Economy
Nigeria Records N71.88trn Trades, N44.77bn Trade Surplus in 2023
By Adedapo Adesanya
In the whole of 2023, the total trade value carried out by Nigeria was N71.88 trillion, about 37 per cent higher than the N52.38 trillion recorded in 2022, the National Bureau of Statistics (NBS) revealed on Friday in its Foreign Trade in Goods Statistics (Q4 2023) Repor.
This report stated that the total trade value, made up of imports and exports, comprised total imports of N35.92 trillion, and total exports of N35.96 trillion, resulting in a trade surplus of N44.77 billion.
In the fourth quarter of 2023, the country’s total trade stood at N26.8 trillion of which total exports stood at N12.69 trillion and total imports amounted to N14.11 trillion, translating to a trade deficit of N1.42 trillion.
However, total exports increased in the fourth quarter by 22.7 per cent and 99.6 per cent when compared with the amount recorded in the third quarter of 2023 (N10.35 trillion) and the corresponding quarter in 2021 (N6.36 trillion), respectively.
In the same vein, total imports increased by 56.0 per cent in the fourth quarter of 2023 compared to the value recorded in the third quarter of the year (N9.04 trillion) and surged by 163.1 per cent when compared with the value recorded in the corresponding quarter of 2021 (N5.36 trillion).
The NBS report showed that the re-export’s value in the quarter under review stood at N50.91 billion representing 0.4 per cent of total exports.
The top five re-export destinations were Malaysia, Equatorial, Cameroun, Italy, Ghana, and the Netherlands while the most re-exported commodity was ‘Vessels and other floating structures for breaking up’ with N13.67 billion, this was followed by ‘Mechanically propelled vessels for the transport of goods, gross tonnage > 500 tonnes’ valued at N6.76 billion and ‘Other machinery of heading 84.30, not self-propelled’ amounting to N6.26 billion.
The top five export destinations in the fourth quarter of 2022 were the Netherlands with N1.9 trillion, India with N1.1 trillion, Spain with N1.03 trillion, Canada with N907.6 billion, and France with N799.8 billion accounting for 15.1 per cent, 8.7 per cent, 8.1 per cent, 7.2 per cent and 6.3 per cent respectively of total exports.
Altogether, exports to the top five countries amounted to 45.3 per cent of the total value of exports.
The commodity with the largest export values in the period under review was ‘Petroleum oils and oils obtained from bituminous minerals, crude’ with N10.3 trillion representing 81.2 per cent, followed by ‘Natural gas’ with N1.02 trillion accounting for 8.0 per cent, and ‘Urea, whether or not in aqueous solution’ with N251.9 billion or 1.98 per cent of total exports.
In terms of Imports (CIF), in the fourth quarter of 2023, Singapore, China, Belgium, India, and the United States of America were the top five countries of origin of imports to Nigeria.
The value of imports from the top five countries amounted to N9.7 trillion representing a share of 68.9 per cent of the total value of imports. The commodities with the largest values of imported products were ‘Tanks and other armoured fighting vehicles, motorized, whet’ worth N5.1 billion, ‘Motor Spirit Ordinary’ (N1.8 trillion), and ‘Gas Oil’ (N1.2 trillion).
By Adedapo Adesanya
Three securities lifted the NASD Over-the-Counter (OTC) Securities Exchange by 1.38 per cent on Friday, July 3, with the NASD Security Index (NSI) up by 58.80 points to 4,307.26 points from 4,248.46 points, and the market capitalisation closing higher by N35.30 billion to N2.585 trillion from N2.549 trillion.
The price gainers were led by 11 Plc, which expanded by N20.05 to close at N220.55 per share compared with the previous day’s N200.50 per share, FrieslandCampina Wamco Nigeria Plc increased by N5.36 to N151.82 per unit from N146.46 per unit, and Central Securities Clearing System (CSCS) Plc appreciated by N3.52 to N90.74 per share from N87.22 per share.
Yesterday, the value of transactions surged by 1,431.2 per cent to N160.1 million from the preceding session’s N10.5 million, and the volume of trades rose by 303.7 per cent to 1.8 million units from 440,653 units, while the number of deals decreased by 34.4 per cent to 21 deals from 32 deals.
