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Nigeria’s exports to Angola hit $16.8m in three years

Published

1 year ago

October 20, 2023

The Secretary of State for International Cooperation and Angola communities, Domingos Lopes, has revealed that Nigeria’s exports to Angola hit $ 16.8 million between 2020 and 2022.

Lopes made this statement while speaking on behalf of the Minister of Foreign Affairs, Téte Antonio, at the inaugural interactive Angola-Nigeria business conference on Thursday in Abuja.

He stated that the first agreement for economic, technical, scientific, and cultural cooperation was signed between the two nations in 1976 and that since then, there had been notable exchange in the areas of diplomacy, defence and security, petroleum, education, culture, and transportation.

“In the last three years (between 2020 and 2022), Angola’s exportation of goods to Nigeria was estimated at USD 5.6 million and its importation stood at USD 16.8million, corresponding to a negative trade balance of about USD
11.2million,” he stated.

During the period in view, Angola sold crude oil to Nigeria, which accounted for around 42% of the total volume of exports, optics and precision, amounting to 20%, and mechanical machines and devices with their functions, amounting to 14%.

On the other hand, machines and apparatus, CKD, plastics, rubbers, and other transport materials were included in the importation of the acquired product group. Together, these groups account for more than half of all exports over the time period (41%, 19%, and 15%, respectively).

He also noted that Angola counted on the support of Nigeria during its economic reform as “the present international system is facing various challenges”.

Angola and Nigeria are among the top oil-producing countries in Africa, both are members of the Organization of the Petroleum Exporting Countries (OPEC), the African Union (AU), and other multilateral organizations. They recently announced the removal of subsidies on petroleum products, a policy that was followed by mixed reactions, and deadly protests in Angola.

“Angola being part of the system is witnessing a special moment marked by structural reforms that aim to transform its macroeconomic situation.

“To achieve this objective, the Angolan government intend to count on the support of friendly countries who are always on its side, and one of these is indisputably Nigeria,” Lopes added.

On his part, Nigeria’s Minister of Information and National Orientation, Mohammed Idris, reiterated the government’s commitment to strengthening mutual ties through a deliberate pursuit of productive bilateral relations.

Idris explained, “President Bola Tinubu is desirous to deepen the relationship between Nigeria and other African countries, including Angola. Among other things, we are working on signing a Memorandum of Understanding on Public Communication and Media Exchange with the Embassy of Angola in Nigeria, as part of efforts to deepen our relationship.

“Nigeria is very much keen to support Angola’s domestic and foreign aspirations and the country’s overall development, and we expect reciprocity in this regard,” the minister said.

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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.”