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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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How I and Obey’s Son Escaped Getting Caught In Benin’s Coup —Dele Momodu

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The 2011 presidential flagbearer of the National Conscience Party (NCP), Chief Dele Momodu has revealed how he and his entourage missed getting caught in Benin Republic’s coup on Sunday.

A group of military personnel in Benin on Sunday announced that they had ousted President Patrice Talon, who is due to step down next April after 10 years in power.

Soldiers calling themselves the “Military Committee for Refoundation” (CMR), said on state television that they had met and decided that “Mr Patrice Talon is removed from office as president of the republic”.

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Reacting to the news via a post on his official X account, Momodu said he and his entourage would have been caught in Benin Republic’s coup if not for a missing document.

READ ALSO:Africa Coups: 10 In Five Years

OUR GOD DID THIS FOR US… My friend ROTIMI OBEY, the second son of legendary musician, CHIEF COMMANDER EBENEZER OBEY and I were to head out to Accra, Ghana, by road, this morning. All was set and ROTIMI went to bed early so that we can set out at 5am. But something went wrong,” he said.

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“Before going to bed, I asked my driver for the originals of my car documents. He said he had only the copies with him. I searched the Home Office in Victoria Island but I couldn’t find it. I then went to the Penthouse in Ikoyi to check my other office. Still no luck. So , I called ROTIMI at 10:38 PM to give him the decision to fly instead of driving. He agreed.

“Meanwhile, my Beninese friend and mentee, ALEX DALMEIDA, was already in town waiting to accompany us through the French-speaking borders. So I called him at 23:02 last night to abort our road trip.

“I called PRECIOUS, my travel consultant, to check available flights. She got us tickets at 11:15PM. It was at the airport we received the news of the coup in Benin Republic… We barely missed it by the whiskers…”

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Soldiers led by Lieutenant Pascal Tigri announced that they have taken over the country. They also suspended all political parties and announced the closure of land, sea and air borders.

Speaking further, Momodu expressed surprise at the coup attempt, saying: “Benin is one of West Africa’s most peaceful countries.

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“The Benin’s President changed the constitution just last month to allow him extend his presidential term, this morning the military has overthrown him.”

Talon’s entourage has, however said that the Benin Republic President is safe and the army was regaining control.

Talon, a 67-year-old former businessman dubbed the “cotton king of Cotonou”, is due to hand over power in April next year after 10 years in office marked by solid economic growth but also a surge in jihadist violence.

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West Africa has experienced a number of coups in recent years, including in Benin’s northern neighbours Niger and Burkina Faso, as well as Mali, Guinea and, most recently, Guinea-Bissau.

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OAU Unveils Seven-foot Bronze Statue Of Chief Obafemi Awolowo

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Yemisi Shyllon, other dignitaries praise Awo’s commitment to humanity

A giant bronze statue of the sage, Chief Obafemi Awolowo, was unveiled on Friday at the Obafemi Awolowo University (OAU), Ile Ife.

The statue, the worth of which was put at N120 million by the donor, has the sage dressed in his Senior Advocate of Nigeria (SAN) attire. It is of a height of seven feet, which goes to 15 feet after the inclusion of the pedestal.

Speaking at the unveiling, the Vice Chancellor of the university, Professor Adebayo Bamire, stated that the statue is a legacy project for the university.

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Professor Bamire said the statue was a celebration of Chief Awolowo’s selfless service to humanity and expressed the appreciation of the university to the donor, Prince Yemisi Shyllon.

Prof Bamire noted that the life of Chief Awolowo should serve as a lesson for all to live for the good of the people.

“It is known that the soul of any civilisation, the very pulse of its humanity, beats strongest on its art, on its music, its literature, its visual splendour and its performances. This affirmation resonates with the Obafemi Awolowo University academic philosophy: ‘for learning and culture’—a culture of creativity and a creative culture.

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The donor of the statue, Prince Yemisi Shyllon, is a man whose name resonates across continents. He is Africa’s foremost art collector, an accomplished creative mind, a committed philanthropist of extraordinary vision and a relentless advocate for cultural advancement and one of the most remarkable cultural ambassadors of our time.

“For a university like ours, dedicated to the holistic development of mind and spirit, this example is a beacon. It reinforces our own commitment to ensuring that the sciences converge with the humanities, that innovation dances with tradition and that our graduates are as culturally literate as they are professionally skilled.

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“This iconic piece will not only beautify our campus but also serve as a permanent cultural marker, reminding future generations of the ideals of leadership, service, excellence and intellectual courage upon which this university was founded,” the Vice Chancellor said.

Speaking, the donor of the statue, Prince Yemisi Shyllon, stated that the project was aimed at celebrating Papa Awolowo for living a purpose-driven life.

Prince Shyllon said conceiving the project and funding it was his own way of saying thank you to Chief Awolowo for the sterling leadership he gave his people and for showing what meaningful life meant.

