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Nigeria’s total trade for Q2 2022 stood at N12.841bn – NBS

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By Gloria Ikibah

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The National Bureau of Statistics(NBS) has said Nigeria’s total merchandise trade stands at N12,841.54 billion, in the second quarter of 2022.

This was contained in the NBS Foreign Trade in Goods Statistics Report for Q2 2022 released in Abuja on Thursday.

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The report revealed that the figure was lower than the value recorded in the first quarter of 2022 which stood at N13,001.28 billion indicating a marginal decrease of 1.23 per cent.

”However, it was higher than the value recorded in the corresponding period of 2021 which stood at N9,712.02 billion”.

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The report also stated that Nigeria’s merchandise trade slightly fell in Q2 2022 due to a decline in import trade resulting in an improved trade balance.

The NBS said the Total Exports Trade was N7,406.53 billion in Q2 2022 showing a rise of 4.31 per cent when compared to Q1 2022 which stood at N7,100.46 billion.

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“The total exports trade for Q2 2022 also increased by 47.55 per cent of the value recorded in the second quarter of 2021 at N5,019.68 billion”.

On the other hand, total imports stood at N5,435.01 billion in Q2 2022, indicating a decrease of 7.89 per cent over the value recorded in Q1 2022, at N5,900.83 billion.

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“However, the value increased by 15.83 per cent when compared to the value recorded in the corresponding quarter of 2021 at N4,692.33 billion”.

The report said that Re-Exports stood at N9.63 billion in Q2 2022.

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”The value decreased when compared to the same quarter of 2021 at N64.39 billion and also Q1 2022 at N115.80 billion by 85.05 per cent and 91.68 per cent, respectively”.

The report further said the value of exports trade in Q2 2022 was dominated by crude oil exports valued at N5,907.97 billion which accounted for 79.77 per cent of total exports.

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“While non-crude oil exports value stood at N1,498.56 billion or 20.23 per cent of total exports of which non-oil products contributed N675.08 billion representing 9.11 per cent of total exports”.

The report said in the quarter under review, the top five re-export destinations included Cote d’Ivoire, Democratic Republic of Congo, Ghana, Cameroon and Turkey.

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Why Monetary Policy Rate was Increased – CBN

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The Central Bank of Nigeria says its Monetary Policy Committee’s decision to increase Monetary Policy Rate is to control rising inflation.

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CBN’s Director, Monetary Policy Department, Hassan Mahmoud, said this on Wednesday at a post-MPC briefing tagged: “Unveiling Facts behind the Figures’’.

The MPC, in its 287th meeting on Tuesday, had increased the MPR by 150 basis points, from 14 per cent to 15.5 per cent.

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The MPR is the baseline interest rate in an economy on which other interest rates within that economy are built on.

The CBN Governor, Godwin Emefiele, had said that the decision was informed by persistent rise in inflation rate and fragile economic growth.

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According to Mahmud, the MPC got to a point where stringent measures have to be taken to control inflation.

He said that the committee took cognisance of global as well as local economic issues in arriving at its policy decisions.

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“We raised the MPR because it is necessary to do so. The quantity of money in the system was too much for the economy to absorb,’’ he said.

He said that monetary policy tools were meant to deal with short term risks, adding that the idea was to make the cost of funds expensive to drive down inflation.

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According to Mahmud, the stimuluses that governments across the world provided for their citizens during COVID-19 increased the ability of people to spend, thereby, creating challenges with global supply.

“A lot of households and small businesses were injected with stimuluses; the U.S did two trillion dollars, Nigeria did about five trillion Naira, these increased the ability of people to spend.

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“But the supply side could not meet up with the demand because that volume of injection was far more than the regular intake for those economies, this made prices to go up,’’ he said.

He also blamed the Russian-Ukraine war, as well as the resurgence of COVID-19 in China as responsible for rise in global inflationary trend.

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“That region accounts for more than 50 per cent of global commodity supply and 38 per cent of global oil and gas supply.

“The war resulted to some shortages which made prices to go up.

