News
Custom reveals How naira devaluation impacts imports and exports positively
The Customs Area Controller, Seme Command, Comptroller Timi Bomodi, on Sunday, said devalued Naira had positively impacted on exportation of Nigeria’s local products to neighbouring countries in West Africa.
Mr Bomodi said this is an interview with the News Agency of Nigeria (NAN) in Seme, near Badagry, Lagos State.
According to the controller, imports and exports are usually affected by market forces, which implies the forces of demand and supply.
“The exchange rate plays a big role in determining the demand or the purchasing power of the people.
“We are talking about the exchange rate of Naira vis-a-vis its impact on exports. Now as the value of Naira begins to decline, you find out that Nigerian-made goods are considered cheap within the region.
“This encourages people from neighbouring countries to want to purchase goods from Nigeria but while we complain that the exchange rate has a negative impact on imports, it has a positive impact on exports.
“Yes, we couldn’t buy goods because the dollar was high but people saw a cheap Naira as an opportunity to get goods from Nigeria.
“For the first time, you have a net export gain for Nigeria vis a vis her neighbouring countries, because you find out that what makes Nigerians go to their neighbours is now making them come to Nigeria,” he said.
Mr Bomodi said that devaluation of Naira had increased the growing local economy.
“Even, a devalued Naira is an advantage for export, So it’s not such a negative thing but in trade, you have to balance both ends.
“Here at Seme-Krake border post, we have our primary responsibility as Customs which is facilitation of legitimate trade.
“We deal with a lot of imports and exports and enforce fiscal policies of the government, particularly in area of prohibition.
“In Seme-Krake border, the Lagos-Abidjan corridor border, is considered as the most viable trade corridor in West Africa and indeed the whole of Africa.
“So viable, so strategic to the economic development of Africa that the European Union and other international agencies are ready to cough out a humongous amount of money to develop infrastructure around this axis,” the controller said.
(NAN)
The Dangote Group has announced a reduction in the price of its Premium Motor Spirit (PMS) to N970 per liter.
This was contained in a statement issued by Anthony Chiejina, the Group’s Chief Branding and Communications Officer, on Sunday.
Chiejina stated that the refinery has lowered its petrol price for marketers from N990 to N970 per liter, providing them with a N20 discount per liter.
Furthermore, he emphasized that despite the price reduction, the quality of the company’s products remains uncompromised.
The statement regarding the price adjustment reads:
“Dangote Petroleum Refinery has effected a reduction in the prevailing price of its Premium Motor Spirit (PMS) from N990/litre to N970/litre for the marketers.
“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the Refinery a dream come true. In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being.
While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Bandits have k!lled seven farmers, including a vigilante, and burnt 50 bags of maize inside a truck in Bangi, Mariga Local Government Area of Niger State.
Sources on Saturday, November 23, told Daily Trust that the victims had gone to bring the harvested maize home from their farm when the bandits ambushed them, k!lled all the occupants in the truck and set the truck.
Bandits have killed seven of our farmers who had gone to farm to bring the maize they had harvested home. The attackers hid and waited until after the victims had loaded the 50 bags of maize into the truck and were about to take off to return home when they opened fire on them. After k!lling the victims, they also set the truck and the 50 bags of maize already loaded ablaze,” a source said.
He said it was difficult for farmers in Mariga to harvest their crops this year due to k!llings and kidnappings by bandits.
The Bishop of the Catholic Diocese of Auchi, most Rev. Dr. Gabriel Ghieakhomo Dunia announces the passing unto eternal glory of Rt. Rev. Monsignor Thomas Oleghe, at the Immaculate Conception Cathedral Auchi, during the solemnity of Christ the King
Rev. Monsignor is the oldest Catholic Priest in Nigeria.
Monsignor Oleghe death is very remarkable as the centenarian died during the feast of Christ the King.
The demise of the priest of the order of Melchizedek should be best described as (TRANSITION TO GLORY)
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