Nation
Nigeria Records Massive Trade Deficit In Q3
Nigeria posted a massive trade surplus in the third quarter, which along with the recession, made it a double whammy of economic problems.
While the value of total trade up till September stood at N23.2trillion, trade in third quarter was N8.37trillion.
The value represents an increase of 34.15 per cent over Q2, but it marked a decline of 8.85 per cent compared to Q3 last year.
However, the components of the trade volume and our major trading partners should send alarms ringing in Aso Rock.
While Nigeria enjoyed favourable trade with India, it did not enjoy the same with China.
The report published by National Bureau of Statistics (NBS), yesterday, showed China as a major exporter to Nigeria, accounting for 31 percent of all Nigeria’s imports.
Unlike India, which imports 16.73 percent of Nigerian goods, China was not listed among the top five major export trading partners of Nigeria.
It was only a major force, exporting its own goods to Nigeria.
According to NBS, the import component of the N8.37trillion total trade for the quarter was N5.38trillion.
Exports stood at N2.9trillion, creating a deficit of N2.38trillion.
“This also represents the widest merchandise trade deficit since 2017”, the National Bureau of Statistics said.
“When compared to the deficit of N1,803.3billion recorded in Q2, the Q3 deficit rose by 32.45 per cent”, it added.
Also noteworthy, according to NBS report, crude oil, accounted for 81 per cent of the N2.9trillion total value of exports.
In figure terms, oil export value for the quarter was N2.4trillion, while non-crude oil was valued at N568.2billion, or 18.98 per cent of total export during the review period.
The report also shows that the volume of imports for agricultural products, solid minerals, manufactured goods and raw materials all increased during the period.
The only decline in import category was energy products, which must have occurred because of the lockdown imposed over Covid-19 pandemic.
“The value of Energy goods imports decreased by 53.69 per cent in Q3, 2020 compared to Q2, 2020 and a considerable decline of 69.06 per cent year-on-year”, the NBS reported.
Despite that Nigeria recorded a trade imbalance in the quarter, total exports was 34.85 per cent higher compared to Q2.
However, it was 43.41 per cent less than in comparative period of 2019.
While crude oil and solid minerals exports grew during the quarter, agricultural, raw materials exports all declined.
Another interesting aspect of the report was the destination of Nigeria’s exports and country of origin of imports.
India, Spain, Netherlands, South Africa and Turkey were Nigeria’s important export trading partner for the quarter.
China led Nigeria’s major import trading partners, followed by USA, Netherlands, India and Belgium.
The new Rivers state commissioner of police ,CP Olugbenga Adepoju has assured that his administration will remain apolitical in the discharge of his duties in the state.
Adepoju who officially assumed office last Friday as the 47th police commissioner of police stated this during his median press briefing held at state police command over the weekend in Port Harcourt.
He assured that under his watch as the police helmsman in the state his administration will ensure protection of human rights and warn that any police officer who violate the rights of people will be sanctioned in accordance with the police act and
urged Rivers people to hold the Police accountable, share view of people with police.
“We are committed to transparency.
My priority is to ensure safety, security and welfare of all residents in the state.
Being an economic hub of the country,the state faces challenges of crisis from political interest, economic sabotage illegal oil bunkering.
“I will ensure Rivers people sleep with their two eyes close. I have what it takes to keep the command safe.We do Intelligence gathering work with community and public engagement to proactively prevent crime.We have meetings and seminars with members of the public.”
“We will enforce discipline and ensure zero tolerance for corruption.I have my team.I will put them to work.There will be improvement on the part of my officers.
“We will Combat youth restiveness and cultism, oil theft, environmental crime. we will work with other agencies to ensure is reduce to the barest minimum.
“We will enhance response time and police visibility. We do all we can for our men to respond to distress call in time. We will deploy more men in metro. More visibility policing.
“We will address land grabbing issues.We will work with our legal team. If we have to partake in any execution order, we will look at it critically.
“We will enforce all vehicle regulations with human face. Especially tinted glasses. We may excuse those that have it from the factory. Either the vehicle will be impounded, the tinted glass removed or they are charged to court.
“Our men will not violate rights of citizens. If there is any violation of rights, it should be reported to the police for necessary actions. Our men will be more professional and polite to the people “he stated
CP Adepoju however urged residents of the state,the media and all necessary stakeholders to give the Police the relevant cooperation and support for effective policing of the society.
Akujobi amadi
The Rivers State Police Command says it has acknowledged a social media report on alleged assault of a lady by police officers along Evo Road, Port Harcourt.
A statement signed by the police public Relations Officer (PPRO),SP Grace Iringe Koko in Port Harcourt, yesterday said the police acknowledged the report of such alleged assault and invite the lady involved to visit the command so as to enable the command to commence investigation with a view to apprehend the officers involved.
“We urge the lady involved to visit the Police Headquarters to enable a thorough investigation into the matter. This step will assist us in identifying the officers involved and ensuring that appropriate actions are taken.”
“The Command appeals to members of the public to cooperate with police officers during stop-and-search operations, as these measures are essential in combating crime and maintaining security.”
“We also encourage residents to report any misconduct by police officers through the following channels:
• PPRO: 0816 135 5218
• Control Room: 08032003514, 08098880134
• Complaint Response Unit (CRU): 07057605256, 08120822987, 07072323049, 07057605209”
“Your cooperation is vital in helping us maintain accountability and professionalism within the Rivers State Police Command.
Thank you.”
Akujobi Amadi
Nation
Opobo Elder Statesman Lauds Fubara’s Christmas Bonus to Civil Servants …Celebrates Recognition As Public Office Holder of the Year 2024
The Chairman of Opobo Elder Statesmen-4-Sim, Alabo Edwin Cockeye-Brown, has expressed appreciation to Rivers State governor, Amaopusenibo Siminalayi Fubara over his granting of #100,000 as Christmas bonus to the entire spectrum of civil servants across the State.
Speaking with journalists at his residence in Port Harcourt, yesterday. Alabo Cockeye-Brown said the generous gesture from the governor undoubtedly brought joy and relief to many families during the festive season.
“In these challenging economic times, such initiatives are a testament to Governor Fubara’s commitment to the welfare of our public servants. It is a clear indication that he values their hard work and sacrifices, “he stated.
Alabo Cockeye-Brown, who is the Vice Chairman of Opobo Council of Alapu, emphasized the importance of supporting civil servants, who play a crucial role in the development and governance of the state.
“These men and women dedicate their lives to serving the public. The Christmas bonus is not just financial assistance; it’s a recognition of their relentless efforts and a way to uplift their spirits ahead of the New Year,” he added.
In addition to celebrating the Christmas bonus, Alabo Cockeye-Brown took the opportunity to congratulate Governor Fubara on being awarded the Public Office Holder of the Year 2024.
He said the recognition is well-deserved, adding that the governor has shown exceptional leadership and vision, steering the state towards progress and prosperity.
“His dedication to uplifting the lives of our citizens is commendable, and we are proud to have him leading us”, he said.
Alabo Cockeye-Brown also called on other leaders in the state to follow Fubara’s example, stressing the need for collaborative efforts to enhance public service delivery and improve the living standards of the people.
“Let us work together to ensure that every citizen feels the impact of good governance,” he urged.