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The G7 Development Finance Institutions, the IFC, the private sector arm of the African Development Bank, EBRD and the European Investment Bank, on Monday, announced that they were committed to investing $80bn in the private sector over the next five years to support sustainable economic recovery and growth in Africa.
They said this in a statement, titled ‘G7 Development Finance Institutions and multilateral partners to invest over $80bn into African businesses over the next five years’. The COVID-19 pandemic had caused a severe global economic and health crisis, the statement said… More details through: https://punchng.com/dfis-multilateral-partners-plan-80bn-investment-in-nigeria-others/
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Analysis of Nigeria’s imports by country of origin showed that the majority of the goods imported during the first quarter (Q1) of 2021 originated from China and valued at $4.878 billion (N2.009trillion) or 29.34percent, according to the National Bureau of Statistics (NBS). This was followed by the Netherlands (N726.09 billion or 10.60 percent), and the United States…
More details through: https://businessday.ng/markets/article/nigeria-imported-over-n2trn-made-in-china-products-in-q1/ Nigeria’s total foreign trade rose to N9.8 trillion in the first quarter of 2021 as the country recorded increases in both exports and imports, the National Bureau of Statistics has said.
The figure represents a 6.99 per cent increase over the value recorded in the fourth quarter of 2020 and 14.13 per cent compared to the first quarter of the same year. The Bureau disclosed this in its “Foreign Trade Goods Statistics Q1 2021” published on its website on Friday. The NBS said the export component of trade stood at N2.9 billion, representing 29.79 per cent of the total trade while import was valued at N6.9 billion representing 70.21 per cent… More details through: https://www.premiumtimesng.com/news/top-news/465828-nigerias-foreign-trade-rises-14-3-in-first-quarter.html The Nigeria Sovereign Investment Authority (NSIA) has signed an agreement with OCP of Morocco, for the development of a $1.4 billion plant to produce Ammonia and Diammonium Phosphate, under its Gas Industrialization Strategy.
According to the NSIA, “The Multipurpose Industrial Platform Project is a backward integration initiative which builds on the successes of the Presidential Fertilizer Initiative (PFI) and other sovereign bilateral initiatives between Nigeria and Morocco. “The project is structured to commercialize Nigeria’s vast natural gas resources and satisfy Morocco’s demand for cost-competitive Ammonia… More details through: https://www.vanguardngr.com/2021/03/nsia-signs-1-4bn-deal-with-moroccan-investors/ Despite complaints and restriction by the Federal Government to curb importation of counterfeit pharmaceutical products, India has exported N304.9 billion ($635.39 million) drugs to Nigeria in the last one year.
Worried by the influx of fake drugs into the country, the National Agency for Food and Drug Administration and Control (NAFDAC) said that it would start pre-shipment analysis of drugs imported into Nigeria from India and China, countries suspected exporting most fake and counterfeit drugs as demand for generic drugs increased. It was gathered that India’s pharmaceutical exports last year grew by 18.7 per cent to $24.44 billion in the financial year ended March 31, 2021, spurred by strong demand for the country’s generic drugs… More details through: https://www.newtelegraphng.com/nigeria-imports-n304-9bn-drugs-from-india/ The Director of Indonesian Trade Promotion Centre, Mr. Hendro Jonathan has disclosed that the value of Nigeria- Indonesia trade currently stands at $459 million, which he describes as a positive growth sign for both countries.
He explained that in the bilateral trade relationship with Nigeria, the conversation has always being on the value of trade, not volume. According to him, in terms of trade volume, it is positive for Nigeria, because export from the West African country is higher when compared with the imports from Indonesia… More details through: https://www.thisdaylive.com/index.php/2021/04/19/nigeria-indonesia-trade-hits-459m/ The World Trade Organisation (WTO) on Friday ranked Nigeria as the number one importer of commercial services in Africa in 2020. The data released by the Geneva-based international trade organisation, ranked Nigeria 25th commercial importer in the world, but the first in Africa followed by Egypt, which was ranked 28th in the world.
While Egypt and Morocco made the list of world exporters led by the United States, Nigeria was conspicuously absent in the global commercial exporters’ list. The US also ranked first in the commercial importers’ list followed by China, United Kingdom and Japan; while US, UK, China and India topped the exporters’ list. WTO noted that preliminary estimates were based on quarterly statistics… More details through: https://www.sunnewsonline.com/wto-ranks-nigeria-number-one-importer-of-commercial-services-in-africa/ The World Trade Organisation (WTO) says Nigeria is the number one importer of commercial services in Africa. This is contained in WTO’s data on the ‘Leading Exporters and Importers of Commercial services excluding intra-EU Trade 2020’, released on Friday.
According to the data, in 2020, Nigeria ranked number of 25 largest importer of commercial services in the world, while Egypt emerges second in Africa and number 28 globally. However, Nigeria is absent on the list of top exporters of commercial services in the world, while Egypt and Morocco made the list of top 30 exporters worldwide among African countries… More details through: https://www.newtelegraphng.com/wto-nigerias-number-one-importer-in-africa/ The Federal Ministry of Communications and Digital Economy and the Nigerian Communications Commission (NCC) in collaboration with UK’s Digital Access Programme recently facilitated a technical conference on digital inclusion for underserved and unserved communities and Persons Living with Disabilities (PLWDs)’.
The conference, which sought to show the UK government’s commitment to support Nigeria in its inclusive digital economic agenda and to promote the growth of the Nigeria tech ecosystem and close the digital divide in Nigeria, was organised to aggregate views and develop quick-win strategies to resolve the issues of populations without access to digital… More details through: https://www.thisdaylive.com/index.php/2021/03/18/uk-partners-nigeria-to-enhance-digital-access/ Imports of raw materials into Nigeria rose to $5.65bn (N2.32tn) last year amid the COVID-19 pandemic from N1.34tn in 2019, according to data from the Nigerian Bureau of Statistics.
The NBS said in its latest Foreign Trade Statistics report that the value of total trade in raw material stood at N762.6bn in the fourth quarter of 2020. It said the import component was valued at N715.7bn while the export component stood at N46.9bn… More details through: https://punchng.com/nigerias-raw-materials-imports-rise-to-n2-32tn/ |
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