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Manufacturing Trade Deficit Hits N9.4tn In Nine Months

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Nigeria’s trade balance of manufactured goods hit a deficit of N9.4tn in the first nine months of 2023, findings by The PUNCH reveal.

This is according to analysis of various Foreign Trade Statistics reports published by the National Bureau of Statistics.

According to the data, in the first quarter of 2023, Nigeria’s imports of manufactured goods stood at N2.5tn. In the second quarter, it increased to N3.2tn and N4.1tn in the third quarter.

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Cumulatively, manufactured goods imports in the first nine months of 2023 stood at N9.9tn.

READ ALSO: Lagos, Ogun, Kano, Bayelsa Top 2023 Internet Growth – NBS

On the other hand, exports recorded in this category were N131bn, N212bn and N200bn in the first, second and third quarters, respectively, totalling N543bn.

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This means that the difference between imports and exports during the period in review stood at a negative, as imports exceeded exports to the tune of N9.37tn.

Major items imported during the period included ‘Used Vehicles, with diesel or semi-diesel engines from the United States and United Arab Emirates, ‘Machines for reception, conversion and transmission … of voice, images or data’ imported from China and ‘Other medicaments not elsewhere specified’ from India.

The major exports in this sector were ‘Unwrought aluminium alloys’ exported to Japan, ‘Oilcake and other solid residues, resulting from the extraction of soyabean oil,’ and Cathodes and sections of cathodes’ exported to Japan.

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The data revealed that manufactured goods exports by region were mainly exported to Asia, Africa and Europe.

According to a report by the Manufacturers Association of Nigeria, the highest non-oil export volume done by Nigerian businesses in recent times was $9.13bn and that was just before COVID-19.

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The report said Nigeria had not done well in global export trade as it ranked 52nd among nations.

The report, titled ‘Emerging Issues Disrupting Nigeria’s Non-Oil Export And Innovative Solutions,’ cited production, port administration and operating environment as some of the primary impediments to non-oil exports in the country.

READ ALSO: Ondo Amotekun Arrests Man For Kidnapping Eight-year-old

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Also, a recent World Bank ‘Nigeria Development Update noted that non-oil revenues also need to be increased even with oil benefits being secured.

In an interview with Sunday PUNCH, the President of the Manufacturers Association of Nigeria, Francis Meshioye, said exporting manufacturers were usually unable to compete with their international counterparts due to factors bordering on high production costs.

According to him, Nigerian manufacturers are saddled with high production costs, which ultimately push up the prices of manufactured goods.

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Meshioye said, “We tell our members to export more, but all these things are based on competitive advantages. If you want to export a product, it is fine, but at what cost are you going to export it? What will be your price? If the cost is astronomically high, it will be difficult to export. It is a circle.

“The export base should be good enough to support the floating exchange rate, but we need to have a good economic base to do that.”

 

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Otuaro Pledges To Expand PAP Scholarship As Beneficiaries Bag Master’s Degrees From UK Varsities

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Administrator of the Presidential Amnesty Programme (PAP), Dr. Dennis Otuaro, has expressed his unwavering commitment to expanding the PAP scholarship scheme.

The PAP boss made the pledge at a graduation reception for nine students who were awarded foreign post-graduate scholarships by PAP in universities in the United Kingdom.

A statement by his Special Assistant on Media, Mr Igoniko Oduma, said the successful scholars are the first graduates in the offshore post-graduate scholarship deployment to UK institutions by the PAP Administrator, Dr Dennis Otuaro, for the 2024-2025 academic session.

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According to the statement, they graduated from the Anglia Ruskin University, University of Dundee and The University of Law with master’s degrees in cyber security, data science and engineering, law, construction and civil engineering management, project management, and ICT.

READ ALSO:PAP Seeks NCC Partnership On Beneficiaries’ Empowerment

Otuaro disclosed in the statement that 711 undergraduate and post-graduate scholarship beneficiaries are expected to graduate from universities within Nigeria this year.

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According to Otuaro, the expansion of the scholarship scheme is aimed at creating more opportunities for indigent students of Niger Delta extraction to access higher education with a view to closing the human capital development gap in the region.