Great Nigeria Insurance (GNI) Plc was the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 70.7 million units transacted for N4.9 billion.
GNI Plc was also the most traded stock by volume on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infracredit Plc with 2.3 billion units exchanged for N6.5 billion, and Resourcery Plc with 1.1 billion units traded for N415.7 million.
By Dipo Olowookere
The losing streak on the Nigerian Exchange (NGX) Limited was halted on Friday after the bourse closed higher by 2.19 per cent at the close of trading activities.
The gains reported by Nigerian stocks were buoyed by renewed bargain-hunting by investors, which resulted in all the key sectors of Customs Street ended in the green territory.
The banking space rose by 2.78 per cent, the insurance counter appreciated by 1.26 per cent, the energy segment expanded by 0.36 per cent, the consumer goods index chalked up 0.06 per cent, and the industrial goods sector grew by 0.05 per cent.
Consequently, the All-Share Index (ASI) went up by 4,918.37 points to 229,240.34 points from 224,321.97 points, and the market capitalisation increased by N3.156 trillion to N147.103 trillion from N143.947 trillion.
Investor sentiment was bullish after 34 stocks ended on the price gainers’ chart and 18 stocks finished on the losers’ log, representing a positive market breadth index.
The quintet of The Initiates, Universal Insurance, DAAR Communications, Omatek, and Airtel Africa surged by 10.00 per cent to sell for N25.85, 88 Kobo, N1.65, N1.76, and N5,274.00, respectively.
On the flip side, International Energy Insurance lost 9.96 per cent to trade at N4.70, Meyer shed 9.95 per cent to close at N18.55, Veritas Kapital dropped 5.07 per cent to finish at N1.31, Fidelity Bank slipped by 2.17 per cent to N18.00, and Jaiz Bank crashed by 1.84 per cent to N28.12.
During the session, a total of 414.7 million equities worth N25.1 billion exchanged hands in 47,106 deals compared with the 855.4 million equities valued at N28.4 billion transacted in the preceding day in 51,609 deals, implying a contraction in the trading volume, value, and number of deals by 51.52 per cent, 11.62 per cent, and 8.73 per cent, respectively.
By Adedapo Adesanya
The Naira closed flat against the United States Dollar at N1,370.19/$1 in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Friday, July 3.
However, it appreciated against the Pound Sterling in the same market segment by N2.29 to settle at N1,829.88/£1 compared with the previous day’s N1,832.17/£1, and marginally depreciated against the Euro by 4 Kobo to close at N1,568.32/€1 versus Thursday’s closing price of N1,568.28/€1.
At the parallel market, the Naira also traded flat against the US Dollar at N1,390/$1, and at the GTBank forex desk, it also maintained stability at N1,832/$1.
Market conditions improved shortly after the following minimal intervention by the Central Bank of Nigeria (CBN) through modest Dollar sales, which boosted liquidity and supported stronger trading activity.
Easing pressure came after half-year profit-taking tapered down, while continued stronger policy signals from the central bank add to near-term support.
Deals executed at the official market on Friday came in at $70.430 million across 82 interbank deals, from $85.517 million the previous day.
Meanwhile, the cryptocurrency market continued its recovery after June non-farm payrolls printed at 57,000, less than half the 113,000 consensus, sending the implied probability of a September Federal Reserve rate hike from 64 per cent to 54 per cent and dragging AI stocks sharply lower.
Weak labour data reduces inflationary pressure and, by extension, the Federal Reserve’s justification for holding rates elevated. That transmission mechanism is direct: lower rate-hike odds compress the opportunity cost of holding non-yielding assets like crypto.
Bitcoin regained the $62,000 mark after it rose by 1.3 per cent to $62,475.29.
Cardano (ADA) gained 6.6 per cent to trade at $0.1759, Ripple (XRP) appreciated by 3.5 per cent to $1.14, Ethereum (ETH) expanded by 2.4 per cent to $1,756.82, Dogecoin (DOGE) improved by 2.1 per cent to $0.0768, Solana (SOL) chalked up 1.8 per cent to $82.65, TRON (TRX) increased by 1.5 per cent to $0.3235, and Binance Coin (BNB) soared by 1.4 per cent to $569.12, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 apiece.
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