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More Nigerians to Lose Jobs as Economic Crisis Worsens



With the report that manufacturers’ employment rate will fall below benchmark points to 48.8 points in the first quarter of 2023, there are tendencies that more Nigerians stand the risk of losing their jobs.

This report is coming at a time Nigeria is sliding into more economic crisis.

Investors King had reported that the National Bureau of Statistics (NBS) had said that 20 percent of the full-time workforce in Nigeria lost their jobs due to the COVID-19 pandemic in 2020.

The NBS disclosed this in a study jointly conducted with the United Nations Development Programme (UNDP) adding that since then, there has been an increase in the unemployment rate, moving from 27 percent to 33 percent between Q2 2020 and Q4 2020.

Coupled with the naira exchange crisis currently ravaging the country and its negative effects on small and medium-scale businesses, Nigerians have been expressing worry that their jobs are in the verge of being lost.

The lastest index report by the Manufacturers CEOs Confidence showed a downward spiral from the 49.2 points obtained in the preceding quarter.

Investors King reports that the Manufacturers CEOs Confidence Index of the Manufacturers Association of Nigeria is a quarterly research and advocacy publication of the association, which measures changes in the pulse of operators and trends in the manufacturing sector on a quarterly basis.

The report, it was gathered, is in response to movements in the macro-economy and government policies using primary data gotten from direct survey of over 400 chief executive officers of MAN member-companies.

According to the report, in the fourth quarter of 2022, Aggregate Index Score of the MCCI reduced to 55.0 points down from 55.4 points recorded in the third quarter of the year.

This revelation is a pointer to manufacturers’ increasing loss of confidence in the economy of Nigeria that is nosediving.

The report disclosed that the fourth quarter of 2022 appeared to be more difficult to manufacturers than the level of hardship experienced in the preceding quarter.

This situation is linked to the continued rise in inflation, high cost of energy, worsening erosion in naira value and difficulty in sourcing forex as well including the harsh effect of the Russian-Ukrainian war.

According to the report, current Employment Condition (rate of employment) and production level in the next three months scored above the 50 benchmark points though with a decline in the period respectively.

It further stated that employment conditions for the next three months fell below the benchmark points to 48.8 points which is also below the 49.2 points obtained in the preceding quarter.

MAN further revealed that the redesign of naira notes, which has negatively affected the economy, would also play a significant role in affecting employment in the first quarter of 2023.

The association noted that the report is robust and realistic, adding that Q1 of every year is usually sluggish and employment decision is hardly completed in the quarter.

In order to control the economy, the Central Bank of Nigeria has been struggling to minimise the cash flow in individual hands, as traders and entrepreneurs groan of low patronage.

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China and Brazil Move Away from US Dollar in New Trade Deal



china's economy

China and Brazil have struck a new trade deal that will allow them to trade in their own currencies, bypassing the need for the US dollar as an intermediary.

This agreement marks a significant move by China to reduce its reliance on the dollar and establishes the country as a formidable rival to the US in the global economy.

The deal was announced by the Brazilian government on Wednesday and will enable the two nations to conduct their financial transactions directly, using Chinese Yuan for Brazilian Real and vice versa.

Brazil’s biggest trading partner is China with bilateral trade worth a record USD 150.5 billion in 2022.

For Brazil, this deal represents a significant shift away from the traditional reliance on the US dollar as the world’s primary currency. According to the Brazilian Trade and Investment Promotion Agency, ApexBrasil, the agreement is expected to reduce costs and promote even greater bilateral trade.

The move away from the US dollar as an intermediary in international trade could have far-reaching implications for the global economy. Other countries may follow suit and start conducting their trade and financial transactions in their own currencies, potentially undermining the dollar’s position as the world’s primary currency.

This is not the first time that China has taken steps to reduce its dependence on the US dollar. In recent years, the country has been promoting the use of the yuan in international trade and investment, and has signed currency swap agreements with other countries to facilitate trade in their own currencies.

The shift away from the US dollar comes at a time of growing tensions between China and the US, with both countries engaged in a trade war and competing for global influence. As China seeks to establish itself as a major player in the global economy, this move is just one example of the country’s efforts to assert its economic power and challenge the dominance of the US.

