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Nigeria’s Foreign Trade Statistics 2008

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MonthImports (c.i.f) (N’ Million)Exports and Re-Export (f.o.b) (N’ Million)Balance of Trade (N’ Million)
Jan      279,104.30      834,517.40        555,413.10
Feb      340,239.20      771,997.30        431,758.10
Mar      204,758.10      910,085.90        705,327.80
Apr      296,991.60      819,794.20        522,802.60
May      275,382.90      967,406.20        692,023.30
Jun      285,426.60      911,477.10        626,050.50
Jul      286,300.00      923,141.50        636,841.50
Aug      278,286.00      864,857.40        586,571.40
Sep      274,257.90      796,916.20        522,658.30
Oct      231,155.80      805,818.80        574,663.00
Nov      290,331.40      475,934.50        185,603.10
Dec      256,862.90      487,002.70        230,139.80

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Business

Significant progress made in China-Africa ties within cooperation framework – AUC Chairperson

AUC chairperson has disclosed that significant, sustained progress is being made in China-Africa ties within cooperation framework.

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The African Union Commission (AUC) Chairperson, Moussa Faki Mahamat, has said that “significant and sustained” progress has been made in China-Africa ties.

Mahamat asserted this in an analysis of his first-term as the AU Commission chairmanship.

He reiterated the AU Commission’s strong commitment to upholding multilateralism and supporting international partners in halting the trend of unilateralism.

He argued that “International cooperation and solidarity are irreplaceable.”

Mahamat, in his analysis, reiterated that global challenges, national egoism, the decline of multilateralism, the ongoing COVID-19 pandemic, and dwindling resources “have hampered our forward march” during the past four years.

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The AU Commissioner for Social Affairs Amira Elfadil recently also hailed China as a strategic partner of Africa.

What they are saying

  • Mahamat submitted that: “With China, significant and sustained progress has been made within the framework of the Forum on China-Africa Cooperation (FOCAC).
  • “Africa stands with those who fight unilateralism and strongly advocate for a multilateralism of respect, equality and mutual benefit.”

 

  • Amira Elfadil noted that: “We are looking for those who are serious about the future of this continent, and when we say strategic partners and mention strategic partnerships, China comes first and we appreciate this partnership very much.”

What you should know

  • The African Union (AU) is a continental body consisting of the 55 member states that make up the countries of the African Continent. It was officially launched in 2002 as a successor to the Organisation of African Unity (OAU, 1963-1999).
  • The African Union Commission acts as the executive/administrative branch or secretariat of the AU and consists of a number of Commissioners dealing with different areas of policy.

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Business

Nigeria seizes Vietnam-bound Pangolin scales worth N952 million

The Nigeria Customs Service has seized endangered specie-Pangolin scales bound for Vietnam.

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The Nigerian Customs Service has intercepted Pangolin scales and tusks and bones from endangered species worth N952 million, allegedly bound for export to Vietnam.

This is according to a senior customs official yesterday.

The Area Comptroller, Mohammed Abba-Kura, said the items concealed in a container of furniture materials intercepted by Customs operatives at Apapa port in Lagos on January 21.

The Comptroller noted that the total haul weighed 8,800 kilograms (19,400 pounds) and valued at 952 million ($2.5 million, 2.07 million euros) on the black market.

According to him, the consignment was heading to Hai Phong, Vietnam before it was intercepted, and a suspect had been arrested over the shipment.

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What Mohammed Abba-Kura said

“Immediately the container was opened, logs were seen in front, and upon 100 percent physical examination of the container, elephant tusk and the Pangolin scales were seen concealed by the logs.

“The items, falsely declared as furniture, comprised 162 sacks of Pangolin scales… and 57 sacks of mixed endangered species of various sizes such as ivory/animal horns, lion bones and others.”

What you should know

  • Pangolins are believed to be the world’s most trafficked mammals accounting for as much as 20 percent of all illegal wildlife trade.
  • Nigeria has made huge seizures of illegal animal parts in recent years in line with the Convention of International Trade in Endangered Species (CITES).

