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Total Trade In Goods Increased To N12.02trn In Q2, NBS Confirms

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Total merchandise trade increased by 23.28 per cent in Quarter Two (Q2, 2021) to N12.02trillion from N9.75trillion recorded in Q1, the National Bureau of Statistics (NBS) says.
The NBS said this, yesterday in Abuja in its “Foreign Trade in Goods Statistics, Q2, 2021”, adding that the increase was a result of the sharp increase in export value during the quarter under review.
According to the report, the export component of the trade was valued at N5.07trillion or 42.22 per cent, while import was valued at N6.95trillion or 57.78 per cent with trade balance deficit of N1.87trillion.
It said that crude oil, which was the major component of export trade, stood at N4.07trillion or 80.29 per cent of total export.
“This further shows a sharp increase of 111.32 per cent in crude oil value in Q2 compared to N1.92trillion recorded in Q1, while the non-crude oil export recorded N1trillion or 19.71 per cent of total export trade in Q2.”
In its products classification by sectors, the NBS said that total value of trade in agricultural goods in Q2 stood at N817.35billion, with the export component totaling N165.27billion while the import was valued at N652.08billion.
It added that top most of these exported agricultural products were good fermented Nigerian Cocoa beans exported mainly to Netherlands (N16.48billion), Malaysia (N9.32billion) and the United States of America (N8.41billion).
The NBS said that the total value of trade in solid mineral goods in Q2, stood at N63.68billion, with the export component of at N14.93billion while import was valued at N48.75billion.
According to it, the leading exported mineral products were cement exported to Niger Republic and Togo in values worth N3.12billion and N2.32billion.
For the manufactured goods sector, the value of trade stood at N4.51trillion representing 37.50 per cent of total trade.
It said that out of the figure, the export component accounted for N211.67billion while the import component was valued at N4.29trillion.
“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 N71.90billion.
“Vessels and other floating structures for breaking up were also exported to Spain and Equatorial Guinea in values worth N18.34billion and N6.26billion.
“In terms of manufactured imports, used vehicles were mainly imported from United States and Italy in values worth N33.78billion and N5.74billion.”
In the raw materials goods sector, total trade stood at N904.51billion with the import component valued at N840.50billion while the export component stood at N64.01billion.
The report said that import trade classified by region showed Asia as the leading partner with a record of N3.46trillion or 49.92 per cent with Europe with N2.30trillion or 33.16 per cent closely following.
Others are America with N869.1 billion, Africa N248.8billion and Oceania N58.1billion.
It added that out of the value recorded for Africa, import from ECOWAS countries accounted for N24.2billion.
It said that in its analysis of imports by country of origin, data showed that the majority of the goods imported during the quarter originated from China with value of N2.078trillion, followed by India with N570.01billion, Netherlands N557.16billion, United States N526.92billion.
The NBS said that export by section revealed that mineral products accounted for N4.63trillion or 91.29 per cent of total export trade.
“This was followed by vehicles, aircraft and parts, vessels at N141.73billion, vegetable products N92.80billion among others.
“In terms of regional trade, Nigeria exported most products to Asia (N1.84trillion), Europe (N1.82trillion), America (N806.81billion) and Africa (N584.11billion) while Oceania totaled N23.28billion with goods worth N363.3billion exported to ECOWAS.
“Analysis by country export trade showed that most goods were exported to India (N949.05billion or), Spain (N524.49billion), Canada (N355.60billion) and Netherlands (N298.29billion) and United States N256.63billion.”

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NOA Set To Unveil National Values Charter — D-G

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The National Orientation Agency (NOA) says it will soon unveil a National Values Charter (NVC) to serve as a social contract between the Nigerian government and its citizens.

The Director-General of the agency, Malam Lanre Issa-Onilu, disclosed this in Abuja, yesterday at a one-day workshop on “Civic Responsibility and National Values for Voluntary Organisations”.

Issa-Onilu was represented by Dr Olukemi Afolayan, Director of Civic Values and Democratic Education at the agency.

He said that the charter would articulate the responsibilities of both the government and citizens towards nation-building.

“We are at a pivotal moment as a country.

“The challenges facing Nigeria range from insecurity, corruption, poor civic engagement, moral decay, and apathy in democratic processes.

“These require, not just governmental intervention, but active citizen participation,”he said.

He said that voluntary organisations had historically played key roles in moral reawakening, youth mobilisation and community development, dating back to the colonial period.

According to him, the NOA under the current leadership, has intensified efforts to fulfill its core mandate of value reorientation.

He said that the agency did that with the launch of several campaigns, including the National Identity Project approved by the Federal Executive Council in 2024.

“President, Bola Tinubu, is expected to formally unveil the National Values Charter.

“It defines the ‘Nigerian Promise’, the government’s commitment to equality, democracy, entrepreneurship, peace, inclusivity, freedom and meritocracy,” he said.

The NOA D-G said that the Charter would also highlight a ‘Citizen’s Code’ calling on Nigerians to embrace discipline, duty of care, tolerance, leadership, accountability, environmental awareness and resilience.

He urged voluntary organisations to support the campaign and serve as role models in their communities to promote patriotism and public trust.

Also speaking, Mrs Rhoda Sadus, Deputy Director of Civic Values and Democracy at NOA, said that the Charter was a critical component of a broader National Identity Project aimed at global reputational management.

“This is the first time any Nigerian organisation is targeting global reputational management through strategic media engagement, including broadcasts on international channels like CNN,” she said.

Sadus said that NOA was engaging Nigerians in the diaspora and working closely with other agencies, including the Nigerians in Diaspora Commission (NIDCOM), to promote a unified national identity.

