All Posts in "Day: March 10, 2023"

Nigeria’s foreign trade rises 41% to N52.3 trn in 2022

Nigeria’s foreign trade rises 41% to N52.3 trn in 2022

By Favour Nnabugwu

 

Nigeria’s foreign trade rose year-on-year (YoY) by 41 percent to N52.3 trillion in 2022 from N36.9 trillion in 2021.

The National Bureau of Statistics, NBS, disclosed this today in its Fourth quarter 2023 (Q4’23) Foreign Trade in Goods report.

According to the NBS, total foreign trade in 2022 comprised of N25.6 trillion imports and N26.79 trillion exports.

However, foreign trade fell quarter-on-quarter (QoQ) by 4.9 percent to N11.9 trillion in Q4’22 from N12.2 trillion in Q3’22 due to a decline in import .

This resulted in a 143 percent rise in trade balance to N907.8 billion in Q4’22 from N409.3 billion in Q3’22.

NBS said:”In Q4’22, Nigeria’s total trade stood at ₦11.7 trillion of which total exports stood at ₦6.35 trillion and total imports amounted to ₦5.36 trillion.

“On an annual basis, total
trade was ₦52.38 trillion, total imports amounted to ₦25.59 trillion,and total exports were recorded at ₦26.79 trillion.

“Total exports increased in the fourth quarter by 7.2 percent and 10.3 percent when compared to the amount
recorded in Q3’22 (₦5.9 trillion) and the corresponding quarter in 2021
(₦5.76 trillion) respectively.

“Conversely, total imports declined by 15.5 percent in Q4’22 compared to the value recorded in Q3’22 (₦6.34 trillion) and fell by 9.7 percent when compared to the value recorded in the corresponding quarter of 2021 (₦5.94 trillion).

“The commodity with the largest export values in the period under review was Petroleum oils and oils obtained from bituminous minerals, crude’ with ₦4.9 trillion representing 77 percent, followed by ‘Natural gas, liquefied’ with ₦704.88 billion accounting for 11.08 percent, and ‘Urea, whether or not in aqueous solution’ with ₦160.56 billion or 2.52 percent of total exports.
“The commodities with the largest values of imported products were ‘Motor
Spirit Ordinary’(₦1.55 trillion), ‘Gas Oil’ (₦220.47 billion), and ‘Durum Wheat (Not in seeds)’ (₦187.96 billion). “

Patoma Admin by — March 10, 2023 in Foreign 0
NiMet DG now member of Scientific, Academic Advisory Board of AGRHYMET

By Favour Nnabugwu

.

The Director General /CEO of the Nigerian Meteorological Agency (NiMet), Prof. Mansur Bako Matazu has been selected into the Scientific and Academic Advisory Board of the AGRHYMET Regional Center, Regional Climate Center for West Africa and the Sahel (RCC-WAS), a specialized institution of the Permanent Inter-State Committee for Drought Control in the Sahel (CILSS).

A statement Signed: Muntari Yusuf Ibrahim, the General Manager, Public Relations said the selection is based on Prof. Matazu’s scientific and professional background.

The appointment was contained in a letter dated February 9th, 2023 and signed by the Director General of the Center, Dr. Mahalmoudou Hamadoun.

” Given your scientific and professional background, I would like to invite you to accept to be a member of our Scientific and Academic Advisory Board as an expert at Climate and Hydroclimatic risks in the Sub-committees 2 (CLIMAT)”. The letter reads.

In a congratulatory letter signed by the Director Human Resource Management, Mrs. Nwokocha N.M, on behalf of the Minister of Aviation, Senator Hadi Sirika, the Ministry hoped that the selection by the international body will spur Prof. Matazu into making further contributions in the field of Climate and Hydroclimatic discourses to the benefit of humanity and global knowledge expansion.
The Scientific and Academic Advisory Board was established since 2001 and meets regularly to evaluate and provide advice on the training and operational research activities carried out by its staff. 

The Board which is composed of renowned scientists from West Africa, Europe, and North America who have worked in disciplines of interest to the Center, have members sit on the board for four years/sessions after which they are replaced.

Patoma Admin by — March 10, 2023 in Aviation 0
Guinea Insurance injects N900m capital into business

By Favour Nnabugwu
Guinea Insurance Plc, one of the oldest insurance companies in Nigeria said it injected about N900 million as capital into its business in 2022 and is in the process of listing 1.8 billion shares.
The Managing Director/Chief Executive Officer of the insurance company, Mr. Ademola Abidogun disclosed this at the Nigerian Association of Insurance and Pension Editors’ (NAIPE) 2023 first quarter CEO’s Forum in Lagos.
Abidogun said the insurer has a lot of funds within its system and over N2billon cash under its management to do business.
He noted that the underwriting firm made the highest Gross Premium Written (GPI) of N1.4 billion in 2022, compared to the last ten years.
“We were also able to make underwriting profit. If you look at the statistics, Guinea insurance has consistently grown so much in its underwriting profit.
“When you check the financials, you will see that the core business of insurance is underwriting, which means; collect business, underwrite it and make profit,” he said.
According to Abidogun, the insurance company was working to improve its investment portfolio, as fund was essential to sustain a business.
The Managing director hinted that Guinea insurance’s claims payment method is one of the best in the market because the firm believes, one of the main reason for doing insurance business is to pay claims.
“If we pride ourself as one of the best in the industry in terms of claims payments, we must be able to pay claims after collecting people’s premium” Abidogun said.
According to him, while the underwriting firm had experienced some challenges few years ago in the market, it has been able to resuscitate its business between 2021 and 2022.
Abidogun noted that Guinea insurance also had to confront perception issues, because a lot of people think the insurer is a one man business, meanwhile it is a Plc with a very robust structure.
He said that the insurance firm had started business well in year 2023 in terms of production and as at February, it had done over 300 percent of what it did same time last year.
“We will be able to deliver in terms of our plans for the year. The most important thing is for an organisation to have capacity, which has to do with financials and people driving the business and we will continue to evolve,” he said.
Patoma Admin by — March 10, 2023 in Insurance 0