Economy
Nigeria Grows Q2 2023 Total Merchandise Trade by 5.8% to N12.74trn
By Adedapo Adesanya
Nigeria’s total merchandise trade in the second quarter of 2023 rose slightly due to an increase in exports and imports, resulting in an improved trade balance amid headwinds.
According to the National Bureau of Statistics (NBS), in the review period, the country’s total trade stood at N12.74 trillion, 5.8 per cent higher than the value recorded in Q1 2023, but 7.6 per cent lower than the value recorded in Q2 2022.
This is as total exports stood at N7.02 trillion while total imports amounted to N5.72 trillion, amounting to a positive trade balance of N1.3 trillion.
In the report titled Foreign Trade in Goods Statistics Q2 2023, total exports increased by 8.2 per cent when compared to the amount recorded in the first quarter of 2023 (N6.49 trillion) but declined by 5.2 per cent compared to the corresponding quarter in 2022 (N7.4 trillion).
Likewise, in the period under review, total imports increased by 2.9 per cent compared to the value recorded in the first quarter of 2023 (N5.6 trillion) but declined by 10.4 per cent when compared to the value recorded in the corresponding quarter of 2022 (N6.4 trillion).
The value of re-exports in the quarter under review stood at N91.44 billion representing 1.3 per cent of total exports.
Data available shows that the top five re-export destinations were Cameroon, Spain, the Czech Republic, the United Kingdom, and The Netherlands.
The most re-exported commodity was ‘Other turbines for marine propulsion with N41.24 billion, this was followed by ‘Mechanical propelled vessels for the transport of goods, gross tonnage not specified in 8901’ valued at N10.96 billion, ‘Other gas turbines not specified of a power exceeding 5,000 kW’ amounted to N6.66 billion, Other article of heading 87.84 not specified valued at N4.77 billion, and mechanically propelled vessels for the transport of goods, gross tonnage=< 500 tonnes’ valued at N4.22 billion.
The top five export destinations in Q2, 2023 were The Netherlands with N788.85 billion or 11.2 per cent, the United States of America with N718.63 billion or 10.2 per cent, Indonesia with N550.18 billion or 7.8 per cent, France with N540.73 billion or 7.7 per cent and Spain with N504.45 billion or 7.2 per cent of total exports.
Altogether, exports to the top five countries amounted to 44.23 per cent of the total value of exports. The largest export value in the second quarter of 2023 was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N5.6 trillion representing 79.6 per cent this was followed by ‘Natural gas, liquefied’ with N639.37 billion accounting for 9.1 per cent, and ‘Urea, whether or not in aqueous solution’ with N81.21 billion or 1.2 per cent of total exports.
In terms of Imports (CIF), in the second quarter of 2023, the top five partner countries origin of imports to Nigeria were China (N1.3 trillion or 22.2 per cent), the US (N921.45 billion or 16.1 per cent), Belgium (N460.43 billion or 8.0 per cent), India (N417.77 billion or 7.3 per cent) and The Netherlands (N369.69 billion or 6.5 per cent).
The values of imports from the top five countries amounted to N3.4 trillion representing a share of 60.1 per cent of total imports. While the commodities with the largest values of imported products were ‘Motor Spirit Ordinary’ (N1.2 trillion or 21.5 per cent), ‘Used Vehicles, with diesel or semi-diesel engine, of cylinder capacity >2500cc’ (N733.92 billion or 12.8 per cent and ‘Gas oil’ (N230.83 billion or 4.0 per cent.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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