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Economy

Petrol Importation Gulps N1.199trn in Three Months

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petrol importation

By Adedapo Adesanya

Nigeria spent N1.199 trillion on the importation of Premium Motor Spirit (PMS), also known as petrol, in three months, between July and September 2022, according to data released by the National Bureau of Statistics (NBS).

The NBS, in its Foreign Trade Statistics for the third quarter of 2022, disclosed that fuel import for the period July to September 2022 jumped by 16.9 per cent compared with N1.026 trillion spent to import the commodity in the same period in 2021.

The NBS revealed that in the third quarter of 2022, the petrol importation bill was the highest in recent times, compared to N883.565 billion, N371.8 billion, and N532.615 billion spent to import the commodity in the same quarter in 2018, 2019, and 2020, respectively.

The statistics agency noted that petrol imports accounted for 21.2 per cent of Nigeria’s total imports in the third quarter of 2022, compared to 7.7 per cent of total imports in the same quarter in 2021; while in the third quarter of 2020, 2019 and 2018, fuel import accounted for 7.7 per cent, 7.0 per cent, 9.5 per cent and 20.97 per cent, respectively.

Nigeria’s total imports, according to the NBS, in the third quarter of 2022 was N5.664 trillion, compared with N13.241 trillion, while total imports in the same quarter in 2018, 2019 and 2020, respectively, were N4.214 trillion, N3.899 trillion, and N7.593 trillion.

Furthermore, the NBS disclosed that premium motor spirit ranked top among Nigeria’s total imports in the quarter under review, followed by gas oil with N261.595 billion spent on its importation, accounting for 4.62 per cent of total import; while durum wheat imports gulped N252.621 billion, ranking as the third most imported commodity, and accounting for 4.42 per cent of total imports.

Kerosine-type jet fuel, also known as aviation fuel, ranked fourth, as it gulped N93.032 billion of Nigeria’s foreign exchange, accounting for 1.64 per cent of total imports; while used vehicles imports accounted for 1.60 per of total imports, with N90.776 billion, making it to rank the fifth most imported commodity.

Other high-ranking imports were motorcycles, with N59.856 billion, accounting for 1.06 per cent of total imports; filters accounted for 1.05 per cent of total imports, with N59.322 billion; while medicaments import gulped N48.74 billion and accounted for 0.86 per cent of total imports.

Polypropylene import accounted for 0.77 per cent of total imports, with N43.524 billion; gas turbine parts accounted for 0.67 per cent of total imports, with N38.073 billion, while lubricating oil import gulped N33.933 billion, accounting for 0.66 per cent of total import for the third quarter of 2022.

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

IGP Orders Arrest, Prosecution of Sellers of Naira

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sellers of Naira

By Aduragbemi Omiyale

The Inspector General of Police (IGP), Mr Usman Alkali Baba, has directed the Deputy Inspector-General of Police in charge of the Force Criminal Investigations Department and the Assistant Inspector-General of Police in charge of the Force Intelligence Bureau to begin the arrest and prosecution of sellers of Naira, as well as the abusers.

In a statement on Friday by the spokesman of the Nigeria Police Force (NPF), Mr Olumuyiwa Adejobi, the police chief said violators would not be spared.

He said efforts would be made to enforce the Central Bank of Nigeria (CBN) Act as the country boils over the swapping of the old banknotes for new ones.

There had been a scarcity of cash in many parts of the country over the Naira redesign policy of the central bank.

There have been reports of people buying the new currency notes at exorbitant rates, triggering anger in some places.

But the statement from the police today said, “In furtherance of the federal government’s policy and drive to uphold the provisions of the CBN Act, 2007, and dignify Nigeria’s currency,” the IGP has ordered the placement of place officers and men of the department and the bureau across the nation “on high alert and to carry out the arrest, and subsequent prosecution of all individuals engaged in the sale or abuse of the Naira notes issued by the CBN.”

“The IGP has similarly charged all supervisory Assistant Inspectors-General of Police and Commissioners of Police in charge of police commands and formations to carry out full enforcement of the provisions of Sections 20 and 21 of the Central Bank of Nigeria Act, 2007, which criminalises, amongst other things, the hawking, selling or otherwise trading, spraying of, dancing or matching on the Naira notes, falsifying or counterfeiting of bank notes, refusal to accept the Naira as a means of payment, tampering with the coin or note issued by the CBN,” the statement added.