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“Then the COVID-19 lockdown in China. The country is the largest importer of commodities across the globe,’’ he said.

Speaking on the various economic intervention initiatives by the apex bank and the prospect of recouping the funds, Dr Yusuf Yila, director, Development Finance Department, said about nine trillion Naira had been invested in the various development finance interventions.

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According to Yila, N9.3 trillion has been invested in various development finance interventions, out of which N3.7 trillion has been repaid.

“Most of the loans are still under moratorium, especially those in manufacturing. Manufacturing forms the largest part of our portfolio, about 31 per cent,’’ he said.

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He, however, said that one of the best-performing interventions was the Commercial Agriculture Credit Scheme, where out of the N800 billion that was lent out, about N700 billion had been repaid.

Yila said that through the flagship agriculture intervention scheme, the Anchor Borrowers Programme, one trillion Naira had been lent out to smallholder farmers, while about N400 billion has so far been recovered.

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According to him, the department will restrict intervention to critical sectors like the SMEs and the electricity sector for now.

Speaking on the depreciation of the Naira, the Director, Trade and Exchange Department, Mrs Ozoemena Nnaji, said the apex bank was taking steps to firm up the currency.

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Nnaji said that demand for foreign exchange outstripped supply currency, adding that the CBN was doing a lot to mop up supply.

“One of the steps is the Naira for dollar remittance drive, which has resulted to a huge increase in diaspora remittances.

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“There is also the RT200 bringing in forex. Repatriation has gone up from 20 million dollars in the first quarter to about 600 million dollars in the second quarter.

“In this third quarter we are looking at more than one billion dollars of repatriated inflows,’’ she said.

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FEC Approves N580.5m To Procure Armoured Vehicles To Fight Drug War

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By Gloria Ikibah

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The Federal Executive Council (FEC) has approved the sum of N580.5 million for the procurement of four armoured vehicles to fight dangerous and illicit drugs by the National Drug Law Enforcement Agency (NDLEA).

Minister of Justice and Attorney General of the Federation, Abubakar Malami disclosed this to State House correspondents at the end of the Council’s meeting which was presided over by President Muhammadu Buhari in Abuja on Wednesday.

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He said: “Today, a memo was presented by the office of the Attorney General of the Federation, that is the Federal Ministry of Justice, which was relating to a parastatal under the supervision of the office of the Attorney General; the National Drug Law Enforcement Agency (NDLEA).

“The purpose of the memo was to seek approval of the council for the award of contract for the supply of four customised armoured security vehicles of 14 seater model for the NDLEA.

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“The contract sum is N580, 500, 000 only inclusive of 7.5 percent value added tax with a delivery period of 16 weeks.”

The Minister said the decision to procure the armoured vehicles was taken to encourage and safeguard the lives of NDLEA personnel who have been working very hard with impressive results being recorded.

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“It is common knowledge that of recent the NDLEA has been repositioned and arising from the support both in terms of our capacity building, hardware and associated things.

“They have been recording an extra-ordinary or unprecedented success. Recently they seized about 1.8 tons of cocaine having a market value of about N194 billion.

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“So, with all these successes recorded, it is only logical that the criminals and their syndicate are now devising means inclusive of attacks on NDLEA personnel.

“It is with that in mind that the memo was presented for the procurement of such vehicles for the NDLEA and the council approved,” he said.

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According to him, between January and July 2022 the NDLEA arrested 18,940 suspects with 2,904 convictions.a

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Naira depreciates by 0.08%, exchanges at 436.33 to dollar

Naira, CBN
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The Naira on Tuesday exchanged at N436.33 to the dollar at the Investors and Exporters window, a depreciation of 0.08 per cent, compared with N436 to the dollar on Monday.

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The open indicative rate closed at N434.93 to the dollar on Tuesday.

An exchange rate of N441 to the dollar was the highest rate recorded within the day’s trading before it settled at N436.33.

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The Naira sold for as low as N435 to the dollar within the day’s trading.

A total of 99.43 million dollars was traded at the official Investors and Exporters window on Tuesday. (NAN)

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