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Nigeria Grows Q2 2023 Total Merchandise Trade by 5.8% to N12.74trn

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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.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

NASD OTC Bourse Improves by 0.42%

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NASD OTC stock exchange

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange closed higher on Friday, February 7 by 0.42 per cent, with the market capitalisation increasing by N7.54 billion to close at N1.804 trillion compared with the previous day’s N1.796 trillion.

Equally, the NASD Unlisted Security Index (NSI) went up by 13.30 points during the session to close at 3,184.87 points, in contrast to the preceding day’s 3,171.57 points.

The final trading day of the week had four price gainers and two price losers, according to data obtained from the NASD OTC bourse.

Food Concepts Plc appreciated on Friday by 15 Kobo to settle at N1.65 per share compared with Thursday’s closing price of N1.50 per share, Mixta Real Estate Plc expanded by 31 Kobo to finish at N3.42 per unit versus the preceding session’s N3.11 per unit, FrieslandCampina Wamco Nigeria Plc further grew by 60 Kobo to N40.10 per unit from N39.50 per unit, and Central Securities Clearing System (CSCS) Plc gained 22 Kobo to wrap the day at N24.00 per share compared with N23.78 per share.

On the flip side, Afriland Properties Plc went south by 2.9 per cent to N17 per unit from N17.49 per unit and 11 Plc slid by N3 to close at N253 per share, in contrast to the preceding session’s N256 per share.

During the trading day, the volume of securities bought and sold by investors decreased by 98.1 per cent to 226,384 units from 12.0 million units, the value of securities also slid by 31.4 per cent to N9.7 million from N14.2 million, and the number of deals dropped by 25.6 per cent to 32 deals from 43 deals.

Impresit Bakolori Plc ended the session as the most active stock by value (year-to-date) with 519.5 million units worth N504.3 million, followed by FrieslandCampina Wamco Nigeria Plc with 6.2 million units valued at N245.0 million, and Geo-Fluids Plc with 9.3 million units sold for N44.8 million.

Also, Impresit Bakolori Plc remained the most active stock by volume (year-to-date) with 519.5 million units worth N504.3 million, trailed by Industrial and General Insurance (IGI) Plc with 42.4 million units sold for N12.9 million, and Geo-Fluids Plc with 9.3 million units valued at N44.8 million.

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Economy

Naira Remains Stable at N1,500/$1 at Official Market

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By Adedapo Adesanya

The Naira closed flat against the United States Dollar at N1,500.65/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, February 7, after recording losses in four straight sessions in the trading week.

The recent pressure on the market across majorly regulated channels came despite recent policy moves by the Central Bank of Nigeria (CBN) creating more trading transparency and ethical practices.

However, the domestic currency depreciated against the Pound Sterling in the official market yesterday by N8.78 to trade at N1,868.76/£1 compared with the previous day’s rate of N1,859.98/£1 and against the Euro, it weakened by N1.95 to settle at N1,557.13/€1, in contrast to Thursday’s closing price of N1,555.18/€1.

At the parallel market, the Nigerian currency improved its value further against the US Dollar on Friday by N5 to sell for N1,565/$1 compared with the preceding session’s N1,570/$1.

As for the cryptocurrency market, it slumped yesterday after the US Bureau of Labor Statistics said the country’s economy added 143,000 jobs in January, below the forecast 170,000 and down from 256,000 in December.

Ethereum (ETH) declined by 4.5 per cent to sell at $2,615.76, Cardano slumped 4.3 per cent to trade at $0.6949, Litecoin (LTC) depreciated by 1.9 per cent to settle at $103.35, Dogecoin (DOGE) fell by 1.7 per cent to $0.2476, Solana (SOL) recorded a 1.4 per cent loss to close at $193.39, Bitcoin (BTC) depleted by 1.2 per cent to $96,138.53, and Binance Coin (BNB) went down by 1.1 per cent to quote at $578.78.

On the flip side, Ripple (XRP) gained 1.8 per cent to trade at $2.36, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat $1.00 each.

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Economy

Oil Prices up on Fresh Iran Crude Export Sanctions

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Crude Oil Prices

By Adedapo Adesanya

Oil prices went up on Friday after new sanctions were imposed on Iran’s crude exports, with Brent crude futures expanding by 37 cents or 0.5 per cent to $74.66 per barrel, and the US West Texas Intermediate (WTI) crude futures growing by 39 cents or 0.55 per cent to $71.00 a barrel.

However, for the week, prices were down by 2 per cent as investors worried about US President Donald Trump’s renewed trade war with China and threats of tariffs on other countries.

Reports of planned tariffs from the Trump administration reined in gains following the sanctions announced on Thursday.

The American president on Friday said he plans to announce reciprocal tariffs on many countries by Monday or Tuesday of next week.

President Trump did not identify which countries would be hit but suggested it would be a broad effort that could also help solve US budget problems.

However, Mr Trump’s Commerce secretary nominee Howard Lutnick voiced concerns about India’s high tariff rates, while US Trade Representative nominee Jamieson Greer discussed US complaints about Vietnam’s and Brazil’s tariffs and trade barriers.

He had earlier announced a 10 per cent tariff on Chinese imports as part of a broad plan to improve the US trade balance, but suspended plans to impose steep tariffs on Mexico and Canada.

But market analysts noted that this could be a major escalation of his offensive to tear up and reshape global trade relationships in the US favour.

On Thursday, it imposed new sanctions on a few individuals and tankers helping to ship millions of barrels of Iranian crude oil per year to China as it intensified war against Iran.

Iran’s President, Mr Masoud Pezeshkian, called on its fellow members in the Organisation of the Petroleum Exporting Countries (OPEC) to stand united against ‘destabilizing’ US sanctions, meeting with OPEC Secretary General Khaitam al-Ghais as the country assumes the rotating presidency of the organisation.

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