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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 1030 words, a 3-minute read.

IN BRIEF

⚡ Situational awareness: Nigeria’s total trade for Q4 2022 stood at N11,722.44 billion. Total exports increased by 7.17%, when compared to Q3 2022 according to the new report by NBS. See detail in the Data Watch section below.

• Nigeria's Central Bank reverses cash swap policy in compliance with the Supreme Court ruling, that N200, N500 and N1000 old banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

• Ports authority stops collection of charges on export cargoes

• Mining benefits waste away amid drive to diversify economy

TRADE 

1 big brief: NPA stops collection of charges on export cargoes

The Nigerian Ports Authority (NPA) has ordered terminal operators and shipping companies to stop collecting charges on export cargoes arriving at various terminals for loading except where there are specific requests by the Nigeria Customs Service (NCS) or other government agencies, according to report.

Why it matters: The authority said the request should follow appropriate and verifiable documentation provided by the terminal operator upon demand by the government. The authority listed the charges to include, cargo examination, weighbridge/ Verified Gross Mass (VGM) stuffing, storage and extra service charge, which the authority said would only be collected by Export Processing Terminals (EPTs).

Between the lines: The authority disclosed that it is at an advanced stage of integrating the Central Bank of Nigeria (CBN) Nigeria Export Proceeds (NXP) to the ETO requirements.

• The authority said this is to stop shipping lines from delivering export boxes to terminals without concluding the NXP requirements, thus dumping such boxes in the terminals with its associated challenges.

💬What they're saying: “This is to ensure that operation does not conflict with existing service lines of terminal operators and shipping companies. In compliance with Executive Order 001 as it relates to the authority’s creation of export terminals within the ports." - Mohammed Bello-Koko, Managing Director, NPA.

UPCOMING EVENT

Attend GTR West Africa 2023 as a guest of IEOM

This event is a paid event and for corporate attendees, the fee is $499 while the standard rate is $1799. That information is also available here.

• IEOM is an institutional partner for GTR West Africa 2023 and this allows the Institute to admit a limited number of our corporate members to the event for FREE. As a corporate member of IEOM, your company can send a company representative to the event without the need to pay the standard or corporate rate.

• IEOM corporate membership costs N150, 000.00 and this is an annual subscription providing access to real benefits which include access to business roundtables (breakfast meetings), publications including research, discounted training, market intelligence for specific markets/products. For value, this is a much greater value than the standard/corporate rate for a one-time event.

TRADE ROUNDUP

ECONOMY | Mining benefits waste away amid drive to diversify economy

• Experts have said if properly harnessed; the mining industry could contribute about seven per cent to the country’s Gross Domestic Product annually, as it contributed five per cent to the economy in 1980 before declining to less than one per cent in 2022. The country boasts over 44 solid minerals.

TRADE | Biden, EU chief signal thaw on trade tensions

• President Joe Biden and top EU official Ursula von der Leyen announced progress in defusing a transatlantic trade dispute Friday and renewed their commitment to back Ukraine against Russia.

UPCOMING EVENT

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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DATA WATCH

TWEET OF THE WEEK

PHOTOS OF THE WEEK

HANDS OF SUPPORT & HONOUR: 1. US nominee for World Bank Group President, Ajay Banga, kicks off global tour with the first stop in Côte d'Ivoire where he met with the leadership of AfDB Group, including President, Dr. Akin Adesina, senior management, and members of the Executive Board at the bank's HQ in Abidjan, Côte d'Ivoire. 2. The WTO DG, Dr. Ngozi Okonjo-Iweala receives the Order of Rio Branco honour from the government of Brazil.