Trade – Tech | Business | Economy

SEC Places 6 Online Trading Platforms on its Blacklist

Justice Godfrey Okamgba — Tue, 02 May 2023 02:25:00 +0000

Six internet trading platforms have been placed on the SEC’s “blacklist” as part of its most recent crackdown on unlicensed and unlawful businesses.

The platforms were allegedly offering financial and investment services and products, according to a circular issued by the Commission on Monday in Abuja.

According to the circular, the platforms were not registered with the SEC, and neither were the financial services they provided.

Axi24, Evolve Consulting LCC, Prime Invest, and “Primeinv.co,” FXBoxed, New Finance LLC and New Fx Limited, and Trust Fund-Mining Global Pty Limited were among the businesses identified by the Commission in the circular.

“The Commission’s attention has been drawn to the under-listed e-commerce companies and their websites offering online trading platforms to the investing public.

“Members of the public are advised to adopt the greatest diligence in making investment choices.

“Because of the above, the general public is hereby warned that any person dealing with the above-mentioned e-commerce websites is doing so at his or her own risk,” the SEC said.

[REPORT] Nigeria’s Total Trade for Q4 2022 Stood at N11.722b

Justice Godfrey Okamgba — Fri, 10 Mar 2023 09:49:09 +0000

The National Bureau of Statistics (NBS) reported that Nigeria’s total merchandise trade in the fourth quarter of 2022 was N11.722 billion.

This is according to the “NBS Foreign Trade in Goods Statistics Report for the Fourth Quarter of 2022,” which was released in Abuja on Friday.

NBS said total exports were N6.359 billion, while total imports were N5.362 billion.

According to the report, total trade was N52.387 billion on an annual basis, total imports were N25.590 billion, and total exports were N26.796 billion.

Total exports increased by 7.17 percent and 10.28 percent in Q4 2022, respectively, compared to the amounts recorded in Q3 2022 (N5.934 billion) and Q4 2021 (N5.766 billion).

The report, however, said total imports declined by 15.46 percent in Q4 2022 compared to the value recorded in Q3 2022 at N6.343 billion. Total imports also fell by 9.73 percent compared to the value recorded in the fourth quarter of 2021 at N5.940 billion.

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

“Namibia, Equatorial Guinea, Cameroun, Ghana, and Togo were the top five re-export destinations.” 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 transporting persons or goods worth 500 tonnes valued at N14.78 billion, 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 percent, 9.03 percent, 7.71 percent, 7.70 percent, and 7.44 percent, respectively, of total exports.

Altogether, exports to the top five countries amounted to 41.59 percent 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 billion representing 77.24 percent.

This was followed by natural gas, liquefied at N704.88 billion, accounting for 11.08 percent, and urea, whether or not in aqueous solution, at N160.56 billion or 2.52 percent of total exports.

The top five countries of origin of imports to Nigeria in Q4 2022 were China, Belgium, India, the Netherlands, and the United States.

It stated that the value of imports from the top five countries amounted to N2.993 billion, accounting for 55.82 percent of the total import value.

Nigeria Earned $250m from Cashew Export last year, eyes $500m in 2023

Justice Godfrey Okamgba — Wed, 25 Jan 2023 10:23:29 +0000

Dr. Mohammad Abubarkar, the Minister of Agriculture and Rural Development, said that Nigeria made $250 million from cashew nut exports last year but expressed disappointment that only 10% of the 250,000 metric tonnes of cashew nuts produced in Nigeria each year are processed locally.

Dr. Ernest Umakhihe, the Ministry’s Permanent Secretary, spoke on Dr. Abubakar’s behalf yesterday, January 24, at the beginning of cashew season and the celebration of Nigeria Cashew Day in Benin, the capital of Edo State. The theme of the event was “Industrializing the Nigerian Cashew Sector Through Inclusive Policies.”

“By the end of 2022, cashew nut exports from Nigeria generated over $250 million, or nearly 10% of the nation’s agricultural exports,” he stated.

2023 Cashew Export Prediction

By 2023, cashew export is predicted to bring in $500 million for Nigerian farmers.

“I beg you to continue cooperating peacefully because this is the only way you can have a good influence on the long-term growth of the cashew industry and ensure that it helps this administration’s economic diversification program achieve its overarching objective.

Since the 1990s, cashew has gained more significance in Nigeria as an export-oriented cash crop. It has grown to be a significant non-oil export revenue source.

“Cashew has become a commercial crop in Nigeria. It is cultivated in 27 states, including the Federal Capital Territory (FCT).

“In realization of the importance of cashew, the Federal Government, through the Federal Ministry of Agriculture and Rural Development, listed cashew as a priority crop to be promoted, under the Import Substitution Strategy of the present administration led by President Muhammadu Buhari.

