The National Bureau of Statistics (NBS) says Nigeria’s total merchandise trade stood at N11,722.44 billion in the fourth quarter of 2022.

This is according to the NBS Foreign Trade in Goods Statistics Report for Q4 2022 released in Abuja on Friday.

The NBS said total exports stood at N6,359.61 billion and total imports stood at N5,362.83 billion.

The report said on an annual basis, total trade was N52,387.30 billion, total imports amounted to N25,590.55 billion, and total exports were recorded at N26,796.75 billion.

It said total exports increased in Q4 2022 by 7.17 per cent and 10.28 per cent when compared to the amount recorded in Q3 2022 at N5,934.15 billion and Q4 2021 at N5,766.62 billion, respectively.

The report, however, said total imports declined by 15.46 per cent in Q4 2022 compared to the value recorded in Q3 2022 at N6,343.53 billion.

“Total imports also fell by 9.73 per cent when compared to the value recorded in the fourth quarter of 2021 at N5,940.58 billion,” it said.

The NBS said re-exports value in the quarter under review stood at N199.59 billion representing 3.14 per cent of total exports.

The report said the top five re-export destinations were Namibia, Equatorial Guinea, Cameroun, Ghana and Togo.

It said the most re-exported commodity was ‘‘Floating or submersible drilling or production platforms recorded at N142.02 billion.

“This was followed by ‘cruise ships and similar vessels for the transport of persons or goods worth 500 tonnes valued at N14.78 billion.

“Followed by this was refrigerated vessels, other than those of subheading 8901.20, of a capacity of 500 tonnes amounting to N13.16 billion.”

The report said the top five export destinations in Q4 2022 were Spain, Netherlands, India, France, and Indonesia accounting for 9.70 per cent, 9.03 per cent, 7.71 per cent, 7.70 per cent, and 7.44 per cent, respectively, of total exports.

“Altogether, exports to the top five countries amounted to 41.59 per cent of the total value of exports,” NBS stated.

It said the commodity with the largest export values in the period under review was ‘‘Petroleum oils and oils obtained from bituminous minerals, crude’ at N4,911.92 billion representing 77.24 per cent”.

“This was followed by ‘Natural gas, liquefied’ at N704.88 billion accounting for 11.08 per cent, and ,’Urea, whether or not in aqueous solution’ at N160.56 billion or 2.52 per cent of total exports.”

In terms of imports, the report said in Q4 2022, China, Belgium, India, The Netherlands and the USA were the top five countries of origin of imports to Nigeria.

It said the values of imports from the top five countries amounted to N2,993.67 billion representing a share of 55.82 per cent of the total value of imports.

“The commodities with the largest values of imported products were Motor Spirit Ordinary at N1,558.49 billion, Gas Oil at N220.47 billion, and Durum Wheat (not in seeds) at N187.96 billion.

The Road Transport Association of Nigeria (RTEAN) has expressed optimism that the emergence of Sen. Bola Tinubu as President-elect of Nigeria would usher in progress and development in the country.

The Executive National President of RTEAN, Dr Musa Maitakobi, stated this in a congratulatory message to Tinubu, issued by the association’s Deputy National President in charge of Administration, Amb. Muhammed Bishara, on Sunday in Abuja.

Maitakobi said Tinubu would transform Nigeria like he had done in Lagos State between 1999 to 2007, where he demonstrated a consistent fidelity to progressive and welfarist ideals, and an ability to build bridges across several divides.

He urged candidates in the various parties in the just-concluded Presidential and National Assembly elections to accept the outcome of the election in good faith.

He stressed the need for both the contestants and their supporters to keep their minds open and be ready to take whatever be the outcome of the presidential and National Assembly polls.

Similarly, Maitakobi enjoined members of the association and the Nigerian youths to remain law abiding and eschew conducts capable of leading to disturbance of public peace.

He also appealed to religious, traditional leaders and principals of schools and NGOs to join RTEAN in sensitizing the youths against embarking on any criminal act that might destroy their future.

Maitakobi, who commended President Muhammadu Buhari and the Independent National Electoral Commission (INEC) for the smooth conduct of the elections, described the voting process as good and well arranged.

