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Nigeria’s non-oil exports show resilience, hit over 6.5m metric tonnes

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…As pre-shipment inspection agents reveal Nigeria’s top 20 exported products in 2023

…Export sector grows with 273 different products shipped overseas — NEPC boss

The Nigerian Export Promotion Council (NEPC) has reported that the volume of Nigeria’s non-oil exports in 2023 reached 6.685 million metric tonnes of exportable products.

The Executive-Director/Chief Executive Officer (CEO) of NEPC, Nonye Ayeni, made the announcement during the presentation of the non-oil export performance for the year 2023 in Abuja on Thursday.

Ayeni said that the increase in the volume of non-oil exports reaffirms the widely held assertion that the sector holds the key to the revitalisation of the country’s economy.

She added that the increase in the volume and value of exportable goods and services, as well as the repatriation of export proceeds, will enhance foreign exchange inflow into the country and help to stabilise the value of the Nigerian Naira.

Ayeni stated that her management team and she have resolved to double their efforts towards playing their part in repositioning the sector for sustainable and inclusive economic growth.

“An increase in the volume and value of exportable goods and services and the repatriation of export proceeds will enhance foreign exchange inflow into the country.

“It will also help to stabilise the value of the Nigerian Naira.

“For this reason, my management team and I have resolved to double our efforts towards playing our part in repositioning the sector for sustainable and inclusive economic growth,” she said.

The executive-director however acknowledged a decline in monetary terms of export from about $4.8 billion in 2022 to $4.5 billion in 2023.

Ayeni listed the factors responsible for the decline to include political instability in many exportable countries, rejection of some of our products, and exchange rate, among others.

She therefore expressed the council’s commitment to tackle most of these challenges to ensure growth of the sector in the shortest possible time.

“This aligns with the Industrial Revitalisation Agenda of the Minister of Industry, Trade and Investment, Dr Doris Uzoka-Anite, and the Renewed Hope Agenda of President Bola Tinubu.

“For job creation, poverty alleviation and economic growth, development and diversification.

“Considering that one of the major challenges facing exporters is the issue of export rejection, the Council is already addressing the issues.

“By collaborating with relevant authorities to create awareness, build capacity in the area of good agricultural practices, labelling and packaging and ensure adherence to quality and standards of our exports in the global market,” she said.

On products exported, the NEPC boss said 273 different products were reported to have been exported in the period under review ranging from manufactured, semi-processed, solid minerals to agricultural commodities.

She said this figure reflected a notable increase of approximately 28.04 percent compared to the preceding year.

Ayeni said the Pre-shipment Inspection Agents (PIAs), listed some among the top 20 products exported in 2023 to include Urea, Cocoa Beans, Sesame Seed, Soya Beans/meal, Cashew Nuts/Kernels, Aluminum Ingots, and Hibiscus Flower.

“The top commodities in terms of total exported products were Urea/Fertilizer, which accounted for 20.10 percent while Cocoa Beans came second at 13.19 percent.

“Sesame Seeds took the third position at 9.03 percent, and there were quite a number of other exportable products that contributed significantly to this huge volume of exports recorded in 2023.

“So many exportable products and their derivatives such as wheat, bran. Lithium, ore, and sorghum are progressively gaining prominence as the demand for these products in the global market continues to increase.

“While their contributions are still in the process of attaining significant levels, their regular inclusion on the export table suggests a growing presence in the export landscape,” Ayeni said.

Nigeria’s top-20 exporting companies, including Indorama-Eleme Fertilizer and Chemical Limited, have emerged as leaders in the country’s export market, generating a value of $524,327,305.66, according to the executive director.

Dangote Fertilizer Limited secured the second-highest value of $383,071,252.58. Other companies also made significant contributions to Nigeria’s export sector.

Remarkably, Nigeria’s non-oil products have successfully penetrated markets in 124 countries across the Americas, Asia, Europe, Oceania, and Africa.

Furthermore, 1,145 exporting companies actively participated in exporting Nigerian products to thirteen member countries of the Economic Community of West African States (ECOWAS), excluding Cape Verde, in the year 2023.

The executive director of the Nigerian Export Promotion Council (NEPC) emphasised that this achievement can be further enhanced through adequate funding, capacity building, and mentorship.

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CBN disowns notice on cryptocurrency transactions

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The Central Bank of Nigeria says a notice circulating on social media about the risk of cryptocurrency is fake news.

The Apex disclosed this via its official X account, urging the public to disregard the purported notice for all Deposits Money Bank, Non-Bank Financial Institutions, and other Financial Institutions.

The notice reminded “Institutions that dealing in cryptocurrencies and facilitating payments for cryptocurrency exchanges is prohibited”.

However, CBN said the content doesn’t originate from it.

“This information does not originate from the Central Bank of Nigeria.

“For authentic updates, please visit the official website,” CBN wrote.

Recall that the CBN governor, during the Bank’s 293rd Monetary Policy Committee meeting, said over $26 billion funnelled through Binance.

On Tuesday, the Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, said the anti-graft agency froze about 300 accounts to ensure the safety of the foreign exchange market.

The Nigerian government had continued clamping down on Binance and other cryptocurrency platforms amid efforts to defend the Naira in the foreign exchange market.

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Biden says U.S. will begin sending weapons to Ukraine

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U.S. President Joe Biden wants to start delivering of weapons and equipment to Ukraine this week.
The president said this shortly after the U.S. Senate approved billions of dollars in new aid for the country under attack from Russia.
“I will sign this bill into law and address the American people as soon as it reaches my desk tomorrow so we can begin sending weapons and equipment to Ukraine this week,” Biden said.
By passing the legislative package, which also includes billions of dollars in aid for Israel and Taiwan, the U.S. Congress has demonstrated the power of American leadership in the world, Biden added.
“We stand resolutely for democracy and freedom, and against tyranny and oppression.”
There is an urgent need for support for Ukraine, which is being subjected to relentless bombardment from Russia, Biden said.
The bill also contains aid for Israel, which has recently faced unprecedented attacks from Iran.
“This critical legislation will make our nation and world more secure as we support our friends who are defending themselves against terrorists like Hamas and tyrants like Putin,” Biden said.
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NSCDC deploys personnel to JAMB CBT centres in Anambra

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The Nigeria Security and Civil Defence Corps (NSCDC), said it has deployed personnel to ensure a hitch-free 2024 Unified Tertiary Matriculation Examination (UTME) in Anambra.

The state Commandant, Olatunde Maku, stated this after monitoring the conduct of the exams across CBT centres in Awka, on Wednesday.

Some of the centres visited are, Integral Development Konsult on Enugu/Onitsha Expressway, White House in Awka, JAMB Centre located inside JAMB office in Amawbia and Nnamdi Azikiwe University, Awka.

Others are St. John of God ICT Hub, Awka and Kachukwu Ventures Staff Development Centre, behind Government House in Awka.

The examination centres take candidates in three batches: 7 a.m., 10 a.m. and 12 p.m.

Maku said that the synergy between NSCDC and the Joint Admissions and Matriculation Board (JAMB) had yielded positive results in reducing exam malpractice.

He said that the monitoring of the centres would continue till the end of the examination period, to ensure a seamless conduct of the exercise and promote transparency.

“We are firm in our determination to protect critical national assets and infrastructure including JAMB centres.

“Which was why the NSCDC deployed personnel to JAMB CBT centres in the state to ensure security and so far they have been professional in carrying out their mandate,” he said.

Maku advised candidates writing the 2024 UTME to be law abiding and avoid being in possession of prohibited or incriminating items during the examination.

He warned unauthorised persons against loitering around designated exam centre, adding that anyone found wanting would be arrested and prosecuted.

Also speaking, Mrs Jema Iheme, JAMB Coordinator, Anambra state, commended NSCDC for their support and for ensuring security of candidates and staff at the exam centres.

Iheme said that the swift response of NSCDC to emergencies and enforcement of exam rules and regulations was contributing to a smooth and secured exam process so far.

NAN also reports that about 1.9 million candidates are expected to write the JAMB UTME, which commenced on April 19 and would end on April 29.

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