“Out of the 250,000 metric tonnes of cashew nuts produced in Nigeria, only about 10 percent is processed, while Raw Cashew Nuts (RCN) are sold to cashew buying agents for export and cashew apple eaten raw, and the rest wasted, because of inadequate facilities to process other cashew derivatives, for example, cashew juice, jam, and ice cream, among others. This means exporting Nigerian jobs to other countries.”

Manufacturers agree Nigeria’s Economy still far from being Diversified

Justice Godfrey Okamgba — Mon, 05 Dec 2022 08:18:19 +0000

The Nigerian economy is still far from being diversified, according to the Manufacturers Association of Nigeria (MAN), despite the non-oil sector’s contribution of 94.34 percent.

MAN’s argument was based on the fact that South Africa’s top four export earners—mineral products (25%) (precious metals (17%), vehicles and aircraft vessels (12%), and steel products—are less evenly distributed than the oil sector, which currently accounts for about 80% of the nation’s export earnings (12per cent).

In a statement about MAN’s stance on the Gross Domestic Product (GDP) report for the third quarter of 2022, Director General Segun Ajayi-Kadri argued that the country’s ongoing economic crisis has further underlined the urgent need to release an updated unemployment rate that corresponds with the current economic situation.

According to him, the slowdown in growth will lead to more unemployment, which could reduce people’s ability to pay taxes, which would worsen the ratios of debt to GDP and debt service to revenue.

“Therefore, it is predicted that economic growth would decrease further in coming quarters,” he continued.

Due to the fact that strong economic growth is one of the indicators of manageable debt, Nigeria’s credit rating will be further impacted.

The nation’s credit rating was recently reduced by Moody’s and Fitch.

“It is anticipated that the country’s chances of obtaining external development funding will be severely reduced as the credit rating continues to deteriorate. The pace of development initiatives would surely slow down as a result,” he stated.

However, he urged the federal government to increase capacity building, provide suitable security equipment, and provide technologies for monitoring and intelligence collection in order to combat insecurity and smuggling.

Segun Ajayi-Kadri, director general of MAN, stated the association’s view on the Gross Domestic Product (GDP) report for the third quarter of 2022 and noted that the Nigerian economy is still extremely susceptible to an increase in oil prices.

According to a recent study by the National Bureau of Statistics (NBS), the third quarter of 2022 saw a 2.25 percent real GDP growth in Nigeria.

The most recent performance represents a 1.78 percentage point shortfall from the 4.03 percentage point real GDP growth reported in the third quarter of the previous year.

The MAN DG urged the government to continue including all stakeholders in order to assist security along the oil infrastructure and make sure they benefit from the surveillance contract that has been granted.

He contends that strategies must be used to promote local raw material sourcing, enhance infrastructure improvements, and lower unemployment while increasing manufacturing productivity.

Ajayi Kadri also emphasized the necessity of abandoning the ineffective hard peg policy and establishing a clear and transparent market structure to direct the Central Bank of Nigeria’s (CBN) involvement in the foreign exchange market.

He also emphasized the necessity of coordinating monetary and fiscal policy, as well as the need to reduce fiscal deficits by gradually eliminating fuel subsidies.

Nigeria’s Trade Surplus Hits N1.2 Trillion, According to NBS

Justice Godfrey Okamgba — Wed, 08 Jun 2022 10:36:39 +0000

The National Bureau of Statistics (NBS) said Nigeria’s trade surplus in the first three months of 2022 recorded N1.2 trillion due to increases in crude oil export.

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

In its report entitled: ‘Foreign Trade in Goods Statistics (Q1 2022),” the NBS said crude oil export in the quarter under review which stood at N5.62 trillion recorded an increase of 31.66 percent compared to N4.27 trillion recorded in Q4, 2021.

In Q1, Nigeria’s total trade stood at N13 trillion, this was higher than the value recorded in Q4 2021 (N11.7 trillion) and the value recorded in the corresponding period of 2021, which stood at N7.86 trillion.

“Total Exports were N7.1 trillion of which re-exports stood at N115.80 billion, while total imports stood at N5.90 trillion.

“In the quarter under review, total exports increased by 23.13 percent when compared to the fourth quarter of 2021 (N5.77 trillion) and by 137.88 percent of the value recorded in the first quarter of 2021 (N2.98 trillion).

“On the other hand, total imports increased by 21.04 percent in the first quarter of 2022 when compared to the value recorded in the first quarter of 2021 (N4.88 trillion) and decreased by 0.67 percent when compared to the value recorded in the preceding quarter (N5.94 trillion),” the report reads.

The NBS said the majority of imported goods during the period under review originated from China with a value of N1.51 trillion, followed by the Netherlands with N618.72 billion; Belgium (N563.25 billion); India with N415.57 billion; and the United States (N337.33billion).

Meanwhile, most goods were exported to India (N1.18 trillion), Spain (N677.69 billion), the Netherlands (N660.59 billion), Indonesia (N474.41 billion), and the United States (N372.73 billion).