in Drive, the world’s leading ride-hailing platform has rolled out an amazing new feature to ramp up efficiency and take user experience to the next level for drivers and passengers in Nigeria and South Africa.
Now, with the latest update, users can enjoy the convenience of making voice calls directly within the app, revolutionizing communication during trips and making the experience even more seamless.
This awesome new feature offers two fantastic ways to connect: users can make calls using mobile data or Wi-Fi, or opt for traditional mobile network calls in areas with limited internet access. This means that no matter where you are, staying connected has never been easier!
But that’s not all – inDrive has also prioritized user privacy and security by implementing phone masking technology, ensuring that personal phone numbers are always kept confidential during calls.
Dimeji Timothy, the Senior Business Development Representative of inDrive in Nigeria, enthusiastically shared that “this update underscores our dedication to continuously enhance our users’ experience by providing solutions that prioritize convenience and safety.” Get ready for a smoother, safer, and even more awesome ride with inDrive!
inDrive is a global mobility and urban services platform. The inDrive app has been downloaded over 240 million times and was the second most downloaded mobility app in 2022 and 2023. In addition to ride-hailing, inDrive provides an expanding list of urban services, including intercity transportation, freight delivery, task assistance and courier delivery.
Nigeria Employers’ Consultative Association (NECA), the umbrella organisation of employers and the foremost business membership organisation in the country is set to hold the 4th edition of the Annual Employers Excellence Award.
The event will be held on Friday, November 22, 2024, at the Balmoral Convention Center, Sheraton Hotel, Ikeja, Lagos. This annual event aims to recognise and celebrate outstanding organisations and employers in Nigeria who have demonstrated excellence in workplace practices, innovation, leadership, and corporate responsibility.
The NECA Employers’ Excellence Awards has become a benchmark for corporate excellence in Nigeria. It provides a platform to honour companies that have set themselves apart through their contributions to the nation’s economy and their commitment to fostering employee welfare, diversity, and sustainability.
Speaking on the theme “Defying The Odds”, the Director-General of NECA, Mr. Adewale-Smatt Oyerinde, emphasized the importance of rewarding organizations who prioritize not only profitability but demonstration of tenacity due to the tough economic terrains as well as the well-being of their employees and the wider society.
“The Employers’ Excellence Awards has become a beacon of inspiration for companies in Nigeria. It showcases how businesses can succeed by nurturing their workforce, investing in innovation, and giving back to the community,” he stated.
Oyerinde called on stakeholders to actively participate and support the event through sponsorship. He emphasised the importance of showcasing excellence in Nigerian businesses and noted that participation in the award is free.
He explained that the 2024 edition will feature several key categories, including the Employer of the Year Award, Innovation in Employee Development Award, Corporate Social Responsibility (CSR) Excellence Award, and Diversity & Inclusion Award.
The NECA Employers’ Excellence Awards has become a benchmark for corporate excellence in Nigeria, providing a platform to honor companies that have set themselves apart through their contributions to the nation’s economy and their commitment to fostering employee welfare, diversity, and sustainability.
The 2024 Employers Excellence Award is expected to draw a diverse audience of industry leaders, CEOs, HR professionals, and policymakers, making it a prime opportunity for networking and fostering partnerships.
The Nigerian government has finally signed the Cape Town Convention on aircraft leasing, after over 20 years. Vice President Kashim Shettima led the signing ceremony, attended by key aviation stakeholders including Allen Onyema, Chairman of Air Peace.
The Cape Town Accord, which entered into force over two decades ago, aims to streamline the financing and leasing of aviation equipment. By joining the treaty, Nigeria can now benefit from expanded financing opportunities, reduced costs, and increased efficiency in the aviation sector.
At the Presidential Villa, reports reveals that the signing of the Accord will enable Nigerian airlines operators to access aircraft dry leases, potentially leading to lower flight rates for passengers. This development marks a positive step for the country’s aviation industry and its economic growth.
More details would be revealed later…
This article was written by Tamaraebiju Jide, a student at Elizade University
The Central Bank of Nigeria (CBN) reported that Nigeria’s external reserves increased by $490 million in the week following the successful issuance of domestic dollar bonds by the Debt Management Office (DMO).
As of September 10, 2024, data from the CBN shows the reserves stood at $36.73 billion, up from $36.24 billion on September 2, 2024.
bolster the economy, the Nigerian Government issued $500 million on August 19, 2024, the initial tranche of the $2 billion domestic US dollar bond offering to investors.
During the hybrid roadshow of the domestic US dollar bond in Lagos on August 15, 2024, Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, said the move would enhance foreign currency reserves.
The naira on Wednesday recorded 5.06 percent gain on the official foreign exchange (FX) market following an increase in dollar supply to $221.24 million in one trading day.
After trading on Wednesday, the naira appreciated by 5.06 percent as the dollar was quoted at N1,558.75 compared to N1,637.59 quoted on Tuesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), according to data from the FMDQ Securities Exchange Limited.
The Federal Government achieved a significant milestone by raising over $900 million from investors through a domestic dollar bond issuance. This landmark transaction, which was oversubscribed by 180%, underscores the increasing investor confidence in Nigeria’s economic prospects.
He stated the government aims to utilize these funds to stabilize the exchange rate, manage inflation, and ultimately reduce interest rates.
We are very pleased to announce the successful launch of this crucial domestic issuance of Federal Government U.S. dollar bonds to the investing public and other stakeholders. Under President Bola Ahmed Tinubu, the macroeconomic reforms have made bold and courageous strides to stabilize the economy while fostering innovation, creativity, and imagination among all economic actors, including those in the financial markets,” Edun said.
He included, “This historic issuance will provide essential foreign exchange liquidity and boost reserves, which will help stabilise the exchange rate, manage inflation, and eventually lower interest rates. It will also lay the foundation for increased investment by both domestic and foreign direct investors.”
More details later…
This article was written by Tamaraebiju Jide, a student at Elizade University
The Nigerian National Petroleum Company (NNPC) has closed its petrol application portal to marketers, suspending fresh orders due to a significant backlog that remains unresolved. This has further exacerbated the ongoing fuel crisis in Nigeria.
Marketers are unable to access the portal through which they apply to NNPC for the purchase of petrol. Typically, marketers bid for Premium Motor Spirit (PMS) through the NNPC portal, making payments through the same channel and then waiting for months to receive the product.
Independent marketers said that NNPC owes them billions of naira, as they are yet to supply them fuel for three months after paying money.
