News

Manufacturing Trade Deficit Hits N9.4tn In Nine Months

Published

2 years ago

January 14, 2024

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.

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

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

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.

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.

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.

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.

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.”

News

Fintiri Hikes Corps Members’ All

Published

5 hours ago

August 1, 2025

Editor

Adamawa State Governor, Ahmadu Fintiri, has increased the monthly allowance of National Youth Service Corps members serving in the state from N20,000 to N30,000.

The governor made the announcement on Friday at the swearing-in ceremony for the 2025 Batch B Stream I corps members, held at the NYSC Permanent Orientation Camp in Damare, Girei Local Government Area.

“As a government, we are committed to improving the welfare of corps members.

“This increment aligns with our promise to create a friendly and supportive atmosphere for you,” the governor stated.

Fintiri also reaffirmed his administration’s commitment to youth development and welfare, stating that the allowance hike complements ongoing support efforts such as regular food provision and other welfare initiatives.

Speaking further, he disclosed that plans were at an advanced stage for the construction of a new NYSC orientation camp in the state.

He directed the NYSC State Coordinator to involve corps members with relevant qualifications—such as architects, civil engineers, and quantity surveyors—in supervising the project.

Congratulating the new corps members, Fintiri welcomed them to Adamawa and assured them of government support.

He described them as vital partners in delivering key government policies, particularly in education.

“As bonafide citizens of Adamawa during your service year, you are expected to uphold discipline, engage in community development, and cultivate healthy interactions,” Fintiri stated.

He emphasised the importance of the orientation programme in preparing corps members for their national assignment.

The state Commissioner for Youths and NYSC Governing Board Chairman, Wali Yakubu, urged corps members to take the course seriously, follow camp rules, and embrace skill acquisition for post-service self-reliance.

The NYSC State Coordinator, Mrs. Osoro Caroline, commended the corps members’ discipline and participation so far.

She said the orientation course was tailored to equip them for meaningful national contributions.

Osoro praised Fintiri’s consistent support, describing him as a “visionary leader and a beacon of youth empowerment in Nigeria.”

The event also featured the oath of allegiance administered by the Chief Judge of Adamawa, Justice Hapsat Abdurrahman, and a ceremonial presentation of the NYSC journal to the governor.

News

Fintiri Gifts Super Falcons Coach N50m, House For WAFCON Victory

Published

5 hours ago

August 1, 2025

Editor

The Governor of Adamawa State, Ahmadu Fintiri, has gifted Super Falcons coach, Justin Madugu, a three-bedroom bungalow and N50 million for leading the national women’s football team to victory at the 2024 Women’s Africa Cup of Nations.

According to a Facebook post by the governor’s aide, Pius Iliya, the presentation was made at the Government House in Yola, the state capital.

Madugu, an indigene of Adamawa, was hailed by Fintiri for his role in the Falcons’ triumph at the tournament, which took place in Morocco earlier this year.

“Governor Ahmadu Umaru Fintiri, on behalf of the Government and people of Adamawa State, has gifted Justine Pwanidi Madugu ( Coach of Nigeria’s Super Falcons) a three-bedroom bungalow and a sum of N50m for leading the team into winning the 2024 Women African Cup of Nation that took place in Morocco this year,” the post read.

News

Policeman Rejects N800,000 Bribe To Free Robbery Suspect In A’Ibom

Published

5 hours ago

August 1, 2025

Editor

CSP Ebong Thompson

A police officer in charge of the Special Weapons and Tactics Unit, Ebong Thompson has rejected the sum of N800,000 offered to him to secure the release of an armed robbery suspect and cover up the crime.

This is as the command has arrested the suspects in connection with the bribe

A statement by the command’s Public Relations Officer, DSP Timfon John in Uyo, Akwa Ibom State on Friday said the suspects involved in the deal have been arrested and taken to custody.

According to the statement, 53-year-old David Isaac was arrested after a Samsung phone that was snatched at gun point was traced to him.

John stated that the suspect has a record of similar offences having been arrested and charged to court for similar crimes sometime last year but returned to criminal activities after his release.

She added that the other suspect, Emmanuel Peter, was arrested and taken to custody after he brought the the sum of N.8m to the SWAT office to secure the release of the main suspect.

Meanwhile, the commissioner of police who has given a commendation letter to the officer, warned the public to desist from compromising police investigation.

The statement read in part, ”A police officer in charge of the Special Weapons and Tactics (SWAT) Unit, CSP Ebong Thompson, rejected N800,000 bribe offered to him on Wednesday, July 30, 2025.

“The money was intended to secure the release of an armed robbery suspect and also cover up the crime.

”The suspect, 53-year-old David Samuel Isaac, was arrested after a Samsung phone that was gotten at gun point was traced to him. Isaac has a history of similar offences as he was arrested and charged to court for similar crimes sometime last year but returned to criminal activities after his release.

”The other suspect, Emmanuel Mendie Peter was arrested after he brought the bribe to the SWAT office to secure the release of the main suspect. He was taken into custody after the offer was rejected.

”All officers concerned with this discreet investigation received a commendation letter from the Commissioner of Police, CP Baba Mohammed Azare. The CP, while addressing officers at the end of the month briefing, charged them to emulate the Distinguished officers.

”Members of the public are therefore warned to desist from compromising police investigation.”
(PUNCH)