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Nairaland Forum / Nairaland / General / Politics / After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance (4984 Views)
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After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by FreeStuffsNG: 8:10am On Feb 22, 2022 |
After 8 quarters of recurring deficits, Nigeria records $1.1 billion foreign trade balance in Q4 2021 Nigeria’s foreign trade balance leapfrogged to a surplus of $1.1 billion in Q4 2021, as export value surpassed import bill for the first time since Q3 2019, representing 8 consecutive quarters of negative trade balance. https://nairametrics.com/2022/02/22/after-8-quarters-of-recurring-deficits-nigeria-records-1-1-billion-foreign-trade-balance-in-q4-2021/ 15 Likes
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Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by FreeStuffsNG: 8:11am On Feb 22, 2022 |
This year will further expand the lead in our balance of trade and the report below explains it better. Nigeria is about to go on a massive leap especially on the forex supply side; from the e-evaluator to the forex rebate on export etc,it will be massive and in 3-5 years,we may be hitting as high as $200b forex inflows from exports. I commend CBN Governor and his team for these brilliant initiatives and clarity of the vision. The era of exporting raw unprocessed goods is winding down An Ambitious Programme to Boost Non-oil Exports We turn our attention to the RT200 fx programme announced by Godwin Emefiele, Governor of Nigeria's central bank after the conclusion of February's bankers' meeting. The programme, according to the governor, is targeted at raising USD200bn from non-oil exports over the next 3 to 5 years. The "RT200 FX Programme" stands for "Race to USD200 billion in FX Repatriation". With oil receipts - the major source of Nigeria's fx earnings - under pressure due to evacuation challenges in Nigeria's oil sector, the governor sees the RT200 as a major route to raising non-oil fx earnings. The RT200 programme has five (5) key anchors: (i) value-adding exports facility, (ii) non-oil commodities expansion facility, (iii) non-oil fx rebate scheme, (iv) dedicated non-oil export terminal and (v) bi-annual non-oil export summit. The first anchor aims to provide concessionary and long-term funding for firms interested in expanding existing plants or building new ones to increase non-oil commodities value before they are exported. With the majority of current non-oil commodity exports being unprocessed, processing should increase Nigeria's fx earnings. The second anchor, non-oil commodities expansion facility, will provide financing to business projects that will significantly boost local production of exportable commodities. This is to ensure there are raw commodities as feedstock to value adding facilities i.e., the first anchor. This anchor will also ensure that local prices of commodities do not get inflated. The third anchor, the non-oil fx rebate scheme, aims to reward non-oil exporters that repatriate fx earnings back into the I&E window to boost liquidity in the market. It has similarities to the Naira4Dollar Scheme, which has increased remittances to USD100m/week from only USD6m, according to the CBN. The fourth anchor, which will involve the building of dedicated non-oil export terminals, seeks to hasten the export process. To achieve its realisation, the CBN has called on state governments with existing ports to establish a dedicated export terminal and infrastructure network. States with current seaports in Nigeria include Lagos State, Rivers State, Cross River State and Delta State. The final anchor is a biannual non-oil export summit with its inaugural event scheduled for the first week of April '22. The summit will aim to discuss the issues, challenges, and opportunities in the non-oil segment of the economy. Participants will include bankers, customs officials, the Nigerian Ports Authority, the Nigerian Export Promotion Council, clearing agents, cargo airlines, shipping lines, logistics companies, insurance practitioners, among others. We see the RT200 fx programme by the CBN as laudable, given Nigeria's weak agro-processing industry. With non-oil exports accounting for less than 15% of Nigeria's fx earnings, government backed policies to raise the value of trade is a welcome development. Given that the African continent accounts for only 3% of global trade, the RT200 fx programme, if successful, could significantly raise Nigeria's contribution to global trade and raise the country's average income and GDP. For the programme to succeed, attention must be given to structural challenges in the agro sector including security, storage, and logistical infrastructure. and the Land Use Act among others. Under the programme, loans to companies will be at 5% per annum for 10-year loans, inclusive of a 2-year moratorium. https://www.proshareng.com/news/Nigeria-Economy/An-Ambitious-Programme-to-Boost-Non-oil-/61387 1 Like 1 Share |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by FreeStuffsNG: 8:22am On Feb 22, 2022 |
This is the best time to bring your investments into Nigeria. Please bring your investments to Lagos today. In Lagos, your investments are safe and guaranteed of great returns. We are a very hospitable people and we have the best run city economy in Africa in terms of GDP. We have a vibrant population with many beaches and great food! Please invest in Lagos today. Thank you. May God bless you. Here's free book on business ideas & money sources directory for you,it's 100% free! https://www.nairaland.com/6666800/looking-business-ideas-money-fund. Cheers. 6 Likes 4 Shares
