Rivers State Customs Service Generates Over N54 Billion in Q1 2023
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.”
Nigeria and Indonesia Boost Trade Balance by 80.77% in 2022, Unveiling New Economic Opportunities
The figures show an impressive increase of 80.77%, with the trade balance soaring from $2.6 billion in the prior year to a substantial $4.7 billion in 2022.
The Nigerian-Indonesia Chamber of Commerce and Industry has announced a remarkable surge in the trade balance between Nigeria and Indonesia. The figures show an impressive increase of 80.77%, with the trade balance soaring from $2.6 billion in the prior year to a substantial $4.7 billion in 2022.
This revelation was made by Ishmael Balogun, President of the chamber, during the prestigious 2023 Equipment and Manufacturing West Africa Exhibition, held under the theme “Reigniting Manufacturing to Drive Economic Growth and Development” in Lagos.
During the event, industry experts unanimously underscored the pivotal role of technology adoption, human capacity building, and collaboration in revitalizing the manufacturing sector to foster economic growth and development in Nigeria.
In his address, Balogun shed light on the significance of bilateral trade and investment, technological advancements, and global engagement. He emphasized that embracing technology and forging international partnerships would enable businesses to venture into uncharted territories and unlock mutually beneficial opportunities.
Balogun stated, “It is with great pleasure that I inform you about the tremendous growth in the trade balance between Nigeria and Indonesia, which has surged from $2.6 billion in 2021 to $4.7 billion in 2022. Our objective is to continually explore new horizons and expand our outreach further.”
Tumi Adeyemi, Founder and CEO of ZenoLynk Technologies Limited, expressed his views on the matter, emphasizing the critical role of a robust manufacturing base in ensuring self-sufficiency, reducing import dependency, and stimulating exports, thereby bolstering the country’s trade balance.
He highlighted the persistent challenges faced by Nigeria’s manufacturing industry, including inadequate infrastructure, unreliable power supply, limited access to finance, bureaucratic bottlenecks, and inconsistent policies.
According to Adeyemi, leveraging technology is essential to overcoming these obstacles and unlocking growth opportunities for the Nigerian manufacturing sector.
He also pointed out the tremendous potential of the African Continental Free Trade Area agreement, describing it as a golden opportunity for Nigeria’s manufacturing industry. By capitalizing on this vast market of 1.3 billion people and eliminating trade barriers, Nigerian manufacturers can expand their reach, tap into new markets, and boost export-oriented production.
To position Nigeria’s manufacturing sector as a regional powerhouse, Adeyemi called for strategic planning, increased competitiveness, and product diversification. By embracing these measures, the industry can harness its full potential and establish a thriving manufacturing sector that maximizes value addition and reduces dependence on imports.
Abubakar Aliu, the former Director of Industry Trade and Investment, stressed the transformative impact of the African Continental Free Trade Area agreement on promoting industrialization in Africa. He highlighted the immense opportunities it presents for expanding manufacturing capabilities and driving economic growth across the continent.
With the exponential growth in the trade balance between Nigeria and Indonesia, coupled with the commitment of industry experts and stakeholders to embrace technology, enhance competitiveness, and foster collaboration, the future of Nigeria’s manufacturing sector appears brighter than ever. By harnessing the power of technology and strategic planning, Nigeria can position itself as a force to be reckoned with in the global manufacturing landscape, while also contributing significantly to Africa’s industrialization agenda.
Nigeria’s Economy Grows at Slower Pace in Q1 2023 as Cash Crunch Weighs on Productivity
The Nigerian economy grew at a 2.31% pace in real terms in the first quarter (Q1) 2023, according to the latest report from the National Bureau of Statistics (NBS). This represents a 0.8% year-on-year decline when compared to the 3.11% recorded in the first quarter of 2022.
The bureau attributed the decline to the impact of cash crunch experienced across the nation during the quarter under review.
However, growth was driven mainly by the Services sector, which recorded a growth of 4.35% and contributed 57.29% to the aggregate Gross Domestic Product (GDP).
The agriculture sector contracted by -0.90%, below the 3.16% growth recorded in the first quarter of 2022. Although the growth of the industry sector improved to 0.31% relative to – 6.81% recorded in the first quarter of 2022, agriculture, and the industry sectors contributed less to the aggregate GDP in the quarter under review compared to the first quarter of 2022.
In the first quarter, aggregate GDP stood at N51,242,151.21 million in nominal terms, higher when compared to the first quarter of 2022 which recorded aggregate GDP of N45,317,823.33 million, indicating a year-on-year nominal growth of 13.07%.