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Nigeria’s External Reserves Receive $1 Billion Boost from Oil Sales and Exports

Nigeria’s external reserves grew by $1.063 billion within 24 hours on March 28, 2023 to $36.668 billion in a move suspected to be inflow from the proceed of crude oil and exports.



United States Dollar - Investors King Ltd

Nigeria’s external reserves have received a significant boost of $1 billion from oil sales and exports, according to recent reports.

The increase resulted in a 0.11% appreciation in Naira value on Wednesday as the Naira to United States Dollar exchange rate moderated from N461.75 it closed on Tuesday to N451.24 at the Investors and Exporters (I&E) forex window.

However, despite the positive news, currency dealers maintained bids between N459.50 (low) and N462.13 (high) per dollar. At the parallel market, also known as the black market, the local currency traded at N744 per dollar on Wednesday.

Analysts at the FSDH research have predicted that the Nigerian Naira will continue to face pressure from high import costs and demand for foreign currency by businesses and individuals. However, they expect the Central Bank of Nigeria (CBN) to continue intervening in the FX market to contain the pace of depreciation.

Nigeria’s external reserves grew by $1.063 billion within 24 hours on March 28, 2023 to $36.668 billion in a move suspected to be inflow from the proceed of crude oil and exports.

The decline in external reserves from US$37.1 billion in January 2023 to US$36.1 billion on March 15, 2023, has been attributed to interventions in the FX markets and limited foreign exchange inflows. However, rising oil production in recent months raises the prospect of reserves accretion in the second half of 2023, according to analysts.

The scarcity of foreign currency in the official market coupled with a high exchange rate of N745/US$ in the parallel market continues to drive high input costs and imported inflation.

It remains to be seen how the country will navigate these challenges in the coming months.

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Rivers State Customs Service Generates Over N54 Billion in Q1 2023



Nigeria Customs Service

The Nigeria Customs Service, Area 2 Command in Onne, Rivers State realised N54.992 billion in revenue in the first (Q1) of 2023. 

According to the Command Controller, Comptroller Baba Imam, this amount realised is part of the N336 billion revenue projected for 2023.

Imam revealed this information while addressing journalists in Onne, Eleme Local Government Area of Rivers State on Tuesday.

This represents an increase of N1.133 billion when compared to the amount generated in the first quarter of 2022.

Imam revealed that the command made several seizures, which he stated is a reflection of their commitment to facilitating only legitimate trade in accordance with extant laws.

The seizures included 24 containers carrying refined vegetable oil, two containers carrying 1,165 cartons of Analgin injection and fireworks, and one 20ft of machete that was detained on documentation grounds until an end-user certificate was provided.

The duty-paid value of the seized containers was N94,652,168.39 million, while the duty-paid value of the seized vegetable oil containers was N833,172,538.42.

Imam stated, “In revenue generation, the command was given a target of N336 billion as revenue target for 2023.

“As of today, the command has generated a total revenue of N54, 992,123, 687.15 billion which transits to 16.3 per cent of the target. When compared to the same period last year, the Command has an increase in revenue of N1,132, 925, 556.82bn.

“This figure was realized in spite of not having vessels berth in Onne Port for some time due to the election atmosphere. We look forward to a continuous rise in revenue generation in the coming months as we expect vessels to berth on our coastline within the next few weeks.”

Speaking further on the command’s anti-smuggling activities, he said within the past few weeks, there has been a lot of seizures.

“This is made visible with the display of a total number which comprises 26 seized containers and one detained container for violation or contraventions of various customs laws and breach of procedures as provided under the revised import prohibition guidelines Schedule 3 Article 4 of the Common External Tariff 2022-2026 as well as Section 46 paragraph (b), (d), (e), (f) and 169 of Customs and Excise Management.

“Twenty four containers laden with refined vegetable oil comprising a total of 24,860 gallons of 25 and 10 litres of La-Jonic vegetable oil. Also seized were other two containers laden with 1,165 cartons of Analgin injection and fireworks with other items.”

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