Economy
Nigeria’s Non-Oil Exports Drop 0.09% to $2.54bn in Six Months
By Adedapo Adesanya
The Nigerian Export Promotion Council (NEPC) has disclosed that Nigeria’s non-oil exports in the first half of 2023 went down by 0.09 per cent to $2.539 billion.
This was disclosed by the Executive Director of NEPC, Mr Yakusak Ezra, in Abuja at the presentation of the first half-year progress report on the non-oil export performance for 2023.
Mr Yakusak said that the sector recorded a dip in the value of export due to the general elections and changes in global economic conditions.
According to him, the non-oil export returns from the various pre-shipment inspection agents indicated that 3,944,344.17 metric tonnes of products worth $2.539 billion were exported between January and June 2023.
“From these figures, it is apparent that a slight decrease of 0.09 per cent was recorded in the period under review.
“The reasons for this slight decrease could be attributed to but not limited to the general election held in February/March 2023 and subsequent transition in government, which might have likely affected economic activities.
“Also changes in global economic conditions such as a slowdown in global demand or decline in commodity prices which might have negatively impacted non-oil export performance,’’ the NEPC chief said.
He said that 224 different products were exported in the period under review ranging from manufactured, semi-processed, solid minerals to agricultural commodities.
According to him, of the top 15 products exported in the first half-year of 2023, urea, cocoa beans, cashew nut/kernels, sesame seed, and soya beans/meal were top on the list.
He added that a total of 1,058,791.27 metric tonnes of products worth 175.476 million dollars which amounts to 6.91 per cent of the total export value, were exported to 13 Economic Community of West African States (ECOWAS) countries.
“A total of 859 companies participated in the non-oil export trade in the period under review.
“It is worthy to note that Indorama-Eleme Fertiliser and Chemical Ltd took the lead with 282,553,286.15 million dollars in value terms while Dangote Fertiliser Ltd recorded the second-highest value of 199,871,962.29 dollars respectively,’’ he said.
Mr Yakusak said that 30 banks participated in the issuance of the Nigeria Export Proceed Forms (NXPs) for the first half-year of 2023, with Zenith Bank PLC processing the highest NXPs value at 38.11 per cent.
He said that United Bank of Africa (UBA) Plc and First Bank of Nigeria had 10.50 per cent and 9.87 per cent, respectively.
Mr Yakusak, however, expressed concern that the volume of inter-African trade was still very low.
“This is glaring considering the fact that no African country made it to the top 15 importers of Nigerian products.
“164, 748.75 metric tonnes of products valued at $55.085 million were exported to various African countries.
“This amounts to 2.17 per cent of the total export value recorded between January and June 2023.
“This is quite insignificant compared to products valued at 252,056,554.18 dollars imported by Vietnam alone, which constitute 9.93 per cent of the total export value recorded within the same period,’’ he said.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited sank deeper by 0.06 per cent on Thursday on the back of sustained profit-taking, particularly in the banking, energy and consumer goods sectors.
Business Post reports that the N4 per share dividend declared by Zenith Bank for the 2024 fiscal year yesterday could not trigger bargain-hunting as investor sentiment was weak.
It was observed that 22 stocks ended on the gainers’ chart and 28 stocks finished on the losers’ table, representing a negative market breadth index.
John Holt lost 10.00 per cent to trade at N7.74, Chams declined by 8.52 per cent to N2.04, Secure Electronic Technology shed 8.47 per cent to close at 54 Kobo, May and Baker slipped by 7.95 per cent to N8.10, and UPDC stumbled by 6.90 per cent to N2.70.
However, The Initiates gained 9.85 per cent to settle at N4.46, Mutual Benefits grew by 9.09 per cent to 96 Kobo, Universal Insurance climbed higher by 9.09 per cent to 60 Kobo, Royal Exchange rose by 8.99 per cent to 97 Kobo, and Learn Africa increased by 8.14 per cent to N3.32.
