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Nigeria Records Massive Trade Deficit In Q3

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Nigeria posted a massive trade surplus in the third quarter, which along with the recession, made it a double whammy of economic problems.

While the value of total trade up till September stood at N23.2trillion, trade in third quarter was N8.37trillion.

The value represents an increase of 34.15 per cent over Q2, but it marked a decline of 8.85 per cent compared to Q3 last year.

However, the components of the trade volume and our major trading partners should send alarms ringing in Aso Rock.

While Nigeria enjoyed favourable trade with India, it did not enjoy the same with China.

The report published by National Bureau of Statistics (NBS), yesterday, showed China as a major exporter to Nigeria, accounting for 31 percent of all Nigeria’s imports.

Unlike India, which imports 16.73 percent of Nigerian goods, China was not listed among the top five major export trading partners of Nigeria.

It was only a major force, exporting its own goods to Nigeria.

According to NBS, the import component of the N8.37trillion total trade for the quarter was N5.38trillion.

Exports stood at N2.9trillion, creating a deficit of N2.38trillion.

“This also represents the widest merchandise trade deficit since 2017”, the National Bureau of Statistics said.

“When compared to the deficit of N1,803.3billion recorded in Q2, the Q3 deficit rose by 32.45 per cent”, it added.

Also noteworthy, according to NBS report, crude oil, accounted for 81 per cent of the N2.9trillion total value of exports.

In figure terms, oil export value for the quarter was N2.4trillion, while non-crude oil was valued at N568.2billion, or 18.98 per cent of total export during the review period.

The report also shows that the volume of imports for agricultural products, solid minerals, manufactured goods and raw materials all increased during the period.

The only decline in import category was energy products, which must have occurred because of the lockdown imposed over Covid-19 pandemic.

“The value of Energy goods imports decreased by 53.69 per cent in Q3, 2020 compared to Q2, 2020 and a considerable decline of 69.06 per cent year-on-year”, the NBS reported.

Despite that Nigeria recorded a trade imbalance in the quarter, total exports was 34.85 per cent higher compared to Q2.

However, it was 43.41 per cent less than in comparative period of 2019.

While crude oil and solid minerals exports grew during the quarter, agricultural, raw materials exports all declined.

Another interesting aspect of the report was the destination of Nigeria’s exports and country of origin of imports.

India, Spain, Netherlands, South Africa and Turkey were Nigeria’s important export trading partner for the quarter.

China led Nigeria’s major import trading partners, followed by USA, Netherlands, India and Belgium.

 

 

 

 

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Yahaya Bello: Senator Hails EFCC’s Probe Of N80.2bn Fraud

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Senator representing Kogi Central Senatorial District in the National Assembly, Natasha Akpoti-Uduaghan, has commended the efforts by the Economic and Financial Crimes Commission, (EFCC) to apprehend and prosecute the immediate past governors of Kogi State, Alhaji Yahaya Bello, over an alleged N80.2 billion fraud.
This is just as she also hailed the EFCC chairman, Ola Olukoyede, for ceding 14 properties that were initially forfeited to the federal government to the government and people of Enugu State.
Reacting to Bello’s excuse for not honouring the EFCC’s invitation, the lawmaker emphasized the need for the commission to investigate other corrupt public officials to avoid the impression that their actions against former governor were meant to witch hunt him.
In a now-viral video, the EFCC chairman had claimed Belloh told him that a female senator (name withheld) allegedly gathered journalists to humiliate him anytime he was at the agency’s Abuja office for interrogation.
“I called Yahaya Bello, as a serving governor, to come to my office to clear himself. I shouldn’t have done that. But he said because a certain senator had planted over 100 journalists in my office, he would not come.
“I told him that he would be allowed to use my private gate to give him a cover, but he said my men should come to his village to interrogate him,” Olukoyede was quoted as saying.
But Senator Natasha in a statement signed by her Chief Press Secretary, Arogbonlo Israel and issued at the weekend in Abuja, reminded Yahaya Bello of the importance of respecting Nigeria’s laws and constitution, given his former position as the chief security officer of Kogi.
“I was surprised to hear that Yahaya Bello evaded the invitation from the EFCC, despite having served as Kogi’s former chief security officer. As a former governor, he should understand the importance of respecting Nigeria’s laws and constitution.
“It’s a well-known fact that ‘he who comes into equity must come with clean hands’. As such, I advise him to honour the invitation and clear his name while he still has the chance.
“I’d also like to take this moment to appreciate the diligence of the EFCC in handling the case so far. No Nigerian is above the law, and therefore the agency must see this case through to the end if they are to gain the trust of both Nigerians and the international community in the fight against corruption,” she said.

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Senate  Frowns Over Continued Depreciation Of Naira

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Worried over the  latest depreciation of the Naira against major foreign currencies, the Senate through its Committee on Finance, has  stated that the Legislature  is  exploring a range of policy options to mitigate the impact of Naira depreciation and foster economic stability in the country.
These, according to the committee, in a statement signed by its chairman, Senator Sani Musa (APC Niger East) and released yesterday, includes robust oversight of fiscal policies, engagement with key stakeholders, and the formulation of targeted interventions to support key sectors of the economy.
Senator Musa said the statement became necessary “to address the current state of the economy and the need for concerted efforts at tackling the instability and continuous depreciation of the Naira.”
This is even as he hoped that the “economic managers will adhere strictly to the norms and standards set by this administration to ensure that we achieve the desired outcomes in taking Nigeria to its economic growth and prosperity”, pledging the support of the National Assembly to the executive arm of government to achieve the set goals.
He, however, urged Nigerians to remain vigilant and resilient as they navigate these uncertain times, saying “together, we can overcome the challenges facing our economy and chart a path towards prosperity for all.”
The statement titled: “State of the Nation Economy and Naira Depreciation’, reads “The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors.

“Despite efforts to stabilize and bolster economic growth, the numerous initiatives and bold but necessary steps and policy decisions taken by President Bola Tinubu, the persistent depreciation of the Naira against major foreign currencies has become a pressing concern.

“The recent depreciation of the Naira underscores the need for proactive measures to safeguard the stability and resilience of our currency.

“The Senate Committee on Finance is closely monitoring the situation and is committed to working collaboratively with relevant stakeholders to implement effective policies and strategies.

“It is imperative that we address the root causes of Naira depreciation, including but not limited to fluctuations in global oil prices, fiscal deficits, and structural imbalances in the economy.”

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WIW: Banigo Advocates Legislative Impetus

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The Senator, representing Rivers West Senatorial District at National Assembly Sen.Dr. Ipalibo Harry Banigo has advocated for legislative backings to enforce immunisation as a pre-condition for admission into nursing, primary and secondary schools in Nigeria.
Banigo made the assertion recently in a statement to commemorate this year’s week-long immunisation campaign in line with the World Health Organisation advocacy.
Banigo, a Harvard-trained Public Health personnel, explained that such legislation would strengthen the National Immunisation Policy in the administration of vaccines, saves lives, helps in the child normal growth, prevents serious illness and disabilities such as poliomyelitis .
The former Deputy Governor of Rivers State who is also the Chairman, Senate Committee on Health (Secondary and Tertiary), noted that Nigeria must attain at least, 90 percent vaccine coverage for all childhood and adolescence; stressing that a fully vaccinated child should have received BCG, Mussels and three doses of DTP and Polio .
She emphasised the need for collective efforts by stakeholders in the campaign against preventable diseases .
The theme for this year’s World Immunisation Week is “Humanly Possible: Saving Lives Through Immunisation” while the national theme is “Vaccine Works For All”.

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