New Post

Happy Wednesday 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 1158 words, a 4-minute read.

IN BRIEF

⚡ Situational awareness: Nigeria’s PMI showed a marked improvement in economic conditions in November, with the headline number rising to 54.3 from 53.6 in October.

• Trade in Goods: Exports Decline by 19.9% in Q3 2022

• Nigeria’s ginger production hits 31mmt – NEPC

TRADE

1 big brief: Nigeria's Exports Decline by 19.9% in Q3 2022

Nigeria has recorded a negative trade balance quarter-on-quarter, QoQ, as export declined by 19.8 percent to N5.93 trillion in the third quarter of 2022, Q3’22, from N7.4 trillion in Q2’22, while import bill rose 4.2 percent to N5.66 trillion from N5.43 trillion in a report released by National Bureau of Statistics (NBS).

Why it matters: As a result of the negative development in the export sector the total foreign trade recorded a 10 percent decline to N11.59 trillion in Q3’22 from N12.84 trillion in Q2’22, while the trade balance fell quarter-on-quarter (QoQ) by 86 percent to N269.3 billion in the Q3’22 from N1.97 trillion in Q2’22.

• In the third quarter of 2022, Nigeria’s total trade stood at N11.59 trillion, this was lower than the value recorded in Q’22 (N12.84 trillion) but was higher than the value recorded in the corresponding period of 2021 which stood at N10.47 trillion. Total exports stood at N5.93 trillion of which re-exports were N25.04 billion, while total imports stood at N5.66 trillion.

Be smart: The top five re-export destinations were Cote d’Ivoire, Ghana, the United Kingdom, China and The Netherlands.

Zoom out: According to the report, in the quarter under review, total exports declined by 19.89 when compared to Q3’22 (N7.4 trillion) but it increased by 15.5 percent of the value recorded n Q3’21 (N5.13 trillion).

TRADE ROUNDUP

EXPORT | Nigeria’s ginger production hits 31mmt – NEPC

• The Nigerian Export Promotion Council (NEPC) has disclosed that Nigeria now ranks 3rd in Ginger production with 31 million metric tonnes, behind India and China. The product is also in very high demand in the world market due to its natural and distinct features of pungency, aroma and oil content (oleoresin).

PORT | Ports: Customs Abandons N8bn Scanning Machines

• Despite the government’s multi-billion naira investment in scanners at the nation’s seaports, the Nigeria Customs Service (NCS), operating at the seaports abandoned the equipment for 100 per cent physical examination of cargoes.

• The 100 percent physical examination has led to huge storage and demmurage charges accruing for importers who had thought the introduction of scanners will reduce cost of clearing cargoes out of the nation’s seaports.

UPCOMING TRAINING - ABUJA

IN THE NEWS

Nigeria: Illegal Customs Checkpoints Frustrating Transborder Trade – Shippers

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.

EXPORT PROMOTION

🗒️ Non-Oil Export: $4.987 Billion repatriated in 2022

Nigeria's Central Bank Governor, Godwin Emefiele says a total of $4.987 billion have been repatriated into the country by non-oil exporters in 2022, higher than the $3.190 billion repatriated in 2021. This was stated at the 2nd Edition of the RT200 Biannual Non-Oil Export Summit, held in Lagos last week.

• The Bankers’ Committee pledged to partner with exporters to achieve their goals and to ensure quick acceleration of the export value chain in Nigeria.

What they're saying: “This is the time for all of us to work together to reposition Nigeria on a growth trajectory by taking the diversification of the economy seriously” - Mr. Godwin Emefiele, CBN Governor.

• Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo assures of Federal Government’s support to stakeholders to promote trade and export, to enhance non-oil revenue.

Zoom out: “We must help our exporters and our economy by adding value to what we produce and export.”

By the numbers: The CBN has paid out about N81 Billion in rebates to Nigerian exporters under the Rebate Scheme of the RT 200 FX Programme.

The bottom line: RT200 Bi-Annual Summit was an avenue to update the stakeholders in the non-oil sector about the progress made and to look at areas for improvement. Mr, Emefiele lauds Banks, Nigeria Customs Services, Nigerian Export Promotion Council, Nigerian Ports Authority, and Nigerian exporters; highlights achievements in the automation and digitization of the trade processes in Nigeria.

IEOM

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.

DATA WATCH

ADVERTISE IN EB NEWSLETTER

 COVER PAGE OF WEEK

TIME's 2022 Person of the Year: Volodymyr Zelensky and the spirit of Ukraine.

PHOTO OF THE WEEK

RT200 BI-ANNUAL SUMMIT: Lagos State Governer, Mr. Babajide Sanwoolu and Otunba Niyi Adebayo Minister of Industry, Trade and Investment and Mr. Godwin Emefiele, Governor of Nigeria's Central bank at the just concluded summit in Lagos. Photo credit: CBN/Twitter