“When the Director-General assumed office, he emphasised the need for Nigeria to define and project its identity.

“The National Values Charter was conceived to outline the responsibilities of both the government and the citizens, a departure from past initiatives that only targeted citizens,” she added.

She said that the agency would soon begin training public office holders on national values as part of the post-appointment orientation process.

“We believe that when both the government and the people fulfill their obligations, national development will follow,” she said.

In his remarks, Dr Mohammed Dambo, Commander of the FCT Man ‘O’ War, said the initiative offered an opportunity for Nigerians to unite under a common agenda for national progress.

“If America became what it is today through collective agreement and commitment, Nigeria can do the same.

“We need to stop gaslighting our leaders and start promoting a culture of excellence, patriotism and civic responsibility.”

He called for the values to be transferred to the younger generation as part of efforts to restore hope and pride in the country.

The Tide source reports that the workshop attracted the presence of representatives form Boys Scout Association of Nigeria, Girls Guide Association of Nigeria and Man O’ War Nigeria.

Others were Red Cross Society of Nigeria, Boys Brigade Nigeria, National Cadet Corps (School-Based) and War Against Indiscipline (WAI) Brigade.

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South-South Contributes N34trn To Nigeria’s Economy In 2024 – Institute

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Prof. Pius Olanrewaju, President of the Chartered Institute of Bankers of Nigeria (CIBN), has stated that the South-South region contributes N34 trillion to country’s economy in 2024.
He made the remark at the South-South Zonal Banking and Finance Conference in Calabar, yesterday.
He spoke on the theme, ‘’Building An Inclusive South-South: Economic Diversification as a Catalyst For Development.’’
Olanrewaju, who quoted the data from the Cable Data Index, said the feat was more than 21 per cent of Nigeria’s real Gross Domestic Product (GDP).
The president described the growth as ‘’ impressive,’’ saying that it was not driven by oil alone but significant expansions in trade, services, and the creative industries.
According to him, to fully harness this potential, coordinated financial, technological, and policy support is essential.
“As we work to reposition the South-South for broad-based prosperity, the financial system must play a central role, not merely as a source of capital, but as a catalyst for innovation, ideas incubation, and inclusive economic growth.
“This conference, therefore, provides a strategic opportunity for stakeholders to re-imagine the South-South economy, not merely as a resource belt, but as a region of diverse capabilities and resilient enterprises.”
Olanrewaju added that Nigeria must move beyond old models and chart a new course for the development of the South-South region, where financial institutions and stakeholder collaborate to diversify the economy for shared prosperity.
He,  however, commended Gov. Bassey Otu for his pledge of land for CIBN Secretariat in Cross River and being the first sitting governor to willingly undergo and complete the Chartered Bankers Programme.
On his part, Gov. Otu said that the conference discussion on the economic diversification in South-South region was timely against the backdrop of global trade and economic volatility that was affecting the nation’s economy.
Represented by his deputy, Mr Peter Odey, Otu said the South-South region must now act with urgency to diversify its economy while leveraging its shared natural endowment in agriculture and extractive resources.
“This conference must help develop tailored financial solutions that reflect the unique strengths and realities of states like Cross River in the south-south.
“Diversification should be evidence-based and must be backed not just by financial advice but project focused financing and real investment support,” he noted.
He said that Cross River had taken the bold step to invest in its agricultural sector by launching an Agro processing hub.
Otu further said that the state had invested in aviation by acquiring more aircrafts for Cally Air, construction of the Bakassi Deep Seaport and injecting N18 billion in its tourism sector.
Similarly, Mr Tolefe Jibunoh, Cross River Branch Controller of the Central Bank of Nigeria (CBN) said that the region was blessed with natural resources, cultural diversities and immense human potentials.
Jibunoh, who was represented by Mr Segun Shittu, Head, Currency Control Office, CBN, Calabar, noted that strategic diversification could unlock unprecedented opportunities for growth in the region.
He added that the CBN remained steadfast to maintain monetary possibilities and promote a sound financial system as a catalyst for sustainable economic development for the benefit of all.
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NUP Denies Planned Protest Over N32,000 Pension Increment

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The Nigerian Union of Pensioners (NUP) has denied any planned protest over the recently approved N32,000 pension increment by the Federal Government.
Its Deputy National President, Chief Abdulahi Onu, said this while speaking with newsmen in Abuja on Thursday.
It would be recalled that some aggressive pensioners had threatened to protest over the non-implementation of a N32,000 pension increment, and N25,000 palliative funds for pension, among others.
Onu said the union disassociated itself from the planned protest, saying such actions are unilateral, unauthorised, and do not reflect the position of the NUP leadership.
“Our leadership representing members across the country is satisfied with the explanation of stakeholders’ engagement initiated by the Pension Transitional Arrangement Directorate (PTAD), on the issue of the N32,000 pension increment and its efforts geared towards clearing the arrears.
“We equally appreciate President Tinubu for all his efforts aimed at bettering the living conditions of pensioners. We are also directing all our members to stay away from the rumoured protest called by some group of pensioners.
“PTAD is currently attending to the issues and concerns of all pensioners regarding the N32,000 pension increase and we trust that the efforts of the agency towards making payment will come to fruition in no distant time.
“No group of pensioners, chapter, or sector should decide alone by sending out a circular announcing a protest or any form of industrial action without the consent of the national leadership,” he said.
According to him, it is not right and neither is it the character of a responsible trade union.
Onu disclosed that some groups, including the NIPOST Lagos Branch and other factions, had been circulating information about protests over the increment and arrears.
He said that the union would neither support nor participate in any protest organised by splinter groups or individuals acting outside the union’s constitutionally recognised structures.

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