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FEATURED

Nigeria’s Vehicle, Aircraft & Vessel import jump 891% in Q3 2018

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Egina FPSO project

The National Bureau of Statistics released its 2018 Third Quarter Foreign Trade Statistics report showing Nigeria’s import bill rose to N4.1 trillion representing a 70.8% increase over the previous quarter (N2.4 trillion). Quarterly import for the corresponding quarter in 2017 was also about N2.4 trillion.

The upshots

  • A closer look at Nigeria’s import drivers reveals vehicle, aircraft, vessels and parts imports rose by a whopping 891% to N1.39 trillion when compared to the N156.9 billion reported a year earlier. It was also 8.8 times higher than the N142.7 billion reported in imports in the immediate past quarter.
  • Spending on vehicle, aircraft, vessels, and parts thereof was about 33% of total imports.
  • During the quarter, Nairametrics intelligence picked up a significant rise in aircraft importation during the year. Airpeace and Aero reported delivery of aircraft during the quarter though it cannot be ascertained if these were all reported for the quarter in view.
  • Nigerian airforce also took delivery of fighter jets during the quarter.
  • Interesting to note that South Korea topped the list of the country where Nigeria imported goods from toppling China for the first time.
  • Imports from South Korea rose to N1.2 trillion for the quarter one of the highest quarterly imports from any country since Nairametrics starting tracking this data.
  • This perhaps explains why vehicle imports rose as Korean cars have for some years now dominated Nigeria’s vehicle imports.
  • However, the bureau reported that total imports of N 4,172.3 in Q3,2018 were 73.8 % higher than Q2,2018 due to the “importation of submersible drilling platforms in August”.
  • Our intelligence suggests this could be as a result of the $3.8 billion Egina Vessel which we understand was fabricated by Samsung Heavy Industry (SHI).
  • SHI is the operator of a fabrication and integration yard (SHI-MCI yard) in the zone, which was used to integrate the Egina Floating Production Storage Offloading (FPSO) vessel, which has sailed away to the 200,000 barrels per day Egina oilfield.

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.

1 Comment

1 Comment

  1. Bunmi

    December 11, 2018 at 10:07 am

    So what reasons beyond the fact that there were imports influenced the results. What made the imports possible beyond the fact that there were imports.

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FEATURED

Oba Otudeko: A self-made billionaire entrepreneur

Courtesy of his several businesses, Otudeko is currently ranked among the richest men in Nigeria.

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Nigeria’s manufacturing sector has some of the most influential and richest men in the country. Among them, the name of Dr. Oba Otudeko rings a special bell.

Though he started out in the banking sector, he is now a notable personality in the manufacturing sector, creating thousands of jobs along the value chain and improving local production for the country.

This week on Nairametrics’ founders profile, we bring you Obafunke Otudeko’s life achievements and how he has attained such heights.

Early life

Ayoola Obafunke Otudeko was born into a royal family on August 18, 1943, in Odogbolu, present-day Ogun state. This perhaps explains why close friends sometimes jokingly refer to him as “the only Oba without a palace.”

He had his early education at St. John’s School, Oke Agbo, Ijebu-Igbo in Ogun State, and Olivet Baptist High School, Oyo, before he travelled out to study Accountancy in Leeds College of Commerce, Yorkshire, UK.

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After returning to Nigeria, Otudeko took a bank employment as a clerk in the defunct Co-operative Bank, Ibadan. Over the next two decades, he moved through the ranks to become the General Manager and acting Chief Executive Officer of the Bank. He voluntarily retired from the bank in 1983 and was appointed a Director to the Board of the Central Bank of Nigeria.

His foray into the business world

Having a mother who was a businesswoman, Otudeko always knew he would someday go into business. His retirement from the bank gave him the time to pursue this interest.

It was at this time that Honeywell Enterprises started off as a trading enterprise, importing and marketing commodities between the northern and southern states of Nigeria in the 1970s. The company later grew into Honeywell Group, one of Nigeria’s leading indigenous conglomerates.

