|
Total foreign exchange (FX) inflow into the Nigerian economy increased sharply to $30.2 billion in the third quarter (Q3) 2021 from $18.4bn in the preceding quarter, according to the data from the Central Bank of Nigeria (CBN) statistical bulletin.
The sharp rise in inflows into the economy was mostly due to a 158 percent q/q (141percent y/y) increase in inflow through the CBN to $16.8bn, analysts at FBNQuest said in a new note Friday. The rise in FX flows through the CBN reflect the IMF’s $3.3bn special drawing right (SDR) allocation to Nigeria, as well as proceeds of $4bn from Nigeria’s Eurobond issue, both of which occurred in August and September ’21 respectively… More details through: https://businessday.ng/banking/article/eurobond-imf-drive-sharp-rise-in-fx-inflows-to-nigeria-fbnquest/
0 Comments
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/ Dolidol, a Moroccan market leader in the mattress space, has acquired Mouka, Nigeria’s leading brand of mattresses, pillows and other bedding products, making a smooth transition for Mouka’s sustainable market leadership. According to the Chief Executive Officer (CEO) of Mouka, Mr. Raymond Murphy, this affiliation with a regional market leader, following the transaction, sets the scene for bigger and greater things for the Mouka brand.
“In the light of this new development, Dolidol, a Moroccan market leader in the mattress space, will bring to the fore significant foam science, technical and engineering expertise to Mouka. As the market leader in Francophone Africa, Dolidol’s expertise will also be introduced to boost Mouka’s operations and the quality of its product portfolio… More details through: https://thenationonlineng.net/moroccan-firm-acquires-mouka/ BUA has signed an agreement with Wartsila OY of Finland to construction a 70megawatts dual-fuel power plant for the BUA Cement Sokoto Line 4 in Sokoto State.
Chairman, BUA Group, Abdul Samad Rabiu, said the conglomerate is looking to boost its production capacity in Nigeria over the next three years with new plants in the works, adding that this will be the second plant to be constructed by Wartsila for BUA Cement. Speaking at the signing ceremony, Rabiu, said BUA Cement will continue to invest strategically in the West African Cement industry to enable it bridge the huge infrastructure and housing deficit… More details through: https://thenationonlineng.net/bua-finish-firm-sign-70mw-power-plant-contract/ As the country’s annual vehicle demand hits 720,000 units, Nigerians imported $1.90 billion (N786.91 billion) used vehicles through the seaports between January and September, 2021.
According to the United Nations Environment Programme (UNEP), most of the used vehicles were imported from the United States. Data by the Nigeria Customs Service (NCS), Port and Terminal Mult-sewrvice Limited Command between January and September 2021 revealed that a total of 171,491 units of vehicles were imported through Tin Can Island Port. The Command said that the figure was 74,130 higher than the 2020 imports of 97,361 vehicles… More details through: https://www.newtelegraphng.com/value-of-vehicle-import-into-nigeria-hits-n786-91bn-in-9m/ A United States-based solar product design and marketing company, SolAps, has said the Nigerian solar power industry is growing and it is aiming to reach 20 million Nigerians with its products.
Its Chief Executive Officer, Mr Omololu Noibi, said the company was founded in 2009 with the goal of accelerating the adoption of solar renewable energy around the world, by introducing solar-based applications, with the aid of available technologies. Noibi, who spoke at a press briefing in Lagos, said the company had created a mobile app that connects users to solar mobile chargers… More details through: https://punchng.com/nigerias-solar-industry-growing-says-us-based-firm/ 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/ Despite not being a manufacturing hub for production or assemblage of vehicles or aircraft, Nigeria has raked in $242 million (N100.65bn) from the export of airplanes/helicopters to Ghana, analysis of Foreign Trade in Goods Statistics reports by Daily Trust has shown.
The report released by the National Bureau of Statistics (NBS), stated that Nigeria has in the three quarters of 2021 exported helicopters to Ghana with the commodity increasing the amount of money made in the manufacturing sector. A breakdown revealed that in the first quarter, N71.1bn was realised, with N16.65bn made in the second quarter and N12.9bn in the third quarter… More details through: https://dailytrust.com/how-nigeria-exported-over-n100bn-worth-airplanes-to-ghana-in-2021 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/ |
Categories
All
Archives
January 2022
News Archive from before July 2018
|
RSS Feed