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Indeed, many people solely focus on material wealth, such as having cars, building and buying properties, buying private jets, jewelries and the many other worthless and selfish illusions of life, that are generally not meaningful to the real essence of human life,” he said.

READ ALSO:OAU Professor Slumps During Meeting, Dies En Route Hospital

He added that Chief Awolowo would be remembered forever for living for what was right and just even as he listed some of the enduring legacies of the sage.

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Prince Shyllon pointed at “free education in the old Western Region, and other landmark projects such as the Cocoa House, Western Nigeria Television, Liberty Stadium, industrial estates, farm settlements and the Obafemi Awolowo University, among others” as worthy legacies left behind by Chief Awolowo.

Shyllon noted that the sage was a man who could be best described as an example of a person who lived a “meaningful life.”

He added that Chief Awolowo lived his life planting seeds for generations while leaving his indelible footprints on the sands of time.

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He charged all to live the kind of life that would make humanity remember them for something positive, “just as Papa Obafemi Awolowo, who died 38 years ago.”

He stressed that the Holy Qur’an and the Bible preach the act of showing love to the needy, adding that all should not give to the needy for the purpose of getting anything in return.

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Life is full of emptiness. Awolowo lived a meaningful, purpose-driven life and planted seeds through his various selfless services to humanity before his exit. That is why he is celebrated every day since he died 38 years ago,” he said.

In his remarks, Chairman, African Newspapers of Nigeria (ANN) Plc, publishers of the Tribune titles, and daughter of Chief Awolowo, Dr Olatokunbo Awolowo Dosumu, thanked Prince Shyllon for donating the statue.

She also appreciated the university for being receptive to the idea and for keeping the legacy of Chief Awolowo alive.

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Ambassador Awolowo Dosumu, who was represented by the Editor, Saturday Tribune, Dr Lasisi Olagunju, noted that the project was a celebration of selfless service to the people which was what Chief Awolowo lived for.

READ ALSO:EFCC Arrests Over 70 OAU Students In Midnight Raid

History is always there to reward selfless leadership and expose pretenders. We are here today in celebration of an uncommon man who died 38 years ago. This honour, this statue is a demonstration of what immortality means.

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“Chief Awolowo gave his very best in the service of the people. We appreciate the donor, Prince Yemisi Shyllon, for the gesture and also appreciate the university for giving the right space for the erection of the statue. Good life is about services; what we are celebrating today is history’s reward for Chief Awolowo’s selflessness.

“Papa was one leader who believed that service to the people is a rent paid for the space we occupy in this world. The Awolowo family appreciates this monument and thanks the donor and the sculptor for doing a great job,” he said.

He urged students of the institution to learn from the life lived by Chief Awolowo and rededicate themselves to noble causes.

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At the ceremony were principal officers of the university and other dignitaries, including Senator Babafemi Ojudu, who also said positive things about Chief Awolowo and the leadership he gave the Nigerian people.
(TRIBUNE)

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FULL LIST: FG Selects 20 Content Creators For Tax Reform Education

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The Federal Government has released a list of 20 content creators selected to support public education on Nigeria’s ongoing tax reforms.

The Presidential Fiscal Policy and Tax Reforms Committee issued the announcement, which was posted on Thursday by its chairman, Taiwo Oyedele, on X.

The list, titled “Top 20 Content Creators for Tax Reform Education,” was shared after the organisers received 8,591 nominations covering more than 200 creators.

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The organisers said the selected creators will attend a special training session designed to deepen their understanding of the new tax laws so they can share clearer and more balanced information with their audiences.

READ ALSO:FG Revokes 5% Telecom Tax On Voice, Data Services

They encouraged Nigerians to tag any creator on the list and ask them to confirm their interest by completing the acceptance form.

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“If your favourite creator is on the list, tag or mention them and ask them to confirm their interest by completing this form: forms.gle/Ph49kSE4okDf6g….

“Deadline for acceptance is Monday, 8 December 2025.

“Tell us the areas of interest and key issues you’d like the training to focus on in the comments section.”

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According to the announcement, the creators were ranked by their followership across major platforms. The top 20 include:

READ ALSO:FG Gazettes New Tax Reform Laws

1. Financial Jennifer

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2. Onlinebanker

3. Don Aza

4. Mary Efombruh

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5. Baba Ogbon Awon Agba International

6. Perpetual Badejo

7. Personalfinancegirl

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8. Tomi Akinwale

9. Emeka Ayogu

10. Aderonke Avava

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11. Odunola Ewetola

12. Christiana Balogun

13. Mosbrief

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14. Chidozie Chikwe

15. Zainulabideen Abdulazeez

16. Chinemerem Oguegbe

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17. Oyagha Michael

18. Ayomide Ogunlade

19. Ayọ̀dèjì Fálétò

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20. Vera Korie

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