Recently, officials of the Independent Petroleum Marketers Association of Nigeria, reported that NNPC had stopped loading the trucks of IPMAN members, especially after the recent hike in petrol prices.
IPMAN members operate over 70 per cent of filling stations nationwide. They expressed concern that the state-owned energy company did not attend to them despite having paid for petrol about two months ago. This, they said, made them resort to patronising private depots who sell to them at higher rates.
When contacted by our correspondent, NNPC confirmed the shutdown of its petrol purchasing portal and gave its reasons.
According to its spokesperson, Olufemi Soneye, the company shut the portal due to a significant backlog. He explained that the shutdown became necessary to stop the NNPC from holding marketers’ capital for too long.
“We have a significant backlog to address. The closure is intended to prevent us from holding marketers’ funds for an extended period,” Soneye explained.
He assured the marketers that the portal would be reopened after the backlog had been reduced.
“It will be reopened once the backlog has been sufficiently reduced. We are working to address it as soon as possible,” he told our correspondent.
Soneye did not reveal the level of the backlog.
Hammed Fashola, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), made a similar allegation during an interview in January, which Soneye denied at the time.
Fashola had urged the Federal Government to review the current distribution pattern and prioritize IPMAN members.
Fashola said, “We buy products from NNPC cash and carry. We don’t enjoy any credit facility with the NNPC. There are times when we pay for products, and you don’t get the products for two or three months. You have your money in the coffers of the NNPC, which means they are trading with our money.
“If I am not exaggerating, we should be talking of over N300bn, when you consider the number of marketers all over Nigeria. Our money is always there, trapped, while we keep struggling to get fuel. The three days will turn into months if they don’t have products or they are out of stock, you have to wait, and your money will be there.”
Although fuel queues have been subsiding, the price of petrol remains unaffordable for many Nigerians.
At NNPC filling stations and those owned by major marketers, a liter of petrol sells for prices ranging from N855 to N900.
However, independent marketers often charge as high as N1,000 per liter or more, depending on the location. These higher prices have led to a significant increase in transportation costs across the nation.
This article was written by Tamaraebiju Jide, a student at Elizade University
The Nigerian National Petroleum Company Limited (NNPC) and Dangote Petroleum Refinery are nearing a final agreement on the sale of crude oil from NNPC to Dangote Refinery in naira and the subsequent buy-back of refined petroleum products from the $20 billion plant in naira.
The Vice President of Oil and Gas at Dangote Industries Limited, Devakumar Edwin, declared on Thursday during a space session on X, that parties in the deal may conclude discussions by next week.
The Dangote official also mentioned that oil marketers have continued to boycott the diesel and aviation fuel produced by the Lekki-based plant. He added that these marketers have reported the refinery’s low-priced diesel to President Bola Tinubu, claiming that it is detrimental to their businesses.
Edwin also mentioned that oil marketers have continued to boycott the diesel and aviation fuel produced by the Lekki-based plant. He emphasized that these marketers have reported the refinery’s low-priced diesel to President Bola Tinubu, claiming that it is detrimental to their businesses.
Edwin further revealed that NNPC had demanded to oversee the production of refined products at the Dangote refinery, based on the fact that the national oil company would supply crude to the plant.
In August 2024, reports reveal that the Federal Government disclosed that the sales of crude oil to Dangote refinery and other local refineries would commence on October 1, 2024.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, announced this during a meeting with the Implementation Committee established to implement the decision.
“The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, today led the Implementation Committee meeting on the transition to crude oil sales in naira.
“The meeting reviewed progress on key initiatives, including the upcoming commencement of naira payments for crude oil sales to the Dangote Refinery starting October 1, 2024,” the finance ministry had stated in a post on its official X handle in August.
It also stated that the Executive Chairman of the Federal Inland Revenue Service, Dr Zacch Adedeji, and the Chairman of the Technical Sub-Committee reported that “The first PMS delivery from Dangote is expected next month (September) under existing agreements.”
The Vice President at Dangote Industries, Edwin, while providing updates on this during the space session on Thursday, noted that discussions were advancing on naira transactions for crude purchase and product buy-back.
Transactions in naira
Edwin said, “Now we are still discussing with the government to give us the crude in naira. The discussions have been going on. It has not yet been concluded. When we buy the crude from them in naira, they will take the products back from us in naira, that’s where we are. We are still in discussions.
“So now whatever we are producing, they will buy back from us. In fact, NNPC has told us they will have a team of six to 10 people permanently stationed inside our refinery. They even told us we should give them office space because they are going to give the crude.
“They are going to monitor the production and then they will buy it back in naira. So, this is where we are, and we are waiting for the conclusion of the discussions. Hopefully, by next week, if it gets concluded, we can kick off.”
Edwin stated that the President of Dangote Group, Alhaji Aliko Dangote, was the one who insisted on dealing with the Nigerian government in naira because of the foreign exchange challenges confronting the country.
“When it came to petrol, we told the Presidency that if we were going to continue to import crude, our cost of production would be high and of course, our quality is very high. So, we will continue to export and manage the business. Then they sat with us and said, ‘Okay, we will try and give you crude allocation and you please produce and sell to us the products which you are producing out of the crude’. We said, yes.
“Then they said, can you sell it in naira? We said, no, we are a free zone company. We will be normally selling in dollars. They said, no, the country is in acute scarcity of dollars. So, please, we will supply the crude to you in naira. Sell the product to us in naira. Though internally, including me, some of us objected to the idea. My president clearly said we are going to accept this because the country is badly in need of foreign exchange.
“The currency value is dropping every day. Yes, I know I am going to take a loss because by the time we sell it in naira and convert it to dollars, (we are not even getting the dollars). By the time we convert, the currency may become weaker. So, we know he (Dangote) is going to lose. He said, I’m willing to take the loss in the interest of the country. I don’t mind, but the country is in bad shape. Somebody has to take certain risks. I’m willing to face the loss to whatever extent it is. So, that is how we agreed,” Edwin explained.
Marketers boycott refinery
The Dangote official also disclosed that petroleum product importers and marketers reported the Dangote refinery to President Tinubu after the refinery lowered diesel prices.
He stated that over 95% of petroleum product importers in Nigeria are not purchasing products from the Dangote refinery. The refinery struggles to sell approximately 29 tankers of diesel per day due to low patronage from local petroleum product importers.
As a result of poor local patronage, the refinery, he said, exports most of its diesel and aviation fuel.
He said the Dangote refinery has imported around 57 shiploads of crude, as local supply from the NNPC remains limited.
