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Nigeria’s total trade for Q4 2022 stood at N11.722bn – NBS

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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.

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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.

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“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”.

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“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.

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Tinubu Should Review RECs Appointment – Ex-INEC Chairman, Jega

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A former Chairman of the Independent National Electoral Commission (INEC), Attahiru Jega, has called on President Bola Tinubu to review the appointments of the commission’s Resident Electoral Commissioners (RECs).

Jega said Tinubu should review their appointments due to concerns that some of the RECs are partisan.

About a month ago, Tinubu had nominated 10 RECs, with the Senate confirming their appointments.

However, some of the RECs have been accused of being involved in partisan politics.

Reacting to the criticisms, Jega said the non-review of their appointment sends the wrong signal.

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Featuring on Channels Television’s Politics Today on Monday, Jega said: “I think there is no doubt that if the President were listening, my advice would be to immediately review the appointment of the Resident Electoral Commissioners that was passed by the Senate recently.

“It’s very, very important because clearly, not only does it send a wrong signal about the government’s intention to improve the integrity of elections, it also suggests, you know, that there is indifference with regards to protecting the independence and impartiality of the election management body.

“I would want to believe that Mr President was either misinformed or is not really furnished with all the necessary details with regards to these appointments.”

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No Student Will Drop Out While I Am President – Tinubu

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Bola Tinubu

President Bola Tinubu has assured of his commitment towards ensuring that no student drops out of tertiary institution over inability to pay fees.

Tinubu said his administration would ensure educational institutions get the necessary resources to carry out their responsibilities.

He spoke during the 33rd convocation ceremony of the Federal University of Technology, Akure (FUTA) in Ondo State on Saturday.

Represented by Professor King-David Terna Yawe of the National Universities Commission (NUC), Tinubu acknowledged the difficulties facing the education sector.

He pointed to the Student Loan Bill signed into law shortly after his inauguration, as a testament to his government’s commitment to supporting students.

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According to Tinubu: “My government will not shirk its responsibilities in this area.

“We will guarantee that educational institutions receive the necessary resources to effectively carry out their statutory responsibilities.

“One of my first actions as President of Nigeria was to sign the Student Loan Bill into law to put this into action.

“Under my leadership, and as I have outlined in my manifesto, no student will be forced to drop out of school due to an inability to pay tuition.”

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