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Real Estate

Africa requires appropriate infrastructure funding to drive economic recovery

Development of Affordable Homes Presents a Crucial Opportunity

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According to the Infrastructure Consortium for Africa (ICA), over USD100 billion was committed to investments in Africa’s infrastructure in 2018. However, they surmise that USD170 billion per annum is required to bridge the Continent’s infrastructure deficit by 2025. It is estimated that the deficit costs the Continent between 2 and 4 percent of GDP growth annually and may contribute to productivity costs of between 35 and 70 cents on the dollar.

With ambitions to take 100 million people out of poverty in 10 years, Africa can scarcely afford any productivity loss. The scale of the problem is clearly vast and most African Governments have taken advantage of capital available – from China – largely in the form of debt. The benefits of Government-to-Government funding are clear; the process is relatively simple, with defined counterparties and terms, deals can be executed quickly.

However, these are long term initiatives, with ramifications that will influence national and Continental development for generations and China is already playing a critical intervention role in 36 African economies.

“China clearly has a strategy for Africa. Does Africa have a strategy for China?” Deji Alli, Mixta Africa CEO

Mixta Africa, a leader in African infrastructure for over 20 years, with operations in eight African countries and a pioneer in infrastructure development on the Continent, positions the private sector as a key significant player in infrastructure roll-out. The Company has expertise in most built- environment projects and is now focused on delivering affordable housing at scale. Various Governments are approaching their national housing deficits differently and therefore the economics, and successful project execution varies greatly.

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“Africa should speak with one voice in the pursuit of suitable capital,” Deji Alli, Mixta Africa CEO

Mixta has delivered over 12,500 properties during its history and, of those, approximately 40% have been in Morocco. Supportive Government policy in Morocco, introduced 13 years ago, has accelerated the engagement of the private sector in delivering residential development across the board. In the affordable segment this has resulted in the halving of housing deficit from 800,000 units in 2012 to 400,000 in 2018, according to the Centre for Affordable Housing Finance in Africa (CAHF). The real estate sector contributed to the country’s growth of 3.8% CAGR over the last 10 years to 2019.

A tangible example of the success is Mixta’s Residencia Essafia development in Tetouan-Martil, Morocco was completed in 2015 delivering nearly 5,000 affordable homes, with price points starting at US$15,120.

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The development, which also comprises children’s play areas, a recreational park, a school, library and police station, created 6,630 jobs directly and over 15,000 indirectly through the construction supply chain.

Mixta predicts that Nigeria will overtake Morocco in terms of affordable homes built with suitable communities in the short and medium terms. The historic challenges of developing affordable homes at scale are now gradually being addressed, including security of land, access to capital and critical impetus behind a suitable mortgage market. Notably, the National Housing Fund is granting affordable long-term mortgages for those Nigerians whose employer makes contributions on their behalf and the Central Bank of Nigeria has injected significant liquidity into the programme. This has enabled Mixta to facilitate its customers’ first mortgages on these affordable terms to be granted.

In addition to Morocco and Nigeria, Mixta is the largest single provider of affordable homes in Senegal, with a strong brand in Tunisia and Cote D’Ivoire.

Research conducted by the Centre for Affordable Housing Finance (CAHF 2017) has shown that if housing production were to be increased as a key economic recovery strategy, this would have a significant impact on GDP overall, and in a selection of African countries studied, GDP contribution to the economy ranged from 7% to as high as 14% as a result of upstream demand for building materials and labour, as well as the demand for manufactured goods along the value chain for home improvements, and the services associated with the management of rental properties. The contributions had a positive impact on employment, stimulating job creation, not only in housing but also the manufacturing and services sectors.

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It is clear that the private sector will play an imperative role in support of Africa governments as they address the Continent’s infrastructure deficit. Specifically, the building of communities with affordable housing offers the multiple economic and standard-of-life benefits necessary to help to bring millions out of poverty.

Links:

Africa’s Infrastructural Deficit – Deji Alli Interviewed on Arise TV

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Mixta Africa Responds to the CBN’s Commitment to Affordable Housing

Is Nigeria getting closer to affordable housing? CNBC Interview

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