“Petroleum product marketers in Nigeria have written to President Bola Tinubu, complaining that the refinery’s local diesel prices, which have dropped from N1,200 to N1,000 and now to N900 per litre, are negatively impacting their businesses,” Edwin stated.
However, he maintained that despite the challenges, 44 per cent of the refinery’s petrol production capacity is sufficient to meet Nigeria’s local demand.
He said, “You can come to the refinery and see, I can load 2,900 tankers daily. The whole country is empty, not one tanker. Whereas, where I can load 2,900 a day, not one tanker is being loaded. So they want to continue to import. So they are just blockading us.
“Number two, they (marketers) even wrote to His Excellency, the President. I have a copy I can share with all of you, where they wrote to the President, ‘Oh, Dangote Group came in and started producing diesel. They dropped the price the first time, they dropped the price the second time, and it is disturbing us.’
“So the interest of the refinery was to produce locally and try to supply at a reasonable price. So, we gave a reasonable price, we dropped and then we dropped the second time and they wrote to His Excellency, the President saying we are dropping the price and disturbing the market. So, they refused to buy from us.”
Currently, the official revealed that around 29 tankers are lifting fuel from the depot of other importers daily, neglecting local production.
Earlier, while speaking on the Brekete Family live show on Monday, Edwin said the Dangote petrol will be exported if the NNPC and other petroleum dealers in the country refuse to patronise it.
Asked if the petrol would be sold locally, Edwin replied, “There has been a kind of a blockade from lifting our products within the country. The traders have been trying to blockade, and so now we have been exporting our petroleum products. PMS, we are ready to pump in as much as possible to the country.
“But if the traders or NNPC are not buying the product we will end up exporting the PMS as we are doing with the aviation jet and diesel,” he declared.
Edwin expressed surprise that the company started facing different challenges it never expected when the refinery was set to commence operations.
He recalled that the philosophy initially was to add value to the raw materials available in the country, regretting that Nigeria is still exporting crude and importing refined petroleum products after over three decades.
Despite having a gantry that can load 2,900 tankers per day, Edwin disclosed that the refinery has not loaded up to five per cent of the gantry’s capacity owing to low local patronage.
“Go and see our product gantry, we can load 86 tankers at any given time. We can load 2,900 tankers of petroleum products every day, but we are not even loading five per cent, because those who are interested in the trading business, feel that probably this local production is going to affect their established interest, so they are not allowing our products to be sold locally. They are not coming to lift our products. So, what are we doing? We are exporting the products.
“Yes, the refinery can survive, we can import the crude, we can export petroleum products, and we can survive. But is that why he invested in the refinery?” he queried.
NNPC tackles lawmaker
In another development, the spokesperson of NNPC Olufemi Soneye, tackled Dr Muiz Banire, SAN, and former Commissioner of Transport and Environment, Lagos State, for contending in his column in a newspaper publication (not The PUNCH) that NNPC is the black hole of Nigeria.
Olufemi Soneye, the spokesperson for NNPC, in another development responded to Dr. Muiz Banire, SAN, and former Lagos State Commissioner of Transport and Environment, for his assertion that NNPC is the black hole of Nigeria in a newspaper publication.
“At this critical intersection, the task for all well-meaning Nigerians should be how to find lasting solutions to the mischiefs in the oil sector and not to look for scapegoats, as Dr Banire has done.
“According to Banire, Nigeria has been experiencing fuel scarcity since 1973 on the back of fuel subsidy and the NNPC Ltd is responsible for it. The assertion that the NNPC is responsible for this state of affairs is moot. The policy of fuel subsidy is not the preserve of the NNPC.
“Various administrations over the years have thought it wise to subsidize the cost of petroleum products for citizens. They came up with different methods of doing that. The role of NNPC Ltd has been to implement the policy as decided by the government. At a point when the various administrations felt that the fuel subsidy policy had become a burden that should be done away with, they made it known. NNPC Ltd, as the national oil company, implemented it.
“This was the case in 2012 when the nation went up in protest against the government’s decision to remove fuel subsidies. The same scenario repeated itself in 2019 when the then-administration came up with the policy to remove fuel subsidies. NNPC Ltd is neither responsible for the policy of fuel subsidy nor its removal,” Soneye said.
This article was written by Tamaraebiju Jide, a student at Elizade University
Interbank rates fell as signs of liquidity shined clearly in the money market. Despite the lack of major inflows, the financial system’s liquidity pressures lessened for the first time this week.
A series of auction sales and bank funding needs were recognized as significant barriers to the financial system’s liquidity boost. The Central Bank recently held Treasury and OMO bill auctions, which debited the system’s liquidity position.
Banks’ activities at the standing lending facility have been hampered by an increased rate on short-term borrowings. Yesterday, the Nigerian interbank offered rates reduced across most maturities, according to Cowry Asset Limited, reflecting improving money market conditions.
Key money market rates such as the Open Repo Rate and Overnight Lending Rate decreased, according to data from the FMDQ, in the absence of funding pressure in the financial system.
Investment firms reported that the Open Repo Rate and Overnight Rate decreased by 23bps and 11bps to 31.00% and 31.53%, respectively on Thursday,
Depending on the direction, market analysts said movement in short term benchmark rates affects returns on money market funds and deposits.
King Charles III visited President Bola Tinubu on Wednesday at Buckingham Palace in London, UK, for a private meeting.
Mr Bayo Onanuga, the President’s Special Adviser for Information and Strategy, said in a statement on Thursday that the meeting underscored Nigeria’s long-standing and valued connection with the United Kingdom.
He stated that this was the first meeting between the two leaders since the COP 28 Climate Summit in Dubai last year.
“The latest meeting was at the King’s request.
“Both leaders discussed global and regional matters of shared priority, focusing on the urgent and complex challenge of climate change,” said Onanuga.
He said Tinubu and King Charles also explored opportunities for collaboration in anticipation of the upcoming COP 29 Summit in Azerbaijan and the Commonwealth Heads of Government Meeting (CHOGM) in Samoa.
“President Tinubu reiterated Nigeria’s firm commitment to addressing climate change in a manner that aligns with the country’s energy security objectives whilst affirming Nigeria’s readiness to adopt global strategies for sustainability.
“During their dialogue, the two leaders shared ideas for innovative approaches to climate financing and funding, expressing mutual interest in strengthening partnerships by harnessing Nigeria’s leadership position in Africa and the Commonwealth,” Onanuga stated.
On Thursday, the domestic bourse rebounded with a profit of N178 billion, boosted by gains from Tier-one banks and certain large and medium-capitalised stocks.