It said Mr Baba has reiterated the mandate of the police “to enforce all laws and regulations without any prejudice to the enabling Acts of other security agencies and urged all and sundry to cooperate with the NPF as it brings the long arm of the law to bear upon all violators of the provisions of the CBN Act, and other extant statutes in Nigeria, with a view to having a well-policed society in all ramifications within the country.”

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Economy

Employment Growth Quickens Amid Efforts to Deal With Workloads

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Manufacturing Activities PMI

The Nigerian private sector registered a slight loss of growth momentum in January, with output and new business rising further markedly, though at softer rates than at the end of 2022.

On a more positive note, firms raised employment at the fastest pace since June 2018 as part of efforts to complete work on time.

On the price front, rates of inflation of input costs and output prices softened in January but remained elevated.

Analysis by Stanbic IBTC Bank showed that the headline figure derived from the survey is the Purchasing Managers’ Index (PMI®).

Readings above 50.0 signal an improvement in business conditions in the previous month, while readings below 50.0 show a deterioration. The headline PMI dipped to 53.5 in January from 54.6 in December. Although still signalling a solid monthly strengthening of the private sector and the thirty-first in consecutive months, the rate of improvement was the softest since August 2022.

Business activity increased at a much slower pace at the start of the year, despite the rate of growth remaining marked. The latest rise was the weakest in five months. Demand continued to improve, but some firms reported a moderation in customer numbers.

Activity increased across each of the four broad sectors covered by the survey. The rate of expansion in new business also softened in January but remained sharp nonetheless, again reflecting higher demand from customers.

A desire to try and complete projects on time led companies to ramp up their hiring activities at the start of the year. Employment increased at a solid pace that was the fastest since June 2018.

Despite expanded staffing levels, backlogs of work increased for the first time in three months. Firms reported having been hindered by issues with machinery and power supply.

Higher workloads and positive expectations regarding the outlook for activity led companies to expand their purchasing activity sharply again, with the rate of growth unchanged from December. In turn, stocks of purchases also rose further. Efforts to secure inputs were helped by improving supplier performance.

Competition among vendors, quiet road conditions and prompt payments all contributed to a shortening of delivery times, one that was the most pronounced in four months. The rate of input cost inflation softened for the second month running in January, and was at a one-year low.

The slowdown in overall cost inflation largely reflected a softer rise in purchase prices, albeit one that was still substantial. Purchase costs increased on the back of rising fuel and raw material costs, exacerbated by currency weakness.

Meanwhile, staff costs rose at the fastest pace in 11 months as companies increased pay in line with higher living costs. Output price inflation also remained elevated as higher cost burdens were passed on to customers.

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Economy

NASD OTC Market Appreciates by 0.95%

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NASD Market capitalisation

By Adedapo Adesanya

The duo of FrieslandCampina WAMCO Nigeria Plc and Central Securities Clearing System (CSCS) Plc buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.95 per cent on Thursday, February 2.

They lifted the market capitalisation of the bourse by N8.80 billion to settle at N940.51 billion compared with the previous day’s N931.71 billion. They also raised the NASD Unlisted Securities Index (NSI) by 6.70 points to wrap the session at 715.76 points compared with 709.06 points recorded in the previous session.

During the session, the price of FrieslandCampina went up by N3.23 to settle at N68.06 per unit, in contrast to the previous day’s N64.83 per unit, while CSCS Plc appreciated by 50 Kobo to sell at N13.50 per share compared with the preceding session’s N13 per share.

The volume of transacted stocks decreased by 4.3 per cent to 261,439 units from the 273,038 units traded in the preceding session. However, the value of shares traded went higher by 38.9 per cent to N15.7 million from N11.3 million, while the number of deals recorded an improvement, as it grew by 300 per cent to 20 deals from five deals on Tuesday.

Business Post reports that there was no price loser at the session.

Geo-Fluids finished the day as the most traded stock by volume on a year-to-date basis with 321.2 million units worth N317.2 million, UBN Property Plc stood in second place with 35.8 million units valued at N25.8 million, while FrieslandCampina Wamco Nigeria Plc was in third place with 2.4 million units valued at N159.4 million.

Geo-Fluids Plc also maintained its summit position as the most active stock by value on a year-to-date basis, with 321.2 million units sold for N317.2 million, FrieslandCampina WAMCO Group Plc was in second place with 2.4 million units valued at N159.4 million, while VFD Group Plc was in third place for trading 561,810 units for N137.0 million.

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