Economy
Nigeria Grows Total Trade by 14% to N36.2trn in 2019
By Adedapo Adesanya
Nigeria’s total trade rose by 14 percent in 2019 as the country recorded a total of N36.2 trillion in both its import and export for the year.
This was disclosed in the Foreign Trade in Good Statistics for the fourth quarter released on Friday by the National Bureau of Statistics (NBS), where it showed that there were higher exports value than imports in the year despite imports recording a higher rate.
In the year 2019, there was a total of N19.2 trillion in exports while total imports stood at N16.9 trillion, resulting in a trade balance of N2.3 trillion.
According to the country’s statistical authority, imports rose by 28.8 percent in 2019 over 2018 while exports rose by only 3.6 percent and the trade balance was 58.4 percent less than what was published in 2018.
In the fourth quarter of 2019, the value of total trade was N10.1 trillion, or 10.2 percent higher than the value recorded in quarter three, 2019 and 25.9 percent higher than in quarter four, 2018.
According to the NBS report, Nigeria’s merchandise trade grew in Q4 2019 but imports rose faster, exceeding falling exports.
It stated in the report that the increase in imports recorded during the year led the nation to record a first negative trade balance in almost three years.
“The faster increase in imports resulted in a negative trade balance of N579.06 billion during the quarter under review, the first since mid- 2016,” the report said.
It was disclosed that the value of the export component totalling N4.8 trillion, fell by 9.8 percent compared to Q3 2019 but rose by 7.1 percent when compared with Q4 2018.
On the other hand, the import, with a total of N5.3 trillion increased by 37.2 percent in last year’s fourth quarter compared to Q3 2019 and 49.3 percent against the fourth quarter of 2018.
Giving a further break down of imports, the NBS report stated that, “The value of imported agricultural goods decreased by 2.8 percent in quarter four, 2019 compared to quarter three, but rose 6.6 per cent compared to the corresponding quarter in 2018.
“The value of agricultural imports in 2019 was 12.7 percent higher than in 2018.
“Raw material imports were 1.63 percent higher in quarter four, 2019 compared to quarter three and 8.47 percent higher compared to quarter four, 2018.
“Imports of raw materials grew 19.2 percent in 2019 compared to 2018,” it said.
The report also said that solid minerals imports decreased in value by 6.98 percent in quarter four, 2019 relative to quarter three, 2019 but were higher by 5.11 percent relative to quarter four, 2018.
However, the value of solid minerals imports rose by 28.1 percent in 2019 compared to 2018.
The NBS said that the value of imported manufactured goods was 40.74 percent higher in quarter four, 2019 than the level attained in quarter three 2019 and 77.50 percent more than in quarter four, 2018.
The report noted that this was due to the importation of other electrodiagnostic apparatus during the last quarter of the year.
It added that for 2019, the value of imported manufactured goods imports was 60 percent higher than in 2018.
According to the report, the value of energy goods imports decreased by 65.27 percent in quarter four, 2019 compared to quarter three, 2019 and by 75.86 percent compared to quarter four of 2018.
It added that for 2019, the value of energy goods imports fell by 56.2 percent compared to 2018.
On other oil products imports, the NBS said that they were 60.59 percent higher in value in quarter four, 2019 than in quarter three and 2.11 percent higher than quarter four, 2018.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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