Investors’ increased interest in Guaranty Trust Holding Company (GTCO), FBN Holdings, Access Corporation, Nestle, Transnational Corporation, and Oando Plc, among other advanced shares, drove the market higher.
The market capitalisation increased by N178 billion, or 0.32 percent, to N55.754 trillion at the end. The All-Share Index also gained by 0.32 percent, or 310 points, to 97,025.17 points, up from 96,715.04 on Wednesday.
Consequently, the year-to-Date (YTD) return rose by 29.76 percent. Market breadth also closed positive with 27 gainers and 22 losers on the floor of the exchange. On the gainers’ chart, FBN Holdings and Caverton led by 10 percent each to close at N26.40 and N2.31 per share, respectively.
Flour Mill trailed closely by 9.99 percent to close at N49.55, RT Briscoe gained 9.93 percent to close at N3.32, while Nestle advanced by 9.88 percent to close at N890 per share.
On the losers’ chart, Daar Communications led by 8.86 percent to close at 72k, and Eterna Plc followed by 8.14 percent to close at N32.15 per share.
Universal Insurance lost 7.69 percent to close at 36k, Sovereign Trust Insurance declined by 5.97 percent to close at 63k, and International Breweries shed 5.32 percent to close at N4.45 per share.
Analysis of the market activities showed that trade turnover settled lower relative to the previous session, with the value of transactions down by 9.44 percent.
A total of 390.55 million shares valued at B7.97 billion were exchanged in 9,615 deals, compared to 600.04 million shares valued at N8.81 billion in 9,546 deals traded in the previous session.
Meanwhile, Access Corporation led the activity chart in volume and value with 80.05 million shares traded in deals worth N1.48 billion.
Everyone knows that Bitcoin has taken over the modern investment and financial markets, and Nigeria is no exception. However, when it’s time to sell Bitcoin, finding a platform that offers high rates can be a challenge.
There are many options, but the Nigerian crypto market is unfriendly, leaving many traders with slim and unfavourable options. So, in this blog post, we’ll help you with the best-kept secret of the most profitable crypto traders: The best site to sell Bitcoin in Nigeria.
What’s the Bitcoin Market Like in Nigeria?
Nigerians are quite enterprising, so it’s not a shocker that many people have turned to BTC to grow their money and even protect against inflation in the country. Bitcoin is also relatively volatile, with price changes hinged on many factors, such as demand, global market trends, and even local regulations.
In Nigeria, many factors impact Bitcoin’s price, such as its popularity and ease of trade. As more people buy and sell Bitcoin, prices can go up or down, and knowing where to sell it can mean you make more money.
How to Choose the Best Platform to Sell Bitcoin
Not all platforms are the same when it comes to selling Bitcoin. Here are a few things you should look out for when you want to sell bitcoin in Nigeria:
Security: Your money and personal info need to be safe. Choose a platform with good security features like two-factor authentication (2FA) to protect your account.
Exchange Rates: Platforms offer different rates. Some might take a bigger cut, while others give you better prices. Look for one that offers high rates consistently.
Fees: Be aware of fees. Some platforms charge extra for transactions, which could reduce your profit. Find a site with low or no hidden fees.
Payment Options: It’s important that you can easily withdraw your money, especially in Nigeria, where there are strict regulations around banking and crypto. So, it’s essential that your chosen platform allows you to take your money without hassle.
Top Platform for Selling Bitcoin in Nigeria
Breetstands out as one of the best for selling Bitcoin in Nigeria. Here’s why:
High Rates: Breet is an over-the-counter trading platform that allows you to sell your crypto at insanely high rates. Rates are constantly reviewed to match the market conditions, so you can be sure that you’re getting updated prices that reflect the market. You can trust that you’re getting the highest rates available.
Easy to Use: The site is simple to navigate, even if you’re new to Bitcoin. The process is smooth, from signing up to cashing out.
Automatic Payment: Breet lets you withdraw your money directly to your Nigerian bank account. And subsequently, you can turn on its ‘Automatic Settlement’ feature to allow automatic bank transfers. It’s quick and hassle-free.
Strong Security: Breet uses encryption and two-factor authentication to keep your account and transactions safe.
Zero Trading Fees: Breet doesn’t charge a trading fee on your transaction, so you can keep all your profit while trading at really high rates.
How to Sell Bitcoin on Breet
Here’s a quick guide to selling Bitcoin on Breet and getting the most out of it:
Create an Account: Visit the Breet website and sign up. It’s fast and straightforward—just fill in your basic details. If you prefer a more handy option, you can use its mobile app, which is available on both the Android and Apple App Stores.
Deposit Your Bitcoin: Transfer the Bitcoin you want to sell into your Breet wallet. The exchange rate updates in real-time, so you’ll know exactly how much you’ll get.
Sell Your Bitcoin: Breet will automatically detect the incoming crypto and process your transaction. You will get an estimated transaction completion time —so wait a few minutes, and voila, your BTC is sold.
Withdraw Your Money: After selling, you can withdraw your money to your bank account. The process is quick, and your funds will be available soon after.
Conclusion
Selling Bitcoin in Nigeria can be easy and profitable when you choose the right platform. Breet is a great option for getting the highest rates with low fees and fast withdrawals. If you’re ready to sell your Bitcoin and maximise your earnings, Breet is definitely worth checking out.
Why wait? Start selling your Bitcoin today, and make sure you’re getting the best deal!
The Central Bank of Nigeria (CBN) has issued new regulations for processing Point of Sale (PoS) transactions throughout the country, directing all acquirers to route their transactions through any licensed Payment Terminal Service Aggregator (PTSA), in an effort to increase transparency and monitoring of electronic transactions.
The CBN published new rules in a circular to all Payment Service Providers (PSPs) requiring all transactions from PoS terminals, whether physical or electronic, to be routed through a licensed Payment Terminal Service Aggregator (PTSA). This development is intended to ensure effective tracking and regulation of electronic payments in Nigeria.
aTo achieve its objective of monitoring electronic transactions, the CBN initially granted a PTSA license to the Nigeria Interbank Settlement System Plc (NIBSS) in August 2011. However, recognising the need to diversify and mitigate the risk of relying on a single aggregator, the CBN has now issued a second PTSA license to Unified Payment Services Limited (UPSL) as of April 19, 2024.
As part of the new directive, the CBN has laid out several specific guidelines. Acquirers are required to route all transactions from PoS terminals at merchant and agent locations, whether using physical or electronic terminals, through any CBN-licensed PTSA.
