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IEOM NIGERIA
October 04, 2022

Happy Tuesday and Welcome to Export Brief. A weekly newsletter with insightful developments and trends on non-oil export trade from Africa's largest economy and from the global stage. If you enjoy EB, share it with friends. 

  • ⏲️: This edition is 979 words, a 3-minute read.

IN BRIEF

⚡ Situational awareness: As predicted in last week's edition, Nigeria's Central Bank increased the interest rate by 150 basis points from 14% to 15.5% in aggressive move to rein in inflation.

  • National Bureau of Statistics (NBS) releases the terms of trade report for Q2, 2022. The group export price index averagely increased by 0.18%.

  • Nigeria -China bilateral trade hits $12bn – Envoy

  • NPA to submit new concession agreement for approval on 4th of October

  • N3 trillion stranded overtime cargoes rot at Lagos, Onne ports

PORTS

🍫1 big brief: Nigeria Bets a Deep-Sea Port Will Ease Cargo Congestion

Zhen Hua 28 berths at Lekki Deep Sea Ports in Lagos. Image: Nigerian Port/Twitter

Nigeria looks forward to the new Lekki deep-sea port set to open early next year, which is expected to end maritime congestion and help boost an economy.

  • Cargo ships in Africa’s largest economy currently wait as much as a month offshore before unloading in Lagos, Nigeria’s commercial hub, Bloomberg has reported.

Why it matters: But the planned opening in March of the Lekki Deep Sea Port, on the eastern edge of the city, has the potential to slash wait times to two days, Mohammed Bello-Koko, managing director of Nigerian Ports Authority said.

📊By the numbers: The first phase of the $1.5 billion project will have a capacity of 1.2 million 20-foot containers, more than double the capacity of the country’s existing ports.

💬What they’re saying: “It changes everything because Lekki will be faster, it has more space, and it is more modern,” - Mr. Mohammed Bello-Koko,MD of Nigerian Ports Authority (NPA).

  • “Inefficiency, corruption, decaying infrastructure and congestion at the Lagos ports have led to cargoes bound for Nigeria being diverted to Ghana and Togo, costing billions in lost revenues and raising local prices. The Lekki port will reverse the trend, Bello-Koko said.

Need-to-know: The port is co-owned by the Nigerian government and Singapore-based Tolaram, Nigeria’s biggest food company, and state-owned China Harbour Engineering, which built it. The facility will be operated by a subsidiary of French shipping giant CMA CGM. Trial operations will begin in December ahead of a full commercial start in March.

TRADE ROUNDUP

PORT | NPA to submit new concession agreement for approval on 4th of October

  • There are indications that five terminal operators in Nigeria whose lease agreements have expired would receive a fresh contract, as the Nigerian Ports Authority (NPA) said it has concluded the much-awaited concession agreement report.

💰 N3 trillion stranded overtime cargoes rot at Lagos, Onne ports 

  • Investigations have revealed that over 8,000 stranded overtime cargoes, valued at about N3 trillion, are currently littering the country’s three major seaports – Apapa, Tin Can and Onne – with little or no effort made to find a lasting solution to the nuisance caused by the scraps. 

TRADE | Nigeria -China bilateral trade hits $12bn – Envoy

  • Chinese Ambassador to Nigeria, Cui Jianchun says that the China-Nigeria trade volume has recorded a great rise of 7.1 per cent in the past one year to hit $12billion.

UPCOMING TRAINING

IEOM

The Institute of Export Operations & Management, as a Trade Support Institute is out to stimulate and facilitate non-oil export in Nigeria. Our vision is to become the foremost independent provider of export training and best research practice in Nigeria. In line with our mission, our intensive training progams both online and on-premise among others are designed to optimize your trade capacity and knowledge. We actualize this through the following:

  • Access to Low-Interest Loan from our partner Bank*

  • Export breakfast meetings

  • The Export Brief magazine

  • Seminars and workshops

  • Banker and Exporter training

  • Trade access and facilitation

Join us in our quest to make Africa's largest economy to be self-sufficient through non-oil export and become a member of IEOM.

*We have partnered with Standard Chartered Bank Nigeria in creating access to low-interest loans for our MSMEs members.

For enquiries on memberships, trainings and collaboration on sponsorships of events, newsletters and magazine you can reach us on +234 909 332 8361, +234 808 302 9491 or [email protected].

DATA WATCH

 TWEET OF THE WEEK

🐦 SHIPPING: Is the global supply-chains logjam easing?

PHOTOS OF THE WEEK

BILATERAL VISIT: Pic 1 & 2: Mr. Ezra Yakusak, Executive Secretary/ CEO, Nigerian Export Promotion Council (NEPC) led an Inter-Agency Working/Fact-finding visit to the UK in order to identify the major causes of export rejections which constitute a major constraint to the growth of the Nigerian non-oil export sector. The following agencies were on the trip: NAFDAC, NAQS, Nigeria Customs Services, NAHCO, SAHCO, FPIS, and FACAN.

Pic 3: The unveiling of the first official coin portrait of King Charles III which has been designed by Martin Jennings and personally approved by His Majesty. The first coins to feature the effigy are part of a memorial collection for Her Late Majesty Queen Elizabeth II. Photo Credit: officialNEPC/RoyalMintUK/Twitter

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