Category Archives: Export

Cocoa Farmers Strike and It’s Implications for Nigeria Exports

Recently, cocoa farmers threatened to embark on a nationwide strike over the sector’s neglect by the Federal Government of Nigeria. Taiwo Hassan looks at consequences of the industrial action on Nigeria’s cocoa exports

Indeed, this is not the best of time for the country’s cocoa industry despite the role being played by the Federal Government to promote the development of the nation’s non-oil sector after the slump in the price of crude oil at the international market.
Despite the challenges facing the sector, Federal Ministry of Agriculture and Rural Development (FMARD) has been at the vanguard of repositioning the country’s cocoa industry. But these efforts have not yielded the desired results needed to turnaround the fortunes of the sector under the present administration of Muhammadu Buhari.

Nigeria To Export Bees In 2018

Nigeria will start exporting bees to other countries this year 2018, Dr Bidemi Ojeleye, National President, Federation of Bee keepers Association of Nigeria, has said.

He told the News Agency of Nigeria (NAN) on Friday that a European Union team had visited Nigeria for training and guidelines on the residue monitoring plans for bee export.

Ojeleye, who is also Director, Centre for Bee Research and Development, Ibadan, spoke with NAN on the side line of this year’s “Honey Bee Day’’ in Abuja.

According to him, Nigeria is working towards being listed among the EU bee exporting countries.

Trading on CBN Investors and Exporters FX window hits $26 billion

The Central Bank of Nigeria’s Investors and Exporters foreign exchange window recorded approximately $26bn transactions in 2017, the FMDQ OTC Securities Exchange data revealed on Monday.

The FX window was established by the CBN in April 2017 on the aftermath of the foreign exchange crisis that hit the country following the 2014 global crash in the prices of crude oil, Nigeria’s main foreign exchange earner, and the exit of foreign portfolio investors from the country.

Specifically, the total turnover of trading on the I&E window hit $25.64bn in December 2017, approximately nine months after the window was established.

The FMDQ OTC Securities Exchange data revealed that $0.61bn turnover was recorded in April while $1.32bn was recorded in May.

Nigeria Set To Export of 20 Containers of Yam Tubers Monthly in 2018

The Technical Committee on Nigeria Yam Export Programme says it is targeting the export of about 480 tonnes of yams, equivalent to 20 containers, every month in 2018.

Prof. Simon Irtwange, the Chairman of the committee, told the News Agency of Nigeria (NAN) in Abuja on Monday that the target would be achieved if all the challenges, which yam exporters experienced in 2017, were surmounted.

Irtwange said that the U.S. had made a request for the supply of five containers monthly, which amounted to 120 tonnes of yams.

CBN Revives N550b non-oil Export Facility

• Ambode charges CBN, banks on profit motives
The Central Bank of Nigeria (CBN) stepped up its development intervention in the economy as it disclosed yesterday that N500 billion Export Stimulation Facility and N50 billion Direct Intervention Fund being under consideration for two years has fully taken off.

The move, which is a fallout of series of engagements with the exporters and banks with CBN, would be looking at boosting exports of value added products in the non oil sector- cocoa, cashew nuts, palm produce, sesame seeds, solid minerals and rubber.

Making the disclosure in Lagos yesterday, CBN Governor, Godwin Emefiele, said that while the apex bank would be working with new management of the Nigeria Export-Import Bank (NEXIM), it is part of strategies to create other means of survival for the country rather than just rely on the oil.

FG To Begin Implementation of 2017 Revised Import, Export Guidelines January 2018

The Federal Government of Nigeria said it will commence the implementation of the 2017 Revised Import and Export Guidelines in January 2018, in efforts to enhance the ease of doing business in the Nigerian economy.
When this takes effect , it becomes mandatory for both import and export goods to be palletinised in containers as done globally.
The Minister of Finance, Mrs Kemi Adeosun , disclosed this at a sensitisation workshop on the 2017 Revised Import and Export Guidelines in Lagos .
She explained that the date was fixed after due consultations with relevant stakeholders, and assured that imports already prepared for shipment into the country were not affected.

Dangote Turns Nigeria to Cement Exporter

Dangote Cement Plc (www.Dangote.com) exported 0.4 million tons of cement to other er cent more than what it shipped in 2015.

The export by Africa’s foremost cement manufacturer, has ended the era of Nigeria’s dependence on importation.

News about the increased export was not the only one delivered by the company today.

In its 2016 full year audited results presented on the floor of the Nigerian Stock Exchange (NSE) in Lagos, Dangote Cement disclosed it sold 8.6 million metric tons of cement outside Nigeria, which is 54 per cent more than what was sold in 2015.

The export is significant given that the nation used to be a net importer of cement. As at 2011, Nigeria was one of the world’s largest importers of cement, buying 5.1 million metric tons of foreign cement at huge expense to the country’s balance of payments.

The company’s Pan-African cement plants continued to perform well, contributing significantly to its turnover and profitability.

While presenting the results, the company’s Chief Executive Officer, Onne van der Weijde, assured the investors of better returns on their investment in the Dangote Cement.

According to him: “The new year has started well and we expect much higher profitability in Nigeria in 2017, even though we may not see the volume growth we achieved in 2016. I am confident that we will deliver an even stronger performance in 2017 as we increase market share and extend our reach across Africa.”

The economic challenges notwithstanding, Onne revealed that Dangote Cement achieved sales and revenue growth of 25 per cent and consolidated its position as Africa’s leading producer of cement.

While sales from Nigerian operations increased by 13.8 per cent to nearly 15.1 million metric tons at a growth rate far higher than the country’s GDP, which fell in 2016, its total revenue leaped by 25.1 per cent to ₦615.1 billion

To the delight of the investors, Dangote Cement earnings per share increased by 4.5 per cent to ₦11.34 and the dividend payout to the shareholders also increased significantly by 6.3 per cent to N8.5 kobo per share.

Dangote Cement is Africa’s leading cement producer with nearly 46 million metric tons’ capacity across Africa. It is a fully integrated quarry-to-customer producer with production capacity of 29.25Mta in Nigeria; Obajana plant in Kogi is the largest in Africa with 13.25Mta of capacity across four lines; Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta and Gboko plant in Benue state has 4Mta.

The company has also concluded arrangements to build new factories in Ogun State (3-6Mta) and Edo State (6.0Mta). Through its recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into a net exporter of cement serving neighbouring countries.

In addition, the company has invested several billion dollars to build manufacturing plants and import/grinding terminals across Africa. Its operations are in Cameroon (1.5Mta clinke0r grinding), Congo (1.5Mta), Ghana (1.0Mta import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.7Mta import), South Africa (3.3Mta), Tanzania (3.0Mta), Zambia (1.5Mta).

Nigeria’s Oil Sales Suffer, US Exports Rise

More than two dozen Nigerian crude oil cargoes were left unsold on Monday amid a supply glut of light sweet crude in the market.
Reuters reported that tenders to buy oil from companies in India and Indonesia helped to absorb some excess, but there were roughly 30 unsold Nigerian cargoes and a handful from Angola.
While Qua Iboe, Nigeria’s largest export grade, was offered at dated Brent plus $1.30, buyers said traded levels were likely to be lower because of an overall excess of light sweet oil.