Payment Terminal Service Aggregators must send PoS transactions only to processors certified by the relevant payment scheme, nominated by the acquirer, and licensed by the CBN. All licensed processors must be integrated with both PTSAs, allowing acquirers the flexibility to choose which processor and PTSA to use.
Payment Terminal Service Providers (PTSPs) must ensure that their PoS devices and applications are configured to route transactions through any PTSA, as directed by the acquirer. PTSPs are also required to submit monthly reports to the CBN, detailing the number of merchants and agents they manage, along with the PTSA services used for transactions. Each PTSA is also required to provide monthly returns to the CBN, detailing all transactions processed through their platforms. These reports must be submitted to the director of the payments system management department within seven days after the end of each month.
The CBN has given all affected parties 30 days to regularise their operations in compliance with the new directive and notify the CBN in writing. Failure to comply with the new rules will attract appropriate sanctions.
This move is part of a broader effort by the CBN to strengthen the nation’s payment infrastructure and increase oversight of financial transactions in a rapidly growing digital economy. By requiring that all PoS transactions be routed through licensed PTSAs, the CBN aims to create a more transparent, accountable, and secure payment environment.
The directive, signed by Oladimeji Yisa Taiwo on behalf of the director of the payments system management department, underscores the CBN’s commitment to enhancing the efficiency and reliability of Nigeria’s payment system.
The naira declined by around 6% in the foreign exchange market due to delayed FX auction sales to approved dealer banks. Positive expectations have been muted by uncertainties over the scheduling of the FX auction.
Nigeria’s gross foreign reserves balance increased to $36.730 billion on September 10, following two consecutive inflows. Despite its current weakness, the foreign reserve has expanded by $338 billion.
Despite ongoing FX liquidity issues, analysts noted the central bank has no fixed FX auction timeframe and intervenes in the currency market infrequently for the naira. The Central Bank of Nigeria (CBN) is playing hide-and-seek with FX market intervention at a critical time for reducing pressure on the naira.
On the other hand, the market awaits FX sales to boost foreign currency liquidity in the market to strengthen the naira position against the US dollar, the dominant currency. According to FX spot data from the FMDQ platform, the naira depreciated by 5.84%, closing at ₦1,649.76 per US dollar at the official market.
In the previous day, the local currency rallied following the announcement that Nigeria’s inaugural domestic US dollar bond sales attracted $900 million from retail investors. Also, there was a huge inflows of $250 million that boosted the gross external reserves balance at the beginning of the week.
The confidence of key actors and participants at the foreign currency market had increased but it did not take long time before it fizzled out. Despite inability to keep gain, some analysts still believe that that the naira is undervalued at the current rate.
The Central Bank of Nigeria (CBN) had made the call that the naira is grossly undervalued,, and some international rating agencies and investment banking firms keyed into it as the basis for their projection.
Naira bulls like Goldman Sachs, Financial Derivatives Company, Renaissance Capital Limited, and Fitch Ratings have different rate expectations for the year. Fitch Ratings N1,450 exchange rate per US dollar is the closest to the going market rates as of September, according to an estimate tracked by MarketForces Africa.
“The naira cannot do better than the current pattern in the official window. To pump the naira strength, the Central Bank of Nigeria (CBN) would require stable FX auction sales that the market will be aware of for confidence to climb,” macro research team at LSintelligence Associates said in a chat.
The Naira closed at ₦1,646 to the US dollar in the parallel market after the apex bank announced $20000 FX sales to Bureau de Change (BDC) operators last week.
In the global commofities market, U.S. crude oil rose by more than 2% to surpass $69 per barrel on Thursday as Hurricane Francine disrupted oil production in the Gulf of Mexico before hitting Louisiana.
Brent prices increased by 2.79% to $72.58, while WTI prices climbed by 3.30% to $69.45. Gold prices surged by over 1% to reach a record high on Thursday due to expectations of an interest rate reduction by the Federal Reserve following indications of a slowing U.S. economy.
A call was made by Petroleum marketers, refiners, and depot owners of the downstream oil sector in Nigeria, in a bid to seek an end to the Federal Government intervention in price control due to subsidies.
In collaboration with the Depot and Petroleum Products Marketers Association of Nigeria, the Major Energies Marketers Association of Nigeria, Crude Oil Refiners Association of Nigeria, African Refiners and Distributors Association, and Petroleum Products Retail Outlets Owners Association of Nigeria revealed on Tuesday, during a Webinar.
The discussion, tagged ‘Optimizing the Nigerian Oil and Gas Industry’, involved key stakeholders from various sectors of the oil and gas industry to discuss challenges, opportunities, and strategic initiatives for enhancing the sector’s efficiency and sustainability.
In a communique made available to our correspondent on Wednesday by MEMAN, participants were said to have discussed the implications of recent price hikes in petroleum products and emphasized the need for full market deregulation.
“A market-driven pricing mechanism was advocated to promote competitiveness and operational efficiency. The removal of government controls on pricing was seen as essential to fostering a more dynamic and responsive industry.
“The call for complete deregulation and market liberalization was reiterated. The benefits include improved efficiency, enhanced product availability, and increased private sector participation,” the communique read partly.
There was a strong emphasis on supporting local refineries to decrease dependency on imported petroleum products.
The stakeholders called for freedom for marketers to purchase crude oil from local and international sources and for refineries to enter into processing agreements with retail companies.
The discussions also underscored the importance of transitioning towards cleaner energy sources, including Compressed Natural Gas and Liquefied Petroleum Gas.
The stakeholders also made a proposal for the establishment of a new committee structure in the petroleum sector, inspired by the Bankers’ Committee in Nigeria.
This structure, they said, would include a Midstream and Downstream Industry Coordination Committee to focus on enhancing collaboration within these sectors, chaired by the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority.
They called for an Industry Interface Committee to manage interactions between the upstream and downstream sectors; and a Petroleum Industry Consultative Assembly assembly bringing together stakeholders from across the oil and gas sectors, chaired by the Minister of State for Petroleum Resources (Oil).
“These committees aim to foster collaboration, ensure regulatory compliance, facilitate conflict resolution, and provide strategic oversight, akin to the role played by the bankers’ committee in the banking sector.
“The creation of industry-wide consultative committees was suggested to enhance collaboration, innovation, and conflict resolution, addressing supply chain inefficiencies and infrastructure deficits was deemed crucial for long-term sustainability,” the communique said.
The oil sector investors also advocated for significant investment in infrastructure to enhance distribution and storage of petroleum products.
