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Nigeria’s total import bill for the period January to September 2021 rose to $8.92bn from $4.29bn in the same period of 2020, according to a report.
This was disclosed by an economist and Chief Consultant, B. Adedipe Associates Limited, Dr Biodun Adedipe, while presenting the report titled ‘National economic outlook: Implications for businesses’, during an event organised by the Chartered Institute of Bankers of Nigeria in Lagos on Tuesday. While commenting on Nigeria’s external sector and dwindling capacity to extinguish foreign obligations, he said, “Monthly import bill of N3.66bn (or $8.92bn) in Q1-Q3 2021 more than doubled $4.29bn in 2020… More details through: https://punchng.com/nigerias-import-bill-rose-to-8-92bn-in-nine-months-report/
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Nigeria has continued to witness galoping imports despite a ban on 41 items by the Central Bank of Nigeria initiated five years ago.
CBN, in 2015, excluded importers of 41 goods and services from accessing foreign exchange at the Nigerian foreign exchange markets. In a circular released in June 2015, the apex bank stated that the policy was an effort to sustain the stability of the foreign exchange market and ensure the efficient utilisation of forex and derivation of optimum benefits from goods and services imported into the country… More details through: https://www.newtelegraphng.com/despite-ban-on-41-items-local-import-continues-to-grow/ Nigeria’s trade balance in the third quarter of 2021 amounted to a deficit of N3,023.50 billion as the value of imports continued to outpace exports, the National Bureau of Statistics. This was contained in the NBS’ Foreign Trade in Goods Statistics report.
The deficit was an increase of 26.53% compared to the same period in 2020. Total imports in the third quarter grew to N8,153.79 billion, showing an increase of 17.32% quarter on quarter and 51.47% on a year-on-year basis. And total exports were pegged at N5,130.30 billion, which shows a 1% growth compared to the second quarter of the same year and a 71.38% growth compared to the third quarter in 2020… More details through: https://www.channelstv.com/2021/12/06/nigerias-import-bill-grows-as-exports-remain-oil-dependent-nbs/ Leoht Africa has partnered with the Indian Chamber of Commerce to boost the retail sector of Nigeria’s textile industry and position it as a leading hub in the Central and West African market.
According to the Managing Director, Leoht Africa, Bunmi Aliyu, the partnership aims to build a yearly and sustainable international sourcing platform for organisations to trade and secure orders from corporate buyers and resellers. Aliyu disclosed this at the 2021 edition of the Source Textile and Apparel and Retail Sourcing Fair West Africa Exhibitions… More details through: https://guardian.ng/business-services/india-nigerian-firm-partner-to-boost-retail-textile-sector/ Nigeria imported goods worth $51bn (N21.1tn) in five years from China, the country’s top import trading partner.
The country’s imports from China were more than what it bought from the United States and the Netherlands combined in the period under review. Foreign trade data obtained from the National Bureau of Statistics show that the three countries were Nigeria’s main import trade partners during the period… More details through: https://punchng.com/nigerias-imports-from-china-gulp-n21tn-in-five-years/ The Federal Government has said it plans to partner with the People’s Republic of China in developing a renewable energy research centre that will boost renewable energy technology in some Nigerian universities.
This was disclosed in a statement by the Ministry of Science, Technology and Innovation on Friday. “The proposed partnership between the Chinese and Nigerian universities is expected to build and upgrade centres of excellence in renewable energy technologies which include green energy – solar, wind, hydro, bio-energy, energy efficiency and management,” it said… More details through: https://punchng.com/fg-to-partner-china-on-renewable-energy-technology/ Nigeria’s trade balance in the third quarter of 2021 amounted to a deficit of N3,023.50 billion as the value of imports continued to outpace exports, the National Bureau of Statistics said on Monday. This was contained in the NBS’ Foreign Trade in Goods Statistics report. The deficit was an increase of 26.53% compared to the same period in 2020…
More details through: https://www.channelstv.com/2021/12/06/nigerias-import-bill-grows-as-exports-remain-oil-dependent-nbs/ The Consul General, Consulate General of Brazil, Mr Francisco Carlos Liz, says the bilateral trade between Nigeria and Brazil has grown by 30 per cent since 2019, adding that the two countries are experiencing a trade balance.
The ambassador was quoted as revealing this at the Nigerian-Brazilian trade mission awareness and interactive session organised by Visions and Dreams Nigeria Limited at the Brazilian Embassy, Victoria Island, Lagos recently. The event, titled, “Hair Brazil and Beauty Products”, brought together stakeholders on cosmetics preparatory to an exhibition that will take place in Sao Paolo, Brazil… More details through: https://punchng.com/nigeria-brazil-trade-jumps-by-30-in-two-years-envoy/ New research by Standard Chartered Bank has projected that Nigeria’s export trade would hit $112 billion in 2030 and would be recording a Year-on-Year (YoY) increase of 9.7 per cent, while India, Indonesia, and Mainland China would be the major opportunity corridors that would spike Nigeria’s participation in global trade.
The research, which is titled, “Future of Trade 2030: Trends and Markets to Watch,” also projected that the global exports trade would grow from $17.4 trillion to $29.7trillion between 2021 and 2030 and would be driven largely by 13 markets. These markets, which were listed in alphabetical order, are Bangladesh, Hong Kong, India, Kenya, Mainland China, and Malaysia. Others are Nigeria, Saudi Arabia, Singapore, South Korea, United Arab Emirate (UAE), and Vietnam… More details through: https://www.thisdaylive.com/index.php/2021/11/25/report-nigerias-export-trade-to-hit-112bn-by-2030/ Nigeria and Turkey on Wednesday signed eight major Agreements/Memorandum of Understandings (MoUs) on a number of the key sectors, including Energy, Defense Industry, Mining and HydroCarbons, with their implementation to commence immediately.
Nigerian President Muhammadu Buhari made the disclosure at a joint press conference on the occasion of the official visit of Turkish President Recep Tayyip Erdogan to Nigeria. According to a statement by Special Adviser to the President on Media and Publicity, Femi Adesina, on the accomplishments from the visit, President Buhari said: ‘During the visit, we held very useful discussions on a number of bilateral issues, aimed at strengthening this cordial relationship between Nigeria and Turkey… More details through: https://www.sunnewsonline.com/nigeria-turkey-sign-8-agreements-on-energy-defence-mining-others/ |
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