National

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

Published

3 months ago

March 10, 2023

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.

Headline

Electricity Workers To Embark On Nationwide Strike Over Fuel Subsidy

Published

6 hours ago

June 4, 2023

Fellow Press

The National Union of Electricity (NUEE) has directed its members to withdraw their services nationwide over the sudden removal of fuel subsidy by the Nigerian Government

The NUEE in a notice signed by its acting General Secretary, Dominic Igwebike, urged its members to comply with the directive and stop work from the early hours of Wednesday.

The NUEE said its decision was a sequel to the NLC emergency National Executive Council (NEC) meeting held on 2nd June, at the Labour House Abuja over the sudden removal of fuel subsidy, which it said brought untold hardship to Nigferians as well as increased inflation in the Country.

The statement reads :

Sequel to the Nigeria Labour Congress (NLC) Emergency National Executive Council (NEC) meeting held on June 2, 2023 at the Labour house Abuja, over the sudden removal of fuel subsidy which has brought untold hardship to Nigerians as well as increased inflation in the economy, the NLC has directed that the nationwide withdrawal of Services action will commence on Wednesday, June 7, 2023.

To this effect, all National, State and Chapter executives are requested to start the mobilisation of our members in total compliance with this directive.

“Please note that withdrawal of Services nationwide commences from 0.00 hours of Wednesday, June 7, 2023

Dominic Igwebike
Ag General Secretary
National Union of Electricity Employees

Headline

Subsidy Removal: Revert To Status Quo – TUC Tells FG

Published

2 days ago

June 3, 2023

Fellow Press

The Trade Union Congress (TUC) has urged the Federal Government to revert to status quo over its decision to remove fuel subsidy.

Mr Festus Osifo, TUC President, spoke while addressing newsmen at the end of an emergency meeting of the congress’s National Executive Council (NEC) meeting on Friday in Abuja.

According to Osifo, the TUC is unhappy with the unilateral decision of the Federal Government to remove the subsidy.

He said the TUC’s expectation was that the government should have engaged Organised labour.

“Having noted this, we wish to state that the NEC-in- session resolved that discussions with Federal Government should continue while demanding that the government should revert to the status quo ante.

“The status quo ante should be maintained while discussions continue as we had a meeting with the government on Wednesday.

“During that discussion, they gave us a list of all the things they would do and they also demanded to know our thinking and what we are putting up.

“We told them the lists of the things we want to put forward, we will not submit them now but put them forward to our organs, to discuss and seek a mandate from them of the things we can put forward,’ ‘he said.

According to Osifo, it is how the government reacts to TUC’s demands that will determine the union’s next line of action.

“We will wait till Sunday when we will meet with the representatives of the government.

“Once we are done with that meeting then the TUC is going to put its demands forward, it is how they react to those demands that will determine our next line of action, ”he said.

Meanwhile, the Nigeria Labour Congress also had its NEC meeting and has said it will embark on a nationwide strike from June 7 if the issue of fuel subsidy removal and increase in the price of fuel is not reverted.