted in a trade deficit of N503bn.
The report read in part, “Top exported agricultural products were Sesamum seeds exported mainly to China (valued at N23.1bn), Japan (N8.3bn) and Turkey (N3bn).
“This was followed by good fermented cocoa beans exported to the Netherlands (N9.2bn), Malaysia (N5.5bn) and the United States (N3.2bn). Other major exports under this sector include cashew nuts in shell exported to Vietnam and India, worth N5.3bn and N5.1bn, respectively.
“On the other hand, the import bill in the agricultural sector was dominated by the importation of durum wheat (not in seed) worth (N66.97bn) from Lithuania and Latvia (N41.51bn), as well as Canada (N41.31bn).
“Edible mixtures or preparation of animal worth N82.86bn was also imported from Denmark and Herrings (Clupea haregus, Clupea pallasii) from Russia (N15.8bn) and Netherlands (14bn)”.
However, in the second quarter of the year, the export of agricultural products grew to N165.27bn and the import to N652.08bn, bringing total trade to N817.5bn. Trade deficit in the sector dropped to N486.81bn in Q2.
The NBS data showed that the top exported agricultural products during the review period were fermented cocoa beans exported mainly to Netherlands (N16.4bn), Malaysia (N9.3bn) and United States (N8.4bn), followed by cashew nuts  exported to Vietnam (N33.54bn) and India (N3.24bn).
Sesamum seeds were also exported to Japan in the value worth N7.28bn, and China (N7.14bn).
Durum wheat, blue whiting, mackerel, malt, and crude palm oil were some of the most imported agricultural goods in the second quarter, according to the report.
In the third quarter of the year, the report showed that export of agricultural products reduced drastically to N79.4bn, while imports rose significantly to N789.1bn, resulting in a trade deficit of N709.7bn.
“The total value of trade in agricultural goods in Q3 2021 stood at N868.5bn; these comprised agricultural goods exports (N79.4bn) and agricultural goods imports (N789.1bn).
“Agricultural goods exports value in Q3, 2021 was 5.9 per cent lower than Q2 2021 but 31 per cent higher than Q3 2020. The value of imported agricultural goods was 21.01 per cent higher than the value recorded in Q2, 2021 and 56.74 per cent higher than Q3 2020,” the NBS said.

Related Topics:
Continue Reading

Business

PENGASSAN Tasks Multinationals On Workers’ Salary Increase 

Published

2 days ago

on

December 8, 2025

By

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.
Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.
The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.
PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.
He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.
“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.
Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.
“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.
“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.
“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.
“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.
Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.
“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.
“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.
“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.
Continue Reading

Business

SEC Unveils Digital Regulatory Hub To Boost Oversight Across Financial Markets

Published

2 days ago

on

December 8, 2025

By

The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.
The Commission disclosed this in a statement posted on its website.
According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.
The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.
According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.
“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.
The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.
Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.
“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.
The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.
It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.
Continue Reading

Business

NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products 

Published

2 days ago

on

December 8, 2025

By

The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.
The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.
NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.

Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.

The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.

The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.

“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.

NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.

By: Lady Godknows Ogbulu
Continue Reading

Trending