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Nigeria recorded N6.5trn trade surplus in Q1 2024, says NBS

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The National Bureau of Statistics (NBS) says Nigeria recorded a N6.5 trillion trade surplus between January and March of 2024.

 

NBS made this known in its foreign trade report for the first quarter (Q1) of 2024 on Sunday.

 

In the first quarter of the year, NBS said Nigeria’s exports totalled N19.1 trillion and total imports stood at N12.6 trillion — indicating a trade surplus of N6.5 trillion.

 

A trade surplus is an economic indicator of a positive trade balance in which the exports of a nation outweigh the country’s imports.

 

“Nigeria’s total merchandise trade stood at N31.8 trillion in Q1, 2024. This represents an increase of 46.27 percent over the value recorded in the preceding quarter and rose by 145.58 percent compared to the value recorded in the corresponding period of 2023,” the bureau said.

 

“Data revealed that export accounted for 60.25 percent of total trade in the reviewed quarter with a value of N19.1 trillion, showing an increase of 51 percent compared to the value recorded in Q4 2023 (N12.6 trillion) and by 195.47 percent over the value recorded in the first quarter of 2023 (N6.487 trillion).

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“On the other hand, the share of total imports accounted for 39.75 percent of total trade in the first quarter of 2024 with the value of imports amounting to N12.6 trillion in Q1, 2024.

 

“This value indicates an increase of 39.65 percent over the value recorded in Q4 2023 (N9 trillion) and rose by 95.53 percent compared to the value recorded in Q1 2023 (N6.4 trillion).

 

“The merchandise trade balance for Q1 2024 stood positive at N6.5 trillion.”

 

The exports trade in the first quarter of this year was dominated by crude oil exports valued at N15.48 trillion, representing 80.80 percent of total exports while the value of non-crude oil exports stood at N3.68 trillion accounting for 19.20 percent of total exports; of which non-oil products contributed N1.7 trillion or 9.28 of total exports.

 

FRANCE TOPS NIGERIA EXPORTS IN Q1 2024

NBS said that in the first quarter of 2024, the top trading export partners were France, Spain, the Netherlands, India, and the United States.

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The bureau added that the most exported commodities included crude oil, liquefied natural gas, sesamum seeds, urea (whether or not in aqueous solution), and superior-quality cocoa beans.

 

“Export destinations by countries during the quarter under review show that the highest export destination was France with a value of N2.1 trillion or 11.09% of total exports, followed by Spain with N2 trillion or 10.56% of total exports,” NBS said.

 

“The Netherlands with goods valued at N1.6 trillion representing 8.85% of total exports, India with N1,611.39 billion or 8.41% of total exports, and the United States with N1.3 trillionillion or 6.84% of total export.”

 

NBS said these five countries collectively accounted for 45.74 percent of the value of total exports in Q1 2024.

 

On the other hand, China ranked highest among the top trading partners on the import side, followed by India, the United States, Belgium, and The Netherlands.

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“Analysis by trading partners reveals that imports originated mainly from China and were valued at N2.9 trillion, representing 23.18% of total imports,” the bureau said.

 

“This was followed by imports from India with ₦1 trillion (8.46% of total imports), USA with imports valued at N1 trillion or 7.98% of total imports, Belgium with N955 billion (7.56% of total imports) and the Netherlands with N591 billion or 4.68% of total imports.”

 

Furthermore, NBS said the most traded commodities were motor spirit ordinary, gas oil, durum wheat (not in seeds), cane sugar meant for sugar refinery, and other liquefied petroleum gases and other gaseous hydrocarbons.

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Otedola buys N18.9bn shares to regain position as biggest shareholder in FBN Holdings

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Femi Otedola, billionaire businessman and chairman of FBN Holdings, has regained his position as the majority shareholder of First Bank.

 

According to corporate filings on the Nigerian Exchange Group (NGX) on Thursday, Otedola now owns 9.41 percent shares in the bank.

 

This became possible after he purchased the group’s shares valued at N18.9 billion.

 

According to the corporate filings, the billionaire paid N21.91 per share or N6.935 billion for 316,506,776 shares.

 

He then bought an additional 546,674,034 shares through Calvados Global Services Limited, his holding company, for N21.97 per share — totalling N12.01 billion.

 

With this, the number of shares recently acquired totalled 863,180,810.

 

The fresh acquisition has increased Otedola’s shares (direct and indirect) in FBN Holdings to 3,380,462,950 — from 2,517,282,140 shares.

 

This means the businessman is now the highest shareholder in the company, overtaking Barbican Capital Limited, owned by Oba Otudeko, which has 3,110,400,619 direct shares.

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In January, FBN Holdings appointed Otedola as the chairman of its board of directors.

 

The appointment came two years after the investor became the firm’s single largest shareholder in December 2021, when he increased his stake to 7.57 percent.

