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EXPORTS
A trade expert who serves as the Treasurer of the Oyo State Shippers Association, Mrs. Aminat Animashaun, has identified high interest rates on loans and poor infrastructure as key barriers hindering the export of Nigerian-made goods.
Nigeria’s foreign trade value in full year 2024 reached N138.03 trillion, a substantial increase of 106.56% compared to N66.83 trillion recorded in the same period of the previous year, according to the National Bureau of Statistics.
The Dangote Refinery said it has exported Premium Motor Spirit (petrol) to four African countries including Cameroon, Angola, Ghana, and South Africa.
Ghana has followed Nigeria and other African nations in banning the export of certain grains, including rice, corn, and soy, in an effort to prevent a drought-induced food shortage in the country.
The value of agricultural goods imported into Nigeria in 2023 exceeded exports by N1.037 tn marking the 5th year imports exceeded exports.
In Q4 of 2023, Nigeria shifted back into net importer status, primarily attributed to a substantial acquisition of tanks and armoured vehicles in October, valued at N5.06 trillion.
In 2023, Nigeria’s total foreign trade increased from N52.38 trillion recorded in 2022 to N71.88 trillion- an increase of 37.2% when compared to 2022.
A report by Standard Chartered and its partners has revealed that India is set to become Nigeria’s largest trade partner going as the decade progresses.
The Nigerian Government recently revealed that Nigeria recorded a total foreign trade of N12.05 trillion in the first quarter of 2023, representing a 17.5% decrease compared to N14.6 trillion recorded in Q1 2022.
The Central Bank of Nigeria (CBN) has called on SMEs to take advantage of opportunities from the bank to boost their businesses, as the apex bank extends a total sum of N66 billion as loans to boost cotton, soya beans and cassava production in Nigeria.@cenbank
FG certifies Cross River Garment Factory products for export
The Nigerian Export Promotion Council (NEPC) has requested qualifying exporters to submit baseline data for the determination of...