The insurance index was up during the session by 0.09 per cent, and the industrial goods counter marginally closed higher by 0.01 per cent, while the commodity sector was flat.
But, the banking space went down by 0.96 per cent, the energy industry depreciated by 0.35 per cent, and the consumer goods sector declined by 0.20 per cent.
As a result, the All-Share Index (ASI) contracted by 59.87 points to 105,426.12 points from 105,485.99 points, and the market capitalisation depleted by N38 billion to N66.110 trillion from N66.148 trillion.
A total of 423.6 million shares worth N9.2 billion were transacted in 11,393 deals on Thursday versus the 5.8 billion shares valued at N342.6 billion bought and sold in 10,908 deals on Wednesday, showing a rise in the number of deals by 4.45 per cent, and a fall in the trading volume and value by 92.65 per cent, and 97.32 per cent apiece.
The activity log was topped by Access Holdings with 65.0 million equities for N1.4 billion, Zenith Bank sold 41.5 million stocks for N2.0 billion, Fidelity Bank transacted 40.7 million shares worth N773.2 million, Secure Electronic Technology traded 38.4 million stocks valued at N20.8 million, and Tantalizers exchanged 31.5 million equities worth N89.9 million.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) has launched a locally developed portal to enhance trade transparency, efficiency, and compliance.
The portal, called B-Odogwu, will provide a unified system for stakeholders, including shippers, terminal operators, and traders, to access and manage their information system.
According to a statement, the Comptroller Kano/Jigawa Command, Dalhat Abubakar, unveiled the program in Kano on Tuesday and described it as a safer, faster, and indigenous-owned system designed by the NCS for easy transactions.
He said the introduction of the B-Odogwu system was a significant step towards achieving a single National entry window and promoting transparency in trade facilitation.
According to him, “The new system is designed to ensure reliability, transparency, and compliance in trade facilitation.”
Mr Abubakar, however, stressed that the NCS has demonstrated competence and dedication in transitioning from service providers to the new system.
He added that the key features and benefits of the B-Odogwu system include faster processing and reduced downtime, enhanced reliability, and transparency.
Other benefits are improved compliance and reduced lack of compliance, a single national entry window with a single data movement, and trade facilitation and transparency.
He disclosed that “The NCS has commenced training for terminal operators, shippers, traders, and licensed agents to ensure a smooth transition to the new system.”
He further stated that “Over 16,000 declarations have been made on the B-Odogwu system since its introduction in January 2025.”
By Dipo Olowookere
The much-awaited listing of shares of the Nigerian National Petroleum Company (NNPC) Limited may happen soon as the state-owned oil agency has expressed its readiness to join the nation’s capital market.
At a consultative meeting with partners at the NNPC Towers, Abuja, on Thursday, the Chief Finance and Investor Relations Officer (CFIO) of the NNPC, Mr Olugbenga Oluwaniy, said the process of listing on the Nigerian Exchange (NGX) Limited is at the final stage.
The NNPC is required to make its stocks available to members of the public based on the provisions of the Petroleum Industry Act (PIA) 2021.
The PIA provides for the NNPC Ltd to list its shares in the capital market in line with the provisions of the Company and Allied Matters Act (CAMA) 1990.
This exercise should have happened, but it has been delayed, but with the latest information, the wait may soon be over.
Mr Oluwaniyi, via a statement today by the company’s Chief Corporate Communications Officer, Mr Olufemi Soneye, disclosed that NNPC was currently engaging with prospective partners in an exercise tagged NNPC Ltd. IPO Beauty Parade in line with capital market regulations before the commencement of the Initial Public Offer (IPO).
According to the CFIO, the aim of the IPO Beauty Parade is to access potential partners and determine in what ways they could be of support to the company.
He listed the areas of partnership required to include Investor Relations, IPO Readiness Advisers, and Investment Bank Partners, noting that the organisation with the best offer in terms of project partnership would be selected for each of the three categories.
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