Otuaro said it was for this reason he deployed 3800 beneficiaries in-country in the 2024-2025 academic year, and increased the figure to 3900 in the 2025-2026 academic session with 200 for foreign scholarships.

He said under his administration, 7700 students have been so far deployed for the PAP scholarship scheme within Nigeria in less than two years.

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According to him, aince he took over, he has deployed 162 students from the region for post-graduate programmes in targeted disciplines in the UK universities.

According to him, this is in conformity with the Renewed Hope Agenda of President Bola Tinubu for the Niger Delta, who has given unprecedented support to the PAP because of his sincere love for the area.

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The PAP boss said, “Our decision aligns with the Renewed Hope Agenda of His Excellency, President Bola Ahmed Tinubu GCFR for the Niger Delta. We will continue to create more higher educational opportunities for students from indigent backgrounds in our region.

“We are also deepening the implementation of the programme’s mandate in informal education and other areas for the sustainable peace and socio-economic advancement of the region.”

READ ALSO:PAP Conducts Verification For 3,171 Scholarship Beneficiaries, Presents 663 Laptops To Final Year Students

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Otuaro, who congratulated the master’s graduates on their successful graduation, stressed that they completed their programmes in record time which shows the seriousness they had put into their studies.

He said they have justified the Federal Government’s investment in their education with their successful graduation, and urged other beneficiaries not to be distracted in their academic pursuits.

We congratulate these scholars on their successful graduation. It shows that they took their studies seriously. That is what we demand of every scholarship beneficiary, whether at the undergraduate or post-graduate level”, Otuaro said.

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Okpebholo Declares Edo Business-friendly

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Governor Monday Okpebholo of Edo State on Friday declared the state as Edo business-friendly environment and ready to welcome any investor to the state.

The governor spoke when he played host to members of the South – South Coalition of the Chambers of Commerce, Industry, Mines and Agriculture (COSSCIMA).

The governor, who received his guests through the Office of the Deputy Governor, Hon. Dennis Idahosa, said his administration has provided the enabling environment for investors to promote their businesses.

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READ ALSO:Oshiomhole Criticises Obaseki’s Govt, Scores Okpehbolo High

The governor commended the COSSCIMA for deeming it fit to choose the stata as host to the annual general meeting of the body.

“It is not surprising that you pick the state as a choice because we have provided the enabling environment by investing in infrastructure and reducing insecurity to the barest minimum.

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“So, we assured potential investors that the state is safe, secured for all to come and invest,” he stated.

Also speaking, Hon. Omoh Anabor, Commissioner for Business, Trade, and Investment, said that the state was ready to partner any firm.

READ ALSO:JUST IN: Okpehbolo Appoints New VC For AAU

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Earlier in his address, President of COSSCIMA, Hon. Indutimi komonibo said, “The Edo State Governor is doing a great job.

He, however, pointed out that nonetheless reiterated, “No government can succeed without partnering with the organized private sector.”

“We seek collaboration wherever we go. We carry the emblem of national development. Investors are looking for where their business will thrive. We understand the language of the business.”

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He stated that COSSCIMA membership cut across the six Chambers of Commerce that make up the South-South states of the federation.

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Oba Of Benin Suspends Priest, Reaffirms Appointment Of Okao

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The Oba of Benin, Oba Ewuare the second, has suspended the traditional priest of Uniamen Village, Chief Sunday Sidney Enoma as the Ohen-Ovia of Unuamen for violating the custom and traditional of Benin.

The Monarch reaffirmed Chief Kingsley Igbinosa as the Okao (traditional head) of Unuamen Village, in Ovia North East local Government Area of Edo State.

READ ALSO:Oke-Oroma Elders Accuse Edo-GIS Officials of Reviving Obaseki’s Controversial Coral City Project

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In a statement by his Chief Press Secretary, Osaigbovo Iguobaro, the Oba described the claim by the suspended Ohen of Unuamen that he is the one who usually installs the Okao of the village as baseless, unfounded and abominable.

The Benin Monarch noted that all Chieftaincy titles in Benin kingdom are conferred by the Oba.

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