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Nigeria’s economy suffers as trade deficit with manufactured goods reaches N9.4trn deficit in 2023

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Nigeria’s trade balance of manufactured goods has reached a deficit of N9.4 trillion in the first nine months of 2023, according to analysis of Foreign Trade Statistics reports published by the National Bureau of Statistics.

The data reveals that Nigeria’s imports of manufactured goods amounted to N2.5 trillion in the first quarter, increasing to N3.2 trillion in the second quarter, and reaching N4.1 trillion in the third quarter. Cumulatively, imports of manufactured goods in the first nine months of 2023 totaled N9.9 trillion.

In contrast, exports in this category amounted to N131 billion, N212 billion, and N200 billion in the first, second, and third quarters respectively, resulting in a total of N543 billion. This indicates a negative trade balance, as imports exceeded exports by N9.37 trillion during the period under review.

The major items imported during this 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 specified elsewhere from India.

On the other hand, the major exports in this sector were unwrought aluminium alloys exported to Japan, oilcake and other solid residues resulting from the extraction of soybean oil, and cathodes and sections of cathodes exported to Japan.

The significant deficit in Nigeria’s trade balance of manufactured goods highlights the country’s heavy reliance on imports in this sector. It also raises concerns about the competitiveness of Nigeria’s manufacturing industry and the need to promote domestic production and exportation of manufactured goods.

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

Nigerian businesses have struggled to make a significant impact in global export trade, ranking 52nd among nations, according to a report by the Manufacturers Association of Nigeria.

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

Prior to the COVID-19 pandemic, the highest non-oil export volume achieved by Nigerian businesses was $9.13 billion.The report also emphasized the need to increase non-oil revenues, even with the benefits of oil being secured, as highlighted in a recent World Bank ‘Nigeria Development Update.’

The President of the Manufacturers Association of Nigeria, Francis Meshioye, explained in an interview that exporting manufacturers often struggle to compete with international counterparts due to high production costs. These costs ultimately lead to higher prices for manufactured goods in Nigeria.

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.”

Education

Kwara Govt warns against illegal charges for Common Entrance exam

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The Kwara State Government has warned principals of Junior Secondary Schools and head teachers of primary schools across the state against illegal charges for the state placement examination (Common Entrance).

Any violator will face the full wrath of the law, the state Commissioner for Education and Human Capital Development, Hajia Sa’adatu Modibbo Kawu, warned on Tuesday in her office in Ilorin.

She emphasized that the common entrance is free and government will not tolerate anyone or group of people extorting money, under any guise, from the pupils because the examination is fully sponsored by the state government.

Hajia Modibbo Kawu urged the principals and head teachers to desist from all acts that could dent the image of the state government.

She also cautioned them against aiding and abetting examination malpractices, stating that the present administration has zero tolerance for examination malpractices.

The commissioner implored the parents and guardians of the pupils to report any principal or head teacher with suspicious acts to her office directly, reiterating that her office is open to everyone.

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Education

UNILORIN appoints 40 new Professors

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By Saka Laaro, Ilorin

The University of Ilorin has announced the promotion of 40 of its senior academics to the rank of Professor.

The elevation, which was approved by the Minister of Education, Prof. Tahir Mamman, SAN, was sequel to the recommendations of the University Appointment and Promotion Committee.

A statement from the Office of the Registrar said that the 40 distinguished scholars were found to have excelled in the realms of teaching, research and community service and subsequently promoted to the highest rank obtainable in the academia.

The breakdown of the beneficiaries of the promotion exercise shows that 11 of the new Professors are produced by the Faculty of Agriculture and they are Prof. Sidiqat A. Aderinoye-Abdulwahab, Prof. L. L. Adefalu,Prof. F. O. Takim and Prof. A. A. Badmos.

Others are Prof. Foluke E. Sola-Ojo, Prof. W. A. Jimoh, Prof. M. I. Abubakar, Prof. T. H. Aliyu, Prof. R. O. Uddin II, Prof. T. O. Amusa and Prof. Mutiat A. Balogun.
From the Faculty of Arts are Prof. K. M. U. Gbodofu, Prof. Y. A. Abdullahi, Prof. Abosede R. O. Babatunde, Prof. Bolanle E. Arokoyo, and Prof. P. U. Nwosu while the Faculty of Basic Medical Sciences produced Prof. A. S. Alabi, who teaches at the Department of Anatomy.
Two Lecturers from the Faculty of Clinical Sciences were also elevated to the rank of Professor and they are Prof. T. O. Olanrewaju and Prof. O. A. M. Adesiyun.

The Faculty of Communication & Information Science also produced two new Professors through Prof. Tinuke O. Oladele and Prof. Saudat S. Abdulbaqi while those promoted from the Faculty of Education are Prof. O. O. Okoji, Prof. Folakemi O. Adeniyi-Egbeola and Prof. Florence O. Daramola

From the Faculty of Engineering and Technology are Prof. A. T. Ajiboye, Prof. A. Y. Abdulrahman, Prof. M. O. Sumonu, Prof. Rasheedat M. Mahamood and Prof. T. K. Ajiboye.

The Faculty of Law produced one new Professor in the person of Prof. A. C. Onuora-Oguno.
The Faculty of Life Sciences produced four new professors. They are Prof. M. O. Nafiu, Prof. Faoziyat A. Sulaiman, Prof. Risikat Nike Ahmed, and Prof. I. O. Sule.

Those promoted from the Faculty of Management Sciences are Prof. M. A. Ajayi and Prof. Rihanat I. Abdulkadir as the Faculty of Physical Sciences also produced two new professors through Prof. Haleemat I. Adegoke and Prof. O. A. Abidoye.

The promotion of Prof. Monisola A. Tunde of the Department of Geography and Environmental Management was also confirmed while the Faculty of Veterinary Medicine also produced one of the new Professors in the person of Prof. Z. Jaji from the Department of Veterinary Anatomy.

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Education

Student Union election turns deadly: One student flees for life, parents killed in tragic attack 

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In the quiet town of Ekiadolor, the College of Education became a battleground as student politics turned deadly. Odunuga Gbenga, a promising student, found himself thrust into the chaos of campus conflict.

It all began innocently enough when Gbenga was nominated as a contestant for the Student Union presidency. Little did he know that this simple act would plunge him into a nightmare.

During the election, tensions ran high as rival factions clashed violently. What was supposed to be a democratic process spiraled into chaos, with reports of killings, rapes, and riots echoing across the school grounds.

In fear for his life, Gbenga fled the campus, seeking refuge in the familiar embrace of his parents’ home in Edo State. But safety eluded him as darkness fell on that fateful night.

Under the cover of midnight, a group of assailants descended upon Gbenga’s home, shattering the peace of the night. In a desperate bid for survival, Gbenga fought bravely, but the odds were against him.

Tragically, Gbenga’s valiant efforts were in vain. Though he managed to escape, his beloved parents were not as fortunate. The attackers, driven by unknown motives, mercilessly took the lives of Mr. Samuel Odunuga and Mrs. Taiwo Odunuga, leaving a family shattered and a community reeling in shock.

Since that harrowing night in 2023, the search for Gbenga has consumed the hearts and minds of his grieving family. Their plea echoes through the pages of this newspaper, a desperate cry for justice and closure in the face of unspeakable tragedy.

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