He added that the deployment of technology has made the elections different from previous ones.

Maitakobi also commended the effort of the Nigeria Police Force, alongside other security agencies deployed for election security management, for their commitment to ensuring a secured electioneering process in the country.

He also applauded the security agencies for exhibiting neutrality during the presidential and national assembly elections in the country.

According to him, reports from different parts of the country indicated that the Armed forces of Nigeria had kept to its promise and indeed not only that they were apolitical, but collaborated with other security agencies.

“The RTEAN National President, on behalf of the National Executive, Zonal Coordinators and State Coordinators of the organization, wishes to convey RTEAN’s heartfelt congratulations to Sen. Ahmed Tinubu, on his election as President of the Federal Republic of Nigeria under the platform of the All Progressive Congress (APC).

“We are very optimistic that the emergence of Tinubu as President-elect of Nigeria would usher in progress and development in the country as he had done in Lagos State from 1999 to 2007 where he demonstrated a consistent fidelity to progressive and welfarist ideals, and an ability to build bridges across several divides.

“We also congratulated Sen. Kashim Shettima on his declaration as Vice President-Elect of the Federal Republic of Nigeria.”

Prof. Emmanuel Fasakin, the outgoing Rector of the Federal Polytechnic, Ile Oluji, Ondo State, says that Nigeria cannot develop without polytechnic education.

Fasakin stated that if polytechnic education was scrapped the country would be doomed, pointing out that the bedrock of industrialisation was polytechnic.

The outgoing rector, who spoke on Sunday in Akure at the launching of his memoir to mark the end of a successful two-term tenure as the pioneer rector of the polytechnic, explained that it was polytechnic education that would produce manpower needed in factories.

The book is entitled: “Beyond the Ordinary: The Journey of My Life and Experience at Federal Polytechnic, Ile Oluji.”

Fasakin said that Nigeria should not rely on manpower from outside the country for its industries to survive.

According to him, abolishing polytechnic education is tantamount to suicide.

He, therefore, asked the Nigerian government to provide conducive and enabling environment for Nigerian citizens to work and thrive in their respective academic endeavours.

Fasakin noted that Nigerian scholars were leaving the shores of the country to where their potential would be harnessed and well remunerated.

On his memoir, he said that he documented the book to tell his life story so that people that wanted to be transformational leaders and pioneers of institutions could know challenges and proffer solutions to them.

Fasakin said that he had laid a good foundation in the institution in terms of infrastructure, human development through team work and provided transformational leadership.

The outgoing rector stated that the institution, which took off in 2015, was ranked among the best in Nigeria, running the Ordinary National Diploma (OND) and Higher National Diploma (HND) programmes.

Also speaking, the guest lecturer, Prof. Igbekele Ajibefun, described Fasakin as humble, hardworking and diligent.

Ajibefun, a former Vice Chancellor of the Adekunle Ajasin University, Akungba Akoko, Ondo State, said that the outgoing rector had been able to develop the polytechnic as an institution admired by all.

According to him, through Fasakin, the institution has been put on the right path in pursuing its mission and vision.

He added that within eight years of the institution’s establishment, the polytechnic had overtaken its three other contemporaries.

“Prof. Fasakin has provided exemplary leadership, working with stakeholders to develop it to an enviable institution of today.

“It is very obvious that Fasakin has guided the core values of the institution.

“The polytechnic will rank among the best three in Nigeria in future going by the foundation laid by Fasakin,” he stated.

Ajibefun implored the nation’s leadership to give total autonomy to higher institutions for better results.

He said that bad leadership had caused grave havoc to education system in the country.

Also, Prof. Adebisi Balogun, the Chairman of the occasion said that Fasakin had made the polytechnic a beauty where teaching and learning were taking place.

Balogun asked the incoming rector to build on the good foundation laid by the pioneer rector.

Others at the occasion are were Gov. Oluwarotimi Akeredolu, represented by his Chief of Staff, Chief Gbenga Ale and a former Deputy Governor of the state, Alhaji Ali Olanusi.