 

A month after the appointment, FBN Holdings named Barbican Capital Limited as its majority shareholder — making Otedola the second major shareholder at the time.

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Price of 12.5kg cooking gas increased by 63% in one year, says NBS

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The National Bureau of Statistics (NBS) says the price of 12.5 kilograms (kg) of liquefied petroleum gas (LPG), better known as cooking gas, has increased by 63.85 percent in one year.

 

This is contained in the agency’s report on LPG (cooking gas) price watch for May 2024 on June 20.

 

NBS said the average price for refilling a 12.5kg cylinder of cooking gas in May increased to N15,627.40, compared to N9,537.89 in May 2023.

 

On a month-on-month basis, the bureau said the average retail price for refilling a 12.5kg cylinder of LPG dropped by 0.07 percent in a month — from N15,637.74 in April 2024 to N15,627.40 in May 2024.

 

“The average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) declined by 0.07% on a month-on-month basis from N15,637.74 in April 2024 to N15,627.40 in May 2024,” NBS said.

 

“On a year-on-year basis, this rose by 63.85% from N9,537.89 in May 2023.”

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Based on state analysis, Zamfara recorded the highest average retail price for refilling a 12.5kg cooking gas with N18,369.33, followed by Bayelsa with N17,772.21 and Abia with N17,538.02.

 

“Conversely, the lowest average price was recorded in Bauchi with N13,076.43, followed by Ebonyi and Taraba with N13,788.09 and N13,860.31 respectively,” the bureau added.

 

“Analysis by zone showed that the South-South recorded the highest average retail price for refilling a 12.5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N16,310.02, followed by the North-West with N15,991.13 while the North-East recorded the lowest price with N15,010.62.”

 

‘AVERAGE PRICE OF 5KG LPG INCREASED BY 13% IN MAY’

NBS said the average retail price for refilling a 5kg cylinder of LPG rose by 13.75 percent on a month-on-month basis — from N6,521.58 recorded in April 2024 to N7,418.45 in May 2024.

 

“On a year-on-year basis, this increased by 70.12% from N4,360.69 in May 2023,” NBS said.

READ  Food prices soar as inflation rate hits 19.64%

 

“On state profile analysis, Benue recorded the highest average price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N8,012.03, followed by Enugu with N7,926.21, and Ondo with N7,857.53.

 

“On the other hand, Yobe recorded the lowest price with N5,842.31, followed by Jigawa and Katsina with N6,521.81 and N6,567.95 respectively.

 

“In addition, analysis by zone showed that the South-East recorded the highest average retail price for refilling a 5kg Cylinder of Liquefied Petroleum Gas (Cooking Gas) with N7,680.87, followed by the South-West with N6,593.93.”

 

NBS also said the north-east recorded the lowest price for May with N7,071.84.

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Why tomato, pepper are expensive – Mile 12 market chair

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The Chairman of the Mile 12 International Market in Lagos State Shehu Usman Jubrin has pinned the recent high cost of tomato, pepper, and other perishable items on insecurity and other factors.

 

A small basket of tomatoes goes for about N35,000 at the market while the price of pepper has also jumped, raising concerns among Nigerians.

 

But Usman says the insecurity in the north is a major factor for the hike in the cost of the items.

 

“The bone of contention, the real fact is just insecurity. Let me tell you, that’s the truth. And there’s absolutely nothing the country will do. This price hike will continue. They are still buying tomato, at the rate of N1,000 for three pieces,” he said on Monday’s edition of Channels Television’s The Morning Brief.

 

“Ninety-nine per cent of the people in IDP camps are farmers. They don’t know anything apart from farming – both male and female. The people who are on the farm and are farming with one eye closed are just about 1,500 out of like 5,000 farmers we have across the whole country.”

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According to him, some of the farmers negotiate with and pay bandits before they can go to their farms to harvest the products.

 

“In those places where you are getting all these items, there are negotiations between them and the bandits who ask them, ‘How much are you going to pay me to harvest and bring to the market?’” the Mile 12 International Market leader said.

 

“So, for as long as those people are in IDP camps, the country will continue to be in trouble in terms of food items.”

 

He also linked it to other factors including supply shortage from the northern part of Nigeria to the south.

 

“Let me just talk about tomatoes first. From November, December, January, February, March, and April, up to May, you have tomatoes from the North.

 

“You have danja, danjumi, kadawa, Kano and then Katsina states. This is the off-season now, so we expect tomatoes from Ilaro, Ogbomosho, Abeokuta, and Osun to come to Lagos, you know, and also part of Cameroon. That is a kind of substitute for the northern one.

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“But unfortunately, it’s late: the one from Cameroon, the one from Abeokuta and Ogbomosho. And as we approach the festive period, tomatoes will be expensive. The northern tomatoes are finished and we don’t have substitutes from the south.”

 

He also blamed the situation on pests, saying the diseases have led to low yields.

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