Connect with us

Business

Nigeria’s Cargo Imports Grow by 21% in H1 2019

Published

on

NEPC
  • Nigeria’s Cargo Imports Grow by 21% in H1 2019

Cargo importation from US, Asia, Europe and other parts of the world into Nigeria rose substantially in the first half of the year, data from the Nigerian Aviation Handling Company and Skyway Aviation Handling Company (SAHCO)showed.

NAHCO and SAHCO handle about 95 percent of all export and import cargoes through Nigerian airports. Therefore, this report is based on the data collected from the two companies.

Checks revealed that volumes of cargo through NAHCO and SAHCO rose by 21 percent from 27,239,029.6kg recorded last year to 33,205,954.39kg in June 2019.

Experts in the industry attributed the increase to the stability in the foreign exchange market during the first part of the year. Businesses were able to up import materials due to improved access to foreign exchange.

“Since the introduction of investors and exporters window last two years, there has been stability in foreign exchange rate,” a source at Customs said.

Exports through the two companies fell by 25 percent from 5,524,953.1kg in 2018 to 4,116,243.1kg in the first half of 2019, suggesting that government efforts at encouraging local production have not started yielding results as expected.

A break down of the data gathered shows that air cargo exports declined by 28 percent from 5,201,229.10kg in 2018 to 3,696,940.10kg.

Again, On air cargo imports rose 17 percent from 14,384,540.6kg in 2018 to 16,906,938.39kg in 2019.

According to Emeka Enenanah, head of operations, NAHCO “exporters are majorly small scale business owners and farmers which constitute small players in the economy. This is rainy season and farmers are just harvesting now, so in the next two or three months we expect exports to pick up because Nigerians export mostly agro products.”

In April, Godwin Emefiele, governor of the Central Bank of Nigeria, said the country has recorded a total forex inflow of $35 billion through the autonomous I&E Window alone in the last 24 months.

Therefore, because foreign reserves pressure was greatly reduced, the Central Bank was able to maintain Naira’s stability across all foreign exchange window.

Some of the commodities exported were palm oil, vegetables (fresh/dry), melon (egusi), ‘ogbono’ seeds, ‘cashew nut’, ginger and garlic. Others include zobo leaves, yam, plantain, pepper, cocoa, bitter cola, cola nut, garri, dried fish, yam flour, cassava flour, plantain flour, cocoyam, vegetables and various kinds of fruit, said Seyi Adewale, chief commercial officer, Nigerian Aviation Handling Company plc.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Company News

Lafarge Africa Board Proposes N30.60bn Dividend, Lower Than Previous Year

Published

on

Lafarge Africa - Investors King

Lafarge Africa’s Board of Directors has recommended a dividend payout of N30.60 billion for the year ended December 2023, a reduction from the previous year’s dividend.

The proposed dividend translates to N1.90 per unit of shares and awaits approval from shareholders at the upcoming Annual General Meeting (AGM) of the company.

In a corporate announcement filed with the Nigerian Exchange Limited, Lafarge Africa disclosed that the proposed dividend is payable from the Pioneer Reserve to shareholders registered as of March 28, 2024.

Despite the lower dividend proposal, Lafarge Africa recorded an increase in revenue to N405 billion, marking an 8.6% rise from the previous year’s N373 billion.

However, the company’s post-tax profit experienced a 4.7% decline, amounting to N51.14 billion, attributed mainly to the devaluation of the naira.

Lolu Alade-Akinyemi, the Chief Executive Officer of Lafarge Africa, expressed confidence in the company’s performance despite economic challenges.

He highlighted the growth in revenue and an improved operating margin, despite pressures from inflation and currency devaluation.

Looking forward, Lafarge Africa remains optimistic about the construction sector’s growth in Nigeria, despite prevailing economic challenges.

The company aims to leverage its market opportunities while maintaining a focus on sustainability and stakeholder value.

Continue Reading

Business

South African Billionaire Christo Wiese Predicts Return of Major Players to Nigeria Despite Recent Exodus

Published

on

Christo Wiese

South African billionaire Christo Wiese remains optimistic about Nigeria’s economic prospects, predicting the eventual return of major players despite a recent exodus from the West African nation.

In an interview with Bloomberg TV, Wiese explained that it is impossible to ignore Nigeria’s large and growing population, “how do you ignore an economy like this?”

Wiese, the former chairman of Shoprite Holdings Ltd., acknowledges the challenges faced by businesses in Nigeria, where recent currency woes and policy missteps have contributed to an exodus of international companies.

Procter & Gamble Co. and Shoprite are among the global conglomerates that have announced their departure from Africa’s most populous nation.

However, Wiese sees the recent exits as temporary setbacks rather than a long-term trend. He believes that the allure of Nigeria’s vast consumer market and its economic potential will eventually draw major players back.

Despite the current uncertainty, Wiese remains confident in Nigeria’s future, emphasizing the need for governments to adopt correct policies and for investors to exercise patience.

While acknowledging Nigeria’s single-commodity economy vulnerabilities, Wiese highlights the resilience of the nation’s economy and its potential for growth and development.

He suggests that foreign investors, including South African ones, are adopting a wait-and-see approach, anticipating a time when the economy stabilizes and favorable policies are in place.

Continue Reading

Appointments

Seplat Energy Names Udoma Udo Udoma as Independent Non-Executive Chairman, Bello Rabiu as Senior Independent Non-Executive Director

Published

on

Seplat Energy Plc - Investors King

Seplat Energy, a prominent Nigerian energy company listed on the Nigerian Exchange Limited and the London Stock Exchange, has made significant changes to its board leadership.

In a recent announcement, the company revealed that Udoma Udo Udoma has been appointed as the new Independent Non-Executive Chairman, succeeding Basil Omiyi, who is set to retire on March 31, 2024.

Udoma Udo Udoma, a distinguished lawyer and seasoned board administrator, brings a wealth of experience to Seplat Energy.

He holds degrees from St. Catherine’s College, Oxford, and has had a remarkable career spanning various sectors, including petroleum, energy, and natural resources.

Udoma has served on numerous large-sized company boards, including UAC Nigeria Plc and Union Bank Plc, and held key public sector appointments, such as Chairman of the Corporate Affairs Commission and Minister of Budget & National Planning.

In addition to Udoma’s appointment, Seplat Energy announced the selection of Bello Rabiu as the new Senior Independent Non-Executive Director, effective April 1, 2024.

Rabiu, a seasoned professional with extensive experience in the petroleum industry, holds multiple degrees and has served in various capacities at the Nigerian National Petroleum Corporation (NNPC).

The appointments come as part of Seplat Energy’s commitment to upholding strong corporate governance practices and ensuring a smooth transition of leadership.

Both Udoma Udo Udoma and Bello Rabiu are expected to play pivotal roles in guiding Seplat Energy as it continues to expand its operations and consolidate its position as a leading energy company in Nigeria and beyond.

In a statement, Basil Omiyi, the outgoing Chairman of Seplat Energy, expressed confidence in the newly appointed leaders, emphasizing their capabilities to steer the company towards further growth and success.

The appointments underscore Seplat Energy’s dedication to fostering excellence and innovation in the energy sector while meeting the evolving needs of its stakeholders and contributing to Nigeria’s energy transition efforts.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending