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Nigeria’s intra-Africa trade increased by 40.8% to N1.84 trillion

Published

1 year ago

September 24, 2023

Nigeria’s trade with the rest of Africa increased from N1.306 trillion in 2022 to N1.839 trillion in the first half of 2023.

The increase represents a 40.8 percent Year-on-Year (YoY) in the first half of 2023, a reversal in the declining trend of the nation’s intra-African trade over the same period since 2020, in terms of value.

According ro the National Bureau of Statistics (NBS) Nigeria’s intra-African trade in H1’21 amounted to N1.47 trillion out of total foreign trade of N21.79 trillion; and N1.67 trillion in H1’20 out of N14.55 trillion total foreign trade recorded within the period.

The NBS data on Nigeria’s external trade with the rest of Africa also indicates that the intra-Africa trade is gaining more ground against total foreign trade recorded by the country in the past three years.

The National Bureau of Statistics (NBS) reports that Nigeria’s intra-African trade totalled N1.47 trillion in H1’21 and N1.67 trillion in H1’20 out of the total international trade recorded during those period, which was N14.55 trillion.

The NBS statistics on Nigeria’s external trade data with the rest of Africa also shows that intra-African trade is growing faster than overall international trade recorded by the nation during the previous three years.

The N1.839 trillion recorded in H1’23 represents 7.42 percent of the total foreign trade of N24.789 trillion recorded in the period.

Comparatively, the N1.306 trillion recorded in H1’22 represented 5.05 percent of the N25.843 trillion total foreign trade during that time; the N1.47 trillion recorded in H1’21 represented 6.75 percent of the N21.79 trillion total foreign trade during that time; and the N1.67 trillion recorded in H1’20 represented 11.48 percent of the N14.55 trillion total foreign trade during that time.

About 7.42% of the N24.789 trillion in total foreign trade that was registered throughout the period, or N1.839 trillion, was transacted during H1’23.

Africa’s GDP and its internal trade expanded fourfold over the past two decades, according to the report, which suggests that that intra-African trade is more resilient than exchanges with other regions of the world,

Africa’s trade and regional integration face several obstacles. Transportation and communication infrastructure for intra-African trade is less developed than those that connect Africa to the rest of the world.

Related Topics:Africa Featured Nigeria Trade relations

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IMF mission concludes 4th loan program assessment in Egypt

Published

36 minutes ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

2 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.