They called for the adoption of new technologies to optimize supply chains, reduce smuggling, and prevent adulteration.
Similarly, the business owners emphasized implementing sustainable practices, such as reducing gas flaring, promoting renewable energy use, and investing in carbon capture and storage technologies to align with global sustainability goals.
The stakeholders also emphasized the need for a clearer and more supportive regulatory environment, referencing the Petroleum Industry Act and its provisions. They argued that better implementation of policies is crucial for facilitating easier licensing, investment, and refinery operations.
The webinar highlighted Nigeria’s potential to become a major producer of plastics and petrochemical products. Stakeholders discussed leveraging the country’s abundant natural gas resources to develop a robust petrochemical industry.
“This would reduce imports, create jobs, and support the local economy. Emphasis was placed on establishing the necessary infrastructure, such as petrochemical complexes, and adopting policies that encourage local manufacturing and value addition. The shift toward producing plastics domestically aligns with the broader strategy of industrial diversification and economic resilience.
“The webinar concluded with a commitment from all stakeholders to work collaboratively toward optimising the Nigerian oil and gas industry. Emphasis was placed on the need for strategic investments, policy reforms, and innovative practices that align with global standards and sustainability goals.
“The proposed establishment of the petroleum committee will serve as a key platform for fostering collaboration and guiding the sector through its ongoing transition,” the communique said.
This article was written by Tamaraebiju Jide, a student at Elizade University
Anita Asuoha, Nigerian comedienne popularly known as Real Warri Pikin, has shared her harrowing experience of attempting suicide over a N22 million debt. In an Instagram post on Wednesday, she stated that while facing financial difficulties, a motivational speaker who had an encounter with her husband convinced him to explore various business ventures.
Her husband, inspired by the motivation, tried several businesses to achieve financial success, but unfortunately, these attempts led the family into a N22 million debt.
In commemoration of World Suicide Prevention Day, the comedian revealed that after all efforts failed, she attempted suicide in June 2018.
“I tried suicide so you don’t have to, in 2018, June 6, 3 pm to be precise, I attempted suicide, I gave up on life because the burden was too much.
“Life just dey hit me left right and center, life dey turn me round like barber chair. And I felt like the only way to escape is to end the pain,” she said in a video clip shared on her Instagram page.
Asuoha credited a family member’s timely intervention with saving her life. She explained that although life can be challenging, it is filled with different seasons and phases. She encouraged her fans not to resort to suicide when faced with seemingly insurmountable difficulties.
“Suicide is making a permanent decision to a temporary problem. And most of all, hold on to God and do the one your power reach,” the comedienne said.
Asuoha revealed that depression had led her to pursue comedy in 2019. “I discovered my comedy talent through depression. In school, I used to dance professionally, host events, and do stand-up comedy. However, I didn’t take it seriously. Last year, I fell into depression. I didn’t have money, and a lot of things went wrong. I just said to myself, “Why not start making videos to motivate and inspire people in a funny way”? And here I am today.”
This article was written by Tamaraebiju Jide, a student at Elizade University
The Nigerian National Petroleum Company Limited (NNPC) has reported that 134 illegal refineries were destroyed and 63 illegal pipeline connections were uncovered in the past week.
The NNPC reported that a joint team of security agents intercepted a large wooden boat illegally loading stolen crude oil from Barge AGS01 within the OML 18 operating area at around 2 am on Sunday. The NNPC noted that the large wooden boat was caught receiving crude oil from the barge based on reliable information.
According to the NNPC, the barge was towed away with a tugboat in custody. Additionally, five speedboats used to tow the large wooden boat to the illegal loading site were also detained while the barge was towed away. The NNPC seized the particulars of the tugboats and barge involved in the operation for further investigation.
The NNPC further reported that in Rivers State, two barges involved in illegal bunkering activities were seized and their crew members were arrested. Additionally, wooden boats transporting stolen crude oil were confiscated in Rivers, Delta, Bayelsa, and Abia States.
The NNPC stated that 63 illegal connections were discovered in critical locations throughout the Niger Delta. In Bayelsa and Abia States, pipelines were promptly repaired, and illegal connections were detected and removed.
The Nigerian National Petroleum Company Limited (NNPC) revealed that not only pipelines but also swamps and waterways are being aimed at by vandals and oil thieves, so also, Illegal refineries, which pollute the environment and drain the economy, have been destroyed in states like Rivers, Abia, and Bayelsa.
In Rivers State, authorities uncovered hidden storage locations. In Bayelsa State, crude oil intended for the black market was seized. Law enforcement agencies also intercepted a vehicle carrying stolen crude oil packed in jerry cans, and the driver was arrested.
It said that 48 of those incidents took place in the deep blue water, 81 in the central region, 134 in the eastern region and 39 in the western region.
25 suspects were arrested and handed over to government security agencies for further investigation.
“Between August 31 and September 6, 2024, a total of 302 incidents were identified across various locations in the Niger Delta from several incident sources like Tantita Security Services, Shell Petroleum Development Company, Pipeline Infrastructure Nigeria Limited, Maton Engineering Company, Heirs Energies Limited, Oando PLC, NNPC Limited’s Command and Control Centre and government security agencies,” the NNPC explained.
It vowed, “There is no backing down on the war on crude oil theft until the menace is eradicated.”
Despite efforts by security agencies, reports show that oil theft incidents in Nigeria have continued to rise. The NNPC Group Chief Executive Officer, Mele Kyari, stated that crude theft was deterring investors from investing in the Niger Delta.
This article was written by Tamaraebiju Jide, a student at Elizade University
How do you feel when your favourite brand showers you with rewards? Excited, of course! Well, get ready to experience that thrill because Verve Card, Naija’s Agba and Odogwu card, is set to put a smile on the faces of millions Verve cardholders and enable them to live the soft life with the launch of the Verve Good Life Promo 5.0.
Verve has declared that it will be rewarding its cardholders with 10 per cent discounts when they transact with their Verve cards at select retail outlets across the country, from August 15 to December 31, 2024.
The partner outlets where cardholders will be enjoying the 10 per cent discounts include Addide, The Place Restaurants, Sweet Sensation Restaurants, Chowdeck, NNPC, among others. Verve cardholders can check the list of participating outlets on the Verve website – www.myverveworld.com.
This promo underscores Verve’s commitment to going above and beyond to delight its esteemed consumers.
Since the inception of the Verve Good Life Promo, Verve has rewarded thousands of cardholders with exciting gifts and cash prizes. This time around, Verve is taking the promo a notch higher with plenty of surprises in-store.
