The one time Chairman Lagos Chamber of Commerce, linked the increase in raw material imports (in naira terms) to the depreciation of the naira.

He said, “I think it is because of the naira depreciation. If you were importing something that was $1m when the exchange rate was N450, now you are importing products worth $1m and the exchange rate is N1,500.

“That is three times already if you multiply it in naira. So, in dollar terms, the import may have even reduced. We have to consider that.”

His reaction is coming on the heels of the recently released report of the Nigeria Bureau of Statistics (NBS) indicating that Imports of raw materials into the country rose by 25 per cent to N3tn in 2023.

The report also indicated that, the major raw materials imported during the period included cane sugar, other lubricating oils meant to be mixed further, preparations of milk containing vegetable fats and oils, mixtures of odoriferous substances, sheets for veneering, among others.

Conversely, Nigeria could only export raw materials worth N1.8tn between 2022 and 2023, recording a N3.6tn balance of trade.

Commenting on the implication of the trend, Mansur Ahmed, the immediate past president of the Manufacturing Association of Nigeria (MAN), said excessive reliance on the imported raw materials had significantly weakened the Nigerian manufacturing sector.

He said this during an annual general meeting of the Apapa branch of the Manufacturers Association of Nigeria.

According to him, “Our manufacturing sector is weak because it is dependent on imported materials that we then process. We must therefore scale up or scale down. Our manufacturers have to go back and do the transformation.

He noted that “Expert in manufacturing sector need to focus on this issue. We need to build infrastructure. I was in a meeting where the Vice President inaugurated the National Council on Infrastructure.”

Mansur, however, recommended a public-private partnership that aimed to encourage backward integration, import substitution and other measures that would curb excessive import of raw materials.

Recall that in a recent statement released in response to the recent hike in the Monetary Policy Rate (MPR) by the Central Bank of Nigeria, the MAN expressed worry that the resulting limited access to credit would limit backward integration, research and development and innovation needed to enhance productivity and rapid industrial-led economic growth.

Dr. Ezra Yakusak, the Executive Director of NEPC, presented the first half-year progress report on non-oil export performance for 2023, highlighting the achievements and challenges faced by the sector.

Dr. Yakusak expressed optimism regarding the implementation of the Africa Continental Free Trade Area (AfCFTA) and its potential to increase the volume and value of trade among African countries.

The figures presented by NEPC showed a slight decrease of 0.09 percent in non-oil export performance compared to the corresponding period in 2022.

Dr. Yakusak attributed this decline to factors such as the general election held in February/March 2023 and subsequent transition in government, which may have affected economic activities.

Additionally, changes in global economic conditions, including a slowdown in global demand and declining commodity prices, likely impacted non-oil export performance.

The report revealed that 224 different products were exported in the first half of 2023, encompassing manufactured goods, semi-processed items, solid minerals, and agricultural commodities.

Among the top 15 products exported during this period were urea, cocoa beans, cashew nuts/kernels, sesame seeds, and soya beans/meal, in that order.

A total of 1,058,791.27 metric tonnes of products worth $175.476 million, accounting for 6.91 percent of the total export value, were shipped to 13 Economic Community of West African States (ECOWAS) countries. Furthermore, 859 companies participated in the non-oil export trade during the review period.

Regarding financial institutions, 30 banks were involved in the issuance of Nigeria Export Proceed Forms (NXPs) for the first half of 2023.

Zenith Bank PLC processed the highest NXPs value at 38.11 percent, followed by United Bank of Africa (UBA) Plc at 10.50 percent and First Bank of Nigeria at 9.87 percent.

Dr. Yakusak expressed concern about the low volume of inter-African trade. No African country featured among the top 15 importers of Nigerian products.

Only 164,748.75 metric tonnes of products valued at $55.085 million were exported to various African countries, constituting 2.17 percent of the total export value recorded between January and June 2023.

In comparison, Vietnam alone imported products valued at $252,056,554.18, accounting for 9.93 percent of the total export value during the same period.

The Executive Director attributed the dip in export value in the first half of 2023 to the general elections and changes in global economic conditions.

NEPC reported that, between January and June 2023, pre-shipment inspection agents recorded 3,944,344.17 metric tonnes of products worth $2.539 billion exported.

