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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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Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”