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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 924 words, a 3-minute read.

IN BRIEF

⚡ Situational awareness: Nigeria's Internal Revenue Service (IRS) records N10.1trn revenue collection in 2022, 58% above the N6.4 Trillion collected in 2021 and the highest tax collection ever recorded in its history.

• The Central Bank of Nigeria (CBN) has raised the Monetary Policy Rate (MPR), which measures interest rates from 16.5% to 17.5 percent to tame inflation.

• Lekki Port to grow Nigerian trade volume, increase GDP

• Nigeria reviews charcoal ban, suspends wood export

• NEPC, firm make first $1.3bn agro-export to trade house in China

TRADE

1 big brief: Lekki Port to grow Nigerian trade volume, increase GDP

Nigeria's President, Muhammadu Buhari performed the historic inauguration of the Lekki Deep Sea Port in Lagos and observed the first offloading from CMA CGM Mozart at the quay.

Why it matters: The project, an investment in excess of $1.5 billion, is a joint venture between the federal government, through the Nigerian Ports Authority (NPA), Lagos State Government, Tolarams Group (owners of the Lagos Free Zone), and China Harbour Engineering Company.

By the numbers: The port is Nigeria’s first deep seaport and is equipped with 13 quay cranes for a capacity of 2.5 million TEUs (Twenty-Foot Equivalent Units) on a 1.2 kilometre quay with a depth of 16 meters, it will operate vessels with a capacity of up to 15,000 TEUs and become one of the largest in West Africa.

💬What they're saying: “We are excited that the size of the vessels that will berth at the port would be four times the size of vessels that currently berth at Apapa and Tin Can Island Port. - Babajide Sanwo-olu, Governor of Lagos State, Nigeria.

“This project is a joint venture between China, Nigeria and Singapore, and is run by a French company. The model of ‘five parties from four countries' is a way of taking advantage of the wisdom and strength of all parties.” - CUI Jianchun, Chinese Ambassador to Nigeria

The bottom line: With Lekki Port, Nigeria will witness a growth in maritime traffic and global trade and strengthen connectivity and capability to provide efficient and reliable services.

TRADE ROUNDUP

EXPORT | Nigeria reviews charcoal ban, suspends wood export

• Nigeria's government has reviewed its ban on charcoal export and placed a suspension on the exportation of processed wood and other allied products.

TRADE | NEPC, firm make first $1.3bn agro-export to trade house in China

• The Nigerian Export Promotion Council (NEPC) and Zeenab Foods Limited have commenced the shipment of agro-commodities to the Nigerian export trade house in China. Launched in June, 2022, by NEPC, the trade house initiative is a central location where made-in-Nigeria products can be shipped, displayed and distributed to different parts of the world.

UPCOMING TRAINING - PORT HARCOURT

A MESSAGE FROM GGI

Climate Action: With exploration comes the need for expertise and sustainability

At GGI, we combined expertise, innovation and sustainable practices in meeting our client's engagements. Our actions to mitigate climate change are central to making the world a better place. Learn more.

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

Trade Intelligence Unit (TIU) is a division of IEOM Nigeria, providing export trade information, research, insights and analytics for organizations, agencies of government, businesses and individuals to help them make informed decisions. We help our clients by leverage on our proprietary tools to create access into our rich trade database in delivering innovative solutions.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 [email protected].

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TWEET OF THE WEEK

PHOTOS OF THE WEEK

AFRICAN SHIPPERS' DAY: 1&2. Executive Secretary/CEO of IEOM, Mr. Ofon Udofia, with Mr. Dennis Aribido Head, Trade Research & Intelligence of IEOM at the 9th African Shippers' Day in Lagos, Nigeria recently. 3. President-General of National Shippers Association (NSAN) and CEO of GGI, Dr. Innocent Akuvue (centre) with BOT members and participants at the summit.