The NEPC remains optimistic about the future of non-oil exports in Nigeria and is working towards overcoming the challenges faced by the sector.

With the implementation of the AfCFTA and continued efforts to expand trade within Africa, the Nigerian government aims to further boost the volume and value of non-oil exports, driving economic growth and development in the country.

The objective is to generate an annual revenue of N160 billion for the state of Anambra.

Deputy Governor Onyekachi Ibezim shared this information during the inauguration of the 2023 farming season at Alex Ekwueme Square in Awka.

He mentioned that the imported palm oil seedlings and coconuts have a maturity period of three years.

Once these investments reach full maturity, the harvested fruits will be processed by off-takers, resulting in an estimated annual income of over N160 billion.

Furthermore, the Anambra government plans to irrigate 10,000 hectares of land in Ifite Ogwari community, Ayamelum LGA, for rice farming.

The deputy governor highlighted the potential of agriculture to create wealth and employment opportunities for thousands of individuals.

Agriculture has been listed as a priority area of investment in the 50-year development plan of Anambra, demonstrating the government’s commitment to the sector.

The state’s Commissioner for Agriculture, Foster Ihejiofor, emphasized the focus on “biological farming” as a sustainable agricultural system.

This approach aims to preserve the environment, ensure the sustainability of the food system, and reduce input costs while enhancing soil and plant health.

Farmers were encouraged to embrace this new farming system, which is both environmentally friendly and economically beneficial, as it provides various advantages such as improved soil health, plant health, and nutrient levels.

The government assured farmers of its ongoing support for their agricultural activities

She made this statement during the official commissioning of the new NAFDAC office complex for the Murtala Muhammed International Airport/NAHCO in Lagos.

Adeyeye expressed her concern about the continuous rejection of Nigerian food exports in some European countries and the United States.

She emphasized the need for stronger collaboration between NAFDAC and other government agencies at the ports to address this issue. A visit to NAFDAC’s export warehouses within the international airport reveals the main reasons behind the rejections.

To tackle the challenge, Adeyeye highlighted NAFDAC’s efforts in working closely with port agencies to ensure that exported goods meet the regulatory requirements of the importing countries and destinations.

She acknowledged the importance of collaboration with the Nigeria Customs Service, stating that without their support, NAFDAC would face significant limitations in its operations.

Adeyeye emphasized that NAFDAC’s presence at the ports and land borders plays a crucial role in fulfilling the agency’s mandate of safeguarding public health.

She also acknowledged the collaborative efforts with other organizations such as the Nigeria Agricultural Quarantine Services and the police, which help ensure due diligence, investigation, and enforcement.

She emphasized the need for comprehensive collaboration among various agencies to address the rejection of Nigerian food exports, as it not only affects exporters but also has economic implications for the country

Importation of wheat, according to some estimates, is $4 billion per annum, having become the highest single imported commodity for Nigeria for over a decade.

Aside from wheat, Nigeria expects an unspecified amount of potassium from Russia, which is a byproduct of fertilizer production in Nigeria.

While Ukrainian wheat is currently on its way to Nigeria, talks between Russia and the Nigerian government about potassium imports are still ongoing, according to the Minister.

According to Mohammad Mahmood Abubakar, Minister of Agriculture and Rural Development, the ship carrying the wheat is expected to berth in Port Harcourt, from where it will be distributed across Nigeria and neighboring African countries.

He explained that Nigeria may become a hub for accessing wheat, especially with the strained relationship between Ukraine and Russia.

Last year August, he said Nigeria spent $6bn on the importation of wheat into the country between 2016 and 2020, a period of five years.

He stated that with the growing population and consumption rate of wheat and its products, Nigeria had no option but to boost its productivity to meet the country’s increasing demand.

Abubakar said, “The wheat industry has been of serious concern to the Federal Government. This is because the national requirement for wheat is 5.7 million metric tonnes annually, while our production is 420,000 metric tonnes.

“The Central Bank of Nigeria Statistical Report 2020 shows that Nigeria imported $6bn worth of wheat from 2016 to 2020. This is worrisome and unsustainable for a crop that could be produced locally.”