To sharpen his business skills, he took several courses from several international institutions, which include the International Institute for Management Development, Switzerland, Harvard Business School, Boston, USA, Hult International Business School, and Arthur D. Little School of Management, USA.

His many businesses

From a flour mill, the Honeywell Group has evolved into a conglomerate with different subsidiaries in different sectors of the economy.

HOGL Energy Limited is in the oil and gas sector, and was incorporated in 1995. As an indigenous oil and gas marketing company. The company procures, imports, and distributes fuels and gases, as well as lubricants which it produces for industrial and domestic uses.

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Honeywell Flour Mills Plc is a food processing company focused on flour-based products including baking flour, ball foods, noodles and pasta. The company started operations in 1998.

Pivot Energy Company Limited (PECL) is in the business of providing engineering, procurement and construction services to the power industry.

RealUraga RealEstate Limited is in the real estate sector, providing funding, whilst managing and developing properties and facilities across the country.

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Anchorage Leisures Limited makes its investments in the tourism and hospitality sector, and runs the 5 star Radisson Blu Anchorage Hotel in Victoria Island.

Pavilion Technology Limited provides security services to individuals and clients in public and private space, from electronic security systems, to manned guards, escort services, and security consultancy.

Huston Power Limited is into power generation and distribution in Nigeria, and has been licensed by the Nigerian Electricity Regulatory Commission (NERC).

Courtesy of his many businesses and his stakes in these companies, Otudeko currently ranks among the richest men in Nigeria

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The Ecobank imbroglio

Ecobank Nigeria Limited filed a bankruptcy suit to recover an alleged debt of N4.1 billion from the Chairman of Honeywell Group, Dr Oba Otudeko.

The bank claimed that Otudeko had personally guaranteed the loan obtained by three of his firms – Honeywell Flour Mills Plc; Siloam Global Services Limited; and Anchorage Leisures Limited. Following the alleged failure of the firms to liquidate the loans, it fell on him to pay the debts.

The bank, therefore, asked for “a receiving order against estate, funds, investment, shares or other interests of the debtor, principally in Siloam Global Services Limited and in Honeywell Group Limited; Honeywell Flour Mills Plc; Anchorage Leisures Limited; Honeywell Oil and Gas Limited; Uraja Real Estate Limited; Broadview Engineering Limited; Uraja Power Solutions Limited; Honeywell Energy Resources Limited; Hudson Power Limited; Pivot Engineering Limited and Pavillion Technology Limited, which interest is held either directly or through the said Siloam Global Services Limited and/or in any other company within and outside Nigeria.”

It also asked for leave to appropriate or utilise the “investments, shares or other interests of the debtor (Otudeko) in all the companies listed above and in any other company/corporate entity in Nigeria or outside Nigeria in partial or full satisfaction of the debt due.”

Among its prayers, Ecobank wants the court to order Otudeko to immediately avail it his “statement of affairs, statement of net worth and other credible financial details requisite and in furtherance to the Bankruptcy Act.”

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Otudeko through his counsel, filed a preliminary objection, urging the court to either dismiss/strike out the suit or stay proceedings “in deference to arbitration.”

He described the suit as an abuse of court processes, contending that it was filed in gross violation of Section 7(1)(a) of the Bankruptcy (Proceedings) Rules Cap B2, Laws of the Federation of Nigeria, 2010.

The case is still in court.

Other services

In 2003, Oba Otudeko established a non- governmental organisation called Oba Otudeko Foundation (OOF) as an official vehicle to carry out his philanthropic acts. Over the years, the foundation has organised empowerment programmes, as well as capacity building, and building of institutions.

The foundation built an Auditorium for Pan Atlantic University, an Administrative Block to All Saints’ College, Edun Village, Ibadan, Footprints Occupational Training Centre, and the Endowment of the Centre of Entrepreneurial Studies of the Olabisi Onabanjo University, Ago Iwoye, Ogun State among others.

Otudeko chairs the Board of Trustees of Honeywell Flour Mill Plc and FBN Holdings Plc and is a member of the board of Lagos Sheraton Hotel.