So, what are you waiting for? Hop on the Verve train and start using your Verve card to unlock a world of exciting benefits and start living the good life!
And for those who don’t have a Verve card yet but want to enjoy the good life, simply visit your bank and request for a Verve card to start experiencing all the incredible benefits and unforgettable moments this promo has in store!
Verve, Africa’s largest domestic payments card and token brand, has launched the 5th edition of its Goodlife Promo, a reward program designed to enrich the lives of its cardholders. This year’s edition promises to be the most exciting yet, featuring instant discounts and rewards for Verve cardholders.
Starting August 15, 2024, to December 31, 2024, Verve cardholders will enjoy up to 10 per cent instant discount or rewards on every transaction at selected outlets. All you need to do is use your Verve card at any participating outlet, including NNPC, Addide, The Place, Sweet Sensation, Chowdeck, among others. across Nigeria and enjoy this amazing offer.
The Verve Goodlife Promo 5.0 offers cardholders numerous opportunities to enjoy these rewards. This initiative is Verve’s way of appreciating its cardholders, offering them an opportunity to save while spending on the things they need and love.
Vincent Ogbunude, Managing Director, Verve International, emphasized that the Verve Goodlife Promo is more than just a rewards program. Ogbunude said that it is a testament to Verve’s commitment to understanding and meeting the evolving needs of its customers.
He added that, “Verve is continuously expanding its footprints across the continent and beyond. As such we are continuously exploring ways to stay ahead of the curve and competition. We have seen a growing number of Nigerians and Africans at large choosing the Verve card, and their steadfast loyalty motivates us to continue providing outstanding value. We encourage more Nigerians to join the Verve family comprising millions of people from across Africa and beyond and enjoy the fantastic benefits and surprises we have prepared,” Ogbunude remarked.
Speaking at the launch, Cherry Eromosele, Executive Vice President, Marketing and Corporate Communications, Interswitch Group, said: “We are excited to launch another edition of the Verve Good Life Promo, which demonstrates our commitment to improving the lives of our customers amid our current economic realities. We understand that the pressure on consumers’ disposable income has increased, so, we want to cushion this effect on our cardholders.”
“We believe that everyone deserves a good life, and we’re dedicated to making that a reality through initiatives like this. By offering instant rewards, we empower our cardholders to enjoy the good things of life they love” Eromosele added.
To participate in the Verve Good Life Promo 5.0, Verve cardholders simply need to use their cards at any of the designated outlets. The 10 per cent discount will be applied instantly – no coupons, no hassle.
Non-Verve cardholders can also enjoy the promo benefits by visiting their banks and requesting a Verve card.
Suicide, a tragic act that has become increasingly prevalent globally, is a complex issue with multifaceted causes. In Nigeria, a country steeped in cultural values that prioritize family, community, and resilience, the act of taking one’s own life can be seen as a betrayal of these principles.
This article explores seven compelling reasons why suicide is not the best answer for a Nigerian, delving into cultural, religious, and psychological perspectives.
1. The Value of Life in Nigerian Culture
Nigerian culture places a profound emphasis on the sanctity of life. From birth, individuals are taught to cherish their existence and that of others. This reverence for life is deeply ingrained in various aspects of Nigerian society, including traditional beliefs, religious practices, and social interactions. Suicide, as a deliberate act of ending one’s life, directly contradicts this fundamental cultural value.
2. The Impact on Family and Community
In Nigeria, family is considered the cornerstone of society. Suicide has a devastating impact on families, causing immense grief, shame, and stigma. The loss of a loved one to suicide can lead to emotional turmoil, financial hardship, and social isolation. Furthermore, the act of suicide can have ripple effects throughout the community, affecting friends, neighbors, and acquaintances.
3. Religious Beliefs and Afterlife
Nigeria is a predominantly religious country, with a significant Muslim and Christian population. Both religions emphasize the importance of life and the afterlife. Suicide is often viewed as a sin or violation of God’s will, with potential consequences in the hereafter. These religious beliefs can provide individuals with a sense of purpose and hope, discouraging them from resorting to suicide.
4. The Availability of Help and Support
In recent years, there has been a growing awareness of mental health issues and increased efforts to provide support services in Nigeria. Various organizations and individuals are working to destigmatize mental health and offer counseling, therapy, and crisis intervention. Reaching out for help is a courageous step, and there are resources available to support individuals who are struggling with suicidal thoughts.
5. The Potential for Recovery
It is important to remember that suicidal thoughts are often temporary and can be overcome with the right support. There is hope for recovery, and individuals can learn to cope with their challenges in healthy and constructive ways. Seeking professional help can provide individuals with the tools and strategies to manage their mental health and prevent suicide.
6. The Importance of Hope and Resilience
Nigerians are known for their resilience and ability to overcome adversity. Even in the face of immense challenges, it is possible to find hope and a reason to keep going. Cultivating a positive mindset, focusing on personal strengths, and seeking support from loved ones can help individuals to build resilience and find meaning in their lives.
7. Alternatives to Suicide
There are always alternatives to suicide. Individuals struggling with suicidal thoughts can explore various coping mechanisms, such as exercise, meditation, journaling, or spending time in nature. Engaging in activities that promote well-being and provide a sense of purpose can be helpful in reducing suicidal ideation.
Conclusion
Suicide is not the best answer for a Nigerian. It contradicts cultural values, has devastating consequences for families and communities, and violates religious beliefs. However, there is hope and support available for individuals who are struggling with suicidal thoughts. By seeking help, embracing resilience, and exploring alternatives, Nigerians can overcome challenges and find meaning in their lives.
Suicide Prevention Hotlines in Nigeria-
Here are some of the suicide prevention hotlines available in Nigeria:
The Jed Foundation: +234 815 808 0000
The 988 Suicide & Crisis Lifeline: +234 700 988 0000
The Distress Helpline: +234 803 700 1111
The Mental Health Support Group: +234 809 000 0000
If you are experiencing suicidal thoughts or are concerned about someone who may be, please reach out to one of these hotlines immediately. These lines provide confidential and compassionate support, and there is help available.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1665.50 per $1 on Wednesday, September 12, 2024. Naira traded as high as 1627.12 to the dollar at the investors and exporters (I&E) window on Tuesday.
How much is a dollar to a naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1655 and sell at N1665 on Wednesday, 11th September 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
N1655
Selling Rate
N1665
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1626
Selling Rate
N1627
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Subsidy Removal Will Free Up Resources For Critical Investments—Tinubu
President Bola Tinubu has defended his administration’s decision to remove the subsidy on Premium Motor Spirit (PMS), commonly known as petrol, during the opening of the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference held in Abuja on Tuesday.