The Nigerian Oil Sector
Nigeria was pumping crude oil at 1.51 million barrels per day (mbpd) in the first quarter, higher than the 1.49mbpd recorded in the first quarter of 2022 and 0.17mbpd higher than 1.34mbpd pumped in the fourth quarter of 2022.
The sector contracted by 4.21% (year-on-year) in Q1 2023, indicating an increase of 21.83% points relative to the -26.04% recorded in the corresponding quarter of 2022 while growth in the sector rose by 9.18% points when compared to –13.38% filled in the final quarter of 2022. On a quarterly basis, the oil sector recorded a growth rate of 20.68% in Q1 2023.
The sector contributed 6.21% to the total real GDP in the quarter under review, down from 6.63% and 4.34% recorded in the first quarter of 2022 and up from the preceding quarter respectively.
The Nigerian Non-Oil Sector
According to the report, the non-oil sector expanded by 2.77% in real terms in Q1 2023. Representing a decline of 3.30% from the same quarter of 2022 and 1.67% points lower than the final quarter of 2022.
The non-oil sector was driven in the first quarter of 2023 mainly by Information and Communication (Telecommunication); Financial and Insurance (Financial Institutions); Trade; Manufacturing (Food, Beverage & Tobacco); Construction; and Transportation & Storage (Road Transport), accounting for positive GDP growth.
In real terms, the non-oil sector contributed 93.79% to the nation’s GDP in the first quarter of 2023, higher than the share recorded in the first quarter of 2022 which was 93.37% and lower than the fourth quarter of 2022 recorded as
German Economy Plunges Into Recession as Household Spending Succumbed to Inflationary Pressure
Europe’s largest economy, Germany has plunged into recession as inflationary pressure eroded consumer spending and household income.
The economy contracted by 0.3% in the first quarter of the year following a 0.5% decline recorded in the final quarter of 2022. An economy is said to be in recession if it contracted for two successive quarters.
German economic GDP data showed “surprisingly negative signals,” said Finance Minister Christian Lindner on Thursday. Comparing Germany with other developed economies, the minister said the economy was losing potential for growth.
“I don’t want Germany to play in a league in which we have to relegate ourselves to the last positions,” he said, referring to the forecasts of the International Monetary Fund, which predicted a recession in 2023 only in Germany and Britain among European countries.
However, Robert Habeck, Germany’s economy minister, had attributed the slowdown in growth to the previous exposure to Russia’s energy supply and the decision to cut supply following the breakout of war in Ukraine.
“We’re fighting our way out of this crisis,” Habeck said at an event in Berlin on Thursday.
“Under the weight of immense inflation, the German consumer has fallen to his knees, dragging the entire economy down with him,” said Andreas Scheuerle, an analyst at DekaBank.
Data revealed by Investors King showed German household consumption declined by 1.2% quarter on quarter after price, seasonal and calendar adjustments. While government spending also contracted substantially by 4.9% in the quarter.
“The warm winter weather, a rebound in industrial activity, helped by the Chinese reopening, and an easing of supply chain frictions were not enough to get the economy out of the recessionary danger zone,” ING global head of macro Carsten Brzeski said.
By contrast, investment was up in the first three months of the year, following a weak second half of 2022. Investment in machinery and equipment increased by 3.2% compared with the previous quarter, while investment in construction went up 3.9% on quarter.
There were also positive contributions from trade. Exports rose 0.4%, while imports fell 0.9%.
“The massive rise in energy prices took its toll in the winter half-year,” Commerzbank chief economist Joerg Kraemer said.
A recession could not be avoided and now the question is whether there will be any recovery in the second half of the year.
“Looking beyond the first quarter, the optimism at the start of the year seems to have given way to more of a sense of reality,” Brzeski said.
Cryptocurrency4 weeks ago
Binance Resumes Bitcoin Withdrawals After Pause, Cites Congestion of Network
Blockchain4 weeks ago
Nigeria’s Government Embraces Blockchain Technology with New National Policy
Technology3 weeks ago
Apple And Google Collaborate to Stop Unwanted Tracking of People by Bluetooth Devices
Dividends4 weeks ago
Zenith Bank Fetes Shareholders With Unprecedented Dividend Payout of N100.47 Billion
Naira4 weeks ago
Nigerian Naira Appreciates Amidst Decline in Foreign Exchange Market Turnover
Naira4 weeks ago
Dollar to Naira Exchange Rate Today May 3rd, 2023
eNaira4 weeks ago
IMF Managing Director Cautions About Unforeseeable Consequences of Retail CBDCs
Cryptocurrency4 weeks ago
Fedi Raises $17 Million to Launch Alpha Version of Federated Operating System