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Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by omenkaLives(m): 8:30am On Feb 22, 2022 |
FreeStuffsNG:Little progress, but progress nonetheless. I just hope the growth is sustained to an extent the average Joe on the streets feels the impact God bless my dear country, Nigeria. 9 Likes 1 Share |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by walemoney007(m): 8:44am On Feb 22, 2022 |
omenkaLives: Nah the most important thing be that in bold The street is not smiling May God bless Nigeria 3 Likes |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by mbahdi(m): 10:41am On Feb 22, 2022 |
Iranu government 2 Likes 1 Share |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by iwaeda: 10:41am On Feb 22, 2022 |
FreeStuffsNG: Audio trade balance. Indices indicate nothing like this. Campaign have started 3 Likes |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by Dukeolumidemans(m): 10:42am On Feb 22, 2022 |
This clearly tells u that the country has been running on a negative balance sheet for 8 quarters now, irrespective of what those lie This is what happens when idiots run a company out of stupidity or out of greed. The samething applies to a country such as Nigeria. U will keep getting the same From my 3D Onyokometer, this country is not coming out anytime soon with the direction the country is headed and it's approach to the matter at hand... If ur young and u have cash, ruuuuuuunnn and save ur future while there is still time. Focus on education, skill sets and having ur own family in a sane clime. A stitch in time saves nine!! I come in peace!!! 1 Like
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Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by Nobody: 10:43am On Feb 22, 2022 |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by Nobody: 10:44am On Feb 22, 2022 |
Story only on paper 3 Likes |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by Nobody: 10:44am On Feb 22, 2022 |
mbahdi:You we Allergic to Progress and Good News ! See your Doctor ASAP 2 Likes 1 Share
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Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by aribisala0(m): 10:44am On Feb 22, 2022 |
Oil is nearly $100 Nothing to celebrate We have no plan for a price crash which is totally out of our contro;l When oil prices are high we are wasteful and then they crash and we cry repeating the cycle 15 Likes |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by Bigchristo: 10:45am On Feb 22, 2022 |
FreeStuffsNG:Publicity stunt to make campaign sweet 2 Likes |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by olas24u(f): 10:46am On Feb 22, 2022 |
election is around the corner ,we will start reading figures 1 Like |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by Geniuelander: 10:46am On Feb 22, 2022 |
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Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by htdot: 10:47am On Feb 22, 2022 |
Lol, you APC lads can keep on ditching out fake figures... The reality is what Nigerians are after. 1 Like 1 Share |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by AmazingELixir: 10:47am On Feb 22, 2022 |
And yet the living standard of the average Nigerian is as pathetic as never before seen....exchange rate reaching unimaginable heights and interest rates guaranteeing a healthy fear of borrowing for budding investors. The failure seated in Aso rock promised to deliver on the refineries ..and 7 years into his administration not even one of the nation refineries is functioning upto 20% of installed capacity....so tell how the national can benefit from the surge in oil price when she is neck deep into importation of refined products. 1 Like |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by NotBeenPaid: 10:48am On Feb 22, 2022 |
A step forward, 100 steps backward. 1 Like
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Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by Eriokanmi: 10:48am On Feb 22, 2022 |
Election is coming. Anything to cajole gullible Nigerians is what the APC will be doing now. What happen to the continous depletion of our foreign reserves? I'm sure they'd never look in this direction. We Don wise up 1 Like |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by clothingonline(m): 10:49am On Feb 22, 2022 |
Our currency should improve if it’s true or it’s just propaganda Affordable men clothing payment on delivery 1 Like |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by NADFOR: 10:50am On Feb 22, 2022 |
Fuel, no day, money, no day,food, no day, road, no day,water, no day, electric power, no day, hospital, no day etc but foreign trade Ballance. Ok, we day watch. 2 Likes |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by Oluwapresley(m): 10:51am On Feb 22, 2022 |
Wow! Hope this can be sustained! I just hope the drop in the import bill was as a result of local production picking up and not cox of FX paucity in the country. |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by Eriokanmi: 10:52am On Feb 22, 2022 |
clothingonline:You've said it all. Forex keeps soaring like a hawk despite their warped figure 1 Like |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by soberdrunk(m): 10:53am On Feb 22, 2022 |
Sai............ |
Re: After 8 Quarters Of Deficits, Nigeria Records $1.1 B Foreign Trade Balance by pacespot(m): 10:54am On Feb 22, 2022 |
It would have been better if the trade surplus is driven by increase in export, but still a good signal as it shows an increase in demands for local goods. 2 Likes |
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