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Nigeria: Vehicle importation down by 45% over forex crisis— Customs Chief

Published

6 months ago

July 4, 2024

Due to issues with foreign exchange in the country, vehicle imports decreased by 45% in the first quarter of 2024, according to Adewale Adeniyi, Comptroller General of the Nigeria Customs Service.

Adeniyi noted in a recent interview with Arise Television that the moment was extremely critical for Nigerians and businesses in general as a result of the fluctuation in exchange rates,

“It affected car dealers. We had as much as a 45 per cent decrease in the volume of cars that were brought into Nigeria in that period.

“And they were not the kind of cars that fetched optimum revenue for the customs. Not only cars, but even regular imports were also affected because people could no longer import raw materials as they wanted and the volatility did not allow them to plan for tomorrow,” the CGC stated.

He expressed optimism that things had begun to improve in the second quarter of the year.

“But we see some relative degree of stability in the second quarter because there are lots of discussions going on. Some at the level of the National Assembly, most of them spearheaded by the Minister of Finance and Coordinating Minister of the Economy, bring on the stakeholders that are involved together, to ensure that we achieve stability.”

Adeniyi provided an update on the private jet owners’ verification exercise, stating that since the announcement of the verification, a sizable number of private jet owners have begun to leave Nigeria.

The departing jets, he said, do not want to be confirmed.

He said that hardly many owners have participated in the exercise since it began a few weeks ago.

“Very few of them have shown up for verification and we gathered from intelligence that a good number of them have been leaving Nigeria since the announcement was given because they would not want to be verified,” he asserted.

Adeniyi stated that if an aircraft is going to be operated in Nigeria, the owners must come to Nigeria Customs and pay the customs duty when the aircraft is brought in and registered. The CGC clarified that more private aircraft were operating outside of legal boundaries, which is why the service initiated a private jet owners’ verification exercise.

“We have seen so many of these aircraft flying and our record tends to show that only a few of them have shown up to pay duty and this is why we are bringing this verification up,” he said.

The Chief Government Coop underlined that the purpose of the verification process was to verify who was operating legally and who wasn’t. According to the customs helmsman, one of the main motivators for smugglers is the increase in fuel prices in neighbouring nations.

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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.”