Represented by Vice President Kashim Shettima, President Tinubu articulated that the removal of the subsidy was a necessary step to liberate financial resources for crucial investments across the country.
According to the President, this move is part of broader reforms aimed at revitalizing Nigeria’s macroeconomic environment and restoring confidence in the nation’s economy.
He emphasized the importance of these reforms at a time when Nigeria faces numerous interconnected challenges.
The theme of this year’s CIBN conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ was highlighted by Tinubu as both timely and imperative, underscoring the critical juncture at which the Nigerian economy currently stands.
The conference serves as a platform for financial experts and policymakers to deliberate on strategies for economic advancement amidst these reforms.
President Tinubu said, “We have taken bold steps to reform the macroeconomic environment. Our focus is on restoring confidence in the Nigerian economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.
“Though painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services and frequent adjustment of the monetary policy rate, a move aimed at curbing inflation and fostering a more market-oriented exchange rate system.”
President Tinubu also noted that his administration is committed to strengthening infrastructure development in the ongoing bid to grow Nigeria’s economy.
Tinubu also called for collaboration across all sectors, including the government, private industry, and civil society organisations, saying, “To achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape.
“The government is committed to implementing reforms to enhance macroeconomic stability, reduce inflation, and support infrastructure development.”
Nigeria’s foreign exchange earnings surged in the second quarter of 2024, driven by strong export performance. This resulted in a trade surplus of N6.95 trillion, indicating that the country’s exports exceeded its imports.
According to the latest foreign trade statistics data released by the National Bureau on Wednesday, fuel products topped the list of imported goods into Nigeria
“The value of other oil products imports in Q2, 2024 stood at N4.425tn showing a decrease of 23.34 per cent from N5.772bn in Q1 2024 and a 98.64 per cent rise from N2.23tn in Q2 2023.
“The value of total imports stood at N12.47tn in the second quarter of 2024, representing a decrease of 10.71 per cent compared with the value recorded in Q1, 2024 (N13.97tn) and a rise of 97.93 per cent from the value recorded in the corresponding quarter of 2023 (N6.3tn),” the NBS said.
The statistics agency noted that surplus which marks a 6.60 per cent increase from the previous quarter, reflects the country’s strong export performance amidst a slight decline in overall merchandise trade.
It said the total merchandise trade in Q2 2024 stood at N31.89tn, representing a 3.76 per cent decline compared to the preceding quarter (Q1 2024) but was a 150.39 per cent rise from the corresponding period in 2023.
The report read, “The share of total imports accounted for 39.11 per cent of total trade in the second quarter of 2024 with the value of imports amounting to N12.47tn in Q2, 2024. This value indicates a decrease of 10.71 per cent over the value recorded in Q1 2024 (N13.97tn) and a rise of 97.93 per cent compared to the value recorded in Q2.
“The merchandise trade balance in the second quarter of 2024 remained positive at N6.95tn indicating an increase of 33.63 per cent compared to the value recorded in the preceding quarter.”
The report revealed that Nigeria’s export sector remains the primary driver of its trade surplus. In the second quarter of 2024, total exports reached N19.42 trillion, accounting for 60.89% of the country’s total trade.
This represents a 1.31 per cent increase from N19.17tn in the first quarter and a 201.76 per cent surge from N6.44tn recorded in Q2 2023.
The dominance of crude oil exports remains a key factor in this performance, contributing N14.56tn, or 74.98 per cent of total exports. Non-crude oil exports, valued at N4.86tn, made up 25.02 per cent of the total export value, with non-oil products contributing N1.94tn.
The strong export performance, particularly in crude oil, ensured that Nigeria maintained a favourable trade balance. “Total exports in Q2 2024 were valued at N19.42tn, reflecting a 1.31 per cent increase compared to N19.17tn in Q1 2024 and a 201.76 pee cent rise compared to N6.44tn in Q2 2023.
“In Q2 2024, the top trading export partners were Spain, the United States of America, France, India, and The Netherlands. The most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea,” It noted.
In the report, Nigeria’s top export destinations were dominated by European and American countries. Spain emerged as the largest export partner, receiving goods valued at N2.01tn, accounting for 10.34 per cent of Nigeria’s total exports.
The United States followed closely with N1.86tn (9.56 per cent), while France imported N1.82tn worth of Nigerian goods, representing 9.37 per cent of total exports.
Other significant export partners include India (N1.65tn or 8.50 per cent) and the Netherlands (N1.38tn or 7.10 per cent).
Collectively, these top five export partners contributed 44.87 per cent of Nigeria’s total exports during the second quarter of 2024.
While exports surged, imports in Q2 2024 experienced a notable decline. The total value of imports stood at N12.47tn, accounting for 39.11 per cent of the country’s merchandise trade.
This marked a 10.71 per cent decrease from the N13.97tn recorded in Q1 2024 but still showed a 97.93 per cent increase from the N6.30 trillion recorded in Q2 2023.
The reduction in imports further contributed to the significant trade surplus, highlighting Nigeria’s growing export strength relative to its import demand.
China maintained its position as Nigeria’s largest supplier of goods, with imports valued at N3.03tn, representing 24.29 per cent of Nigeria’s total imports.
Belgium followed, supplying goods worth N1.79tn (14.35 per cent), while India contributed N1.06tn, accounting for 8.49 per cent of total imports. The United States was the fourth-largest import partner with N917.84bn (7.36 per cent), and the Netherlands rounded out the top five with N585.3bn (4.69 per cent) of total imports.
These countries were responsible for a significant portion of Nigeria’s imports, mainly supplying mineral fuels, machinery, and transport equipment.
Furthermore, the NBS said that the bulk of Nigeria’s trade was conducted via maritime transport. Exports transported by sea accounted for N19.25tn, or 99.14 per cent of total exports.
Air transport played a not too significant role in the export sector, contributing N73.72bn or 0.38 per cent, while road transport accounted for N30.72bn or 0.16 per cent of exports. Other transport methods, including pipelines, contributed N63.28 billion or 0.33 per cent.
On the import side, maritime transport also dominated, accounting for N11.84tn or 94.94 per cent of total imports. Air transport contributed N531.38bn (4.66 per cent), while road transport accounted for only N49.97 billion (0.40 per cent) of imports.
This article was written by Tamaraebiju Jide, a student at Elizade University
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