Despite spending no less than $307m (N129.084bn) on agriculture loans to farmers, Nigeria’s agricultural imports continued to take an upward trajectory, hitting$6.4bn (N2.7tn) in 2021 alone.
 
According to findings by our correspondent, the Central Bank of Nigeria and the Federal Government, through the Agricultural Credit Guarantee Scheme Fund (ACGSF), has guaranteed a total of N129.084bn in agriculture loans to farmers in the country.
 
Figures by the National Bureau of Statistics in a recent report titled “Foreign Trade in Goods Statistics” also revealed that in 2021, Nigeria’s agric imports stood at N2.7tn, indicating an increase of 36.6 per cent over the previous year, when compared to the value recorded in 2020 (N1.7tn)…
 
More details through:
https://punchng.com/agric-imports-hit-n2-7tn-despite-n129bn-intervention-loans/
​

The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product (GDP) increased by 4.03 per cent in the third quarter of last year.
 
This is according to a report released by the NBS on Nigerian Gross Domestic Product Report (Expenditure and Income Approach) for third and fourth quarter (Q3, Q4 2021) in Abuja yesterday.
 
In the third quarter of last year, the report said, Nigeria’s real GDP at basic prices grew by 4.03 per cent on a year-on-year basis showing a steady improvement from the economic downturn in 2020…
 
More details through:
https://thenationonlineng.net/nbs-nigerias-gdp-improves-by-4-03/
​

Swiss luxury watchmaker IWC said it has partnered with PoloLuxury, a Nigerian watch retailer to unveil its products in the local market.
 
In a statement issued in Lagos yesterday, the company said the partnership is meant to bring the Swiss watchmaker to a booming watch market in Nigeria. With IWC’s entry into the market, timepiece collectors are granted access to the 154-year legacy of watch-making innovation with products like the Portugieser, the Pilot Watch, and the Da Vinci…
 
More details through:
https://dailytrust.com/swiss-iwc-watches-debut-in-nigerian-retail-shops-2
https://businessday.ng/companies/article/iwc-schaffhausen-boosts-nigerian-luxury-market-with-new-swiss-offerings/

Nigerian paper mills have collapsed years after privatisation, forcing the economy to depend on imported paper for its needs.
 
According to data from the National Bureau of Statistics data, Nigeria imported paper and its allied products worth $70.88m (N296.696bn) between July and December 2021. While paper valued at N188.137bn was imported in the third quarter of 2021, import in the last quarter of the year was estimated at N108.559bn…
 
More details through:
https://punchng.com/nigerian-paper-mills-collapse-imports-hit-n297bn-in-six-months/

Amid lingering power crisis, solar product sales in Nigeria increased by over 62 percent in the second half of last year, a new report released on Tuesday by the global association for the off-grid solar energy industry, GOGLA, shows.
 
The report, which was produced by GOGLA, Lighting Global – a World Bank initiative, Efficiency for Access Coalition and Berenschot – a Dutch management consultancy firm, said Nigeria represented 66 percent of all the off-grid lighting products sold in West Africa.
 
“Nigeria represents over half of West African sales and therefore the trends at the regional level are in large part reflective of the situation in Nigeria. Nigeria has again recorded particularly high sales volumes this reporting round reaching 391,000 units. This is a 62 percent increase on the first half of 2021,” it said.
 
More details through:
https://businessday.ng/energy/article/solar-product-sales-jump-62-amid-power-crisis/
​

Lagos State eats an estimated $78.28 million (N328 billion) worth of cow meat per annum. About 98 per cent of cattle consumed in state are from the northern part of the country or from across the border.
 
The remaining 2 per cent is a shortfall in local production and represents about 181,757 tons of meat or about 1,235,601 heads of cattle per annum…
 
More details through:
https://thenationonlineng.net/lagos-consumes-n328b-worth-of-cow-meat-yearly/

Manufacturers “are eager to resume transactions with neighbouring countries without the fear of paying heavy tariffs. The federal government’s reopening of more land borders will enable manufacturers to boost their cross-border transactions with access to larger markets, increase their profit and ease raw material sourcing, stakeholders have said.
 
In August 2019, the federal government, as part of its protectionist policy, decided to close the land borders to all movement of goods to end smuggling and ensure total control over what comes into the country.
 
More details through:
https://businessday.ng/big-read/article/manufacturers-see-larger-market-profits-on-border-reopening/

There are increased local efforts to enable Nigeria take advantage of Indonesia’s palm oil export ban, as competing countries swoop in and expand its market share.
 
Recently, Indonesian President Joko announced a total export ban on all palm oil, both crude and refined/processed, out of the country to tackle local price hikes. Palm oil prices could hit a record 8,100 ringgit ($1,938) a tonne following a plunge in global edible oil stocks and a decline in export surpluses, including the impact of war in Ukraine.
 
Already, the ban is sending soaring cooking oil prices even higher worldwide, exacerbating global food security fears amid adverse weather and the war in Ukraine…
 
More details through:
https://thenationonlineng.net/global-oil-palm-crisis-may-boost-nigerias-palm-oil-sector/
​

Beauty and personal care market size in Nigeria and other African countries is expected to grow to $1.26 billion by 2025. Specifically, the market in Africa by product consists of skin care, hair care, colour cosmetics, fragrances with distribution channel containing offline and online. The area of coverage consist of South Africa, Kenya, Egypt (Arab Republic of Egypt), Nigeria and the rest of Africa, According to the report, the key factor driving growth in the beauty and personal care market in Africa is product innovation and product line extension.
 
It emphasised that innovation was vital for the beauty and personal care market in Africa as the demand for innovative products offering optimal use and functionalities is high. “The preference for beauty and personal care products that address multiple concerns within a minimal time span is also gaining momentum. “To meet the evolving customer needs, vendors focus on manufacturing innovative products.
 
They also focus on extending their existing product lines by introducing new beauty and personal care products tailored to customer requirements…
 
More details through:
https://www.newtelegraphng.com/skincare-market-in-nigeria-others-to-hit-1-26bn-by-2025/
​

The trade volume between the European Union and Nigeria has increased by 25.8 per cent to peak at €28.7bn in 2021.
 
The EU’s imports from Nigeria stood at €17.5bn, while its exports were valued at €11.2bn, with the trade balance at €6.4bn in favour of Nigeria.
 
The Head of the European Union Delegation to Nigeria and the Economic Community of West African States, Amb Samuela Isopi, disclosed these at a press briefing on Thursday, ahead of the Europe Day 2022 coming up on May 9….
 
More details through:
https://punchng.com/eu-nigeria-trade-rises-by-25-8-hits-e28-7bn/
https://dailytrust.com/eu-nigeria-trade-balance-favours-nigeria-by-e6-4bn-ambassador