He is a Fellow, Institute of Chartered and Corporate Accountants, UK, Chartered Institute of Bankers, UK, and Institute of Chartered Secretaries and Administrators, UK. Oba is also a member of the Office of Distinguished Friends of London Business School and Institute of Chartered Accountants of Nigeria.

He is a seasoned corporate governance guru, having served on boards like the Central Bank of Nigeria (CBN), Guinness Nigeria Plc, British American Tobacco Ltd, and Ecobank Transnational Incorporated, headquartered in Lome, Togo, NEPAD Business Group of Nigeria, Delmar Overseas Ltd and Khali & Dibbo Ltd. He is the Group Chairman, FBN Holdings Plc.

At different times, he was also Chairman, First Bank of Nigeria, FBN Bank (UK) Limited, Airtel Nigeria, Fan Milk of Nigeria Plc, Digital Africa Conference Exhibition in Abuja, Business Support Group, National Maritime Authority, and Nigerian- South African Chamber of Commerce.

He was the 16th President and Chairman of Council of the Nigerian Stock Exchange serving between September 2006 and August 2009. He is also a council member, Manufacturers’ Association of Nigeria (MAN), Nigerian Banks Employers’ Association, West African Banks’ Association and the Presidential Advisory Council on Nigeria Industrial Revolution Plan.

Otudeko holds the Nigerian National Honours of Commander of the Order of the Federal Republic (CFR), Member of the Order of the Federal Republic, MFR, and currently serves as a member of the Office of Distinguished Friends of the London Business School (UK).

On Monday, August 18, 2020, the business mogul will be 77 years old. He clearly shows no sign of slowing down his activities and impacts any time soon.

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Coronavirus

COVID-19 Update in Nigeria

On the 14th of August 2020, 329 new confirmed cases and 7 deaths were recorded in Nigeria.

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The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record significant increase as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 48,445 confirmed cases.

On the 14th of August 2020, 329 new confirmed cases and 7 deaths were recorded in Nigeria, having carried out a total daily test of 2,976 samples across the country.

To date, 48,445 cases have been confirmed, 35,998 cases have been discharged and 973 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 344,397 tests have been carried out as of August 14th, 2020 compared to 341,421 tests a day earlier.

COVID-19 Case Updates- 14th August 2020,

  • Total Number of Cases – 48,445
  • Total Number Discharged – 34,998
  • Total Deaths – 973
  • Total Tests Carried out – 344,397

According to the NCDC, the 329 new cases were reported from 21 states- Lagos (113), Kaduna (49), FCT (33), Plateau (24), Kano (16), Edo (15), Ogun (14), Delta (13), Osun (10), Oyo (8), Ekiti (6) Bayelsa (6), Akwa Ibom (5), Borno (4), Enugu (4), Ebonyi (3), Rivers (2), Bauchi (1), Nasarawa (1), Gombe (1) and Niger (1).

Meanwhile, the latest numbers bring Lagos state total confirmed cases to 16,369, followed by Abuja (4,665), Oyo (2,943), Edo (2,414), Rivers (1,993), Kaduna (1,755),Plateau (1,689), Kano (1,677),  Delta (1,639), Ogun (1,535), Ondo (1,373), Enugu (980), Ebonyi (911), Kwara (888), Katsina (746), Osun (729), Borno (702), Abia (677), Gombe (648),  and Bauchi (581).

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Imo State has recorded 494 cases, Benue (430), Nasarawa (373), Bayelsa (352),  Jigawa (322), Akwa Ibom (246), Niger (229), Ekiti (200), Adamawa (185), Anambra (156), Sokoto (154),  Kebbi (90), Taraba (78),  Zamfara (77), Cross River (73), Yobe (67), while Kogi state has recorded 5 cases only.

READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government

Lock Down and Curfew

In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.

The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.

On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.

On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.

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READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous

DateConfirmed caseNew casesTotal deathsNew deathsTotal recoveryActive casesCritical cases
August 14, 202048445329973735998114747
August 13, 2020481163739661034309128417
August 12, 202047743453956033943128447
August 11, 202047290423956633609127257
August 10, 202046867290950533346125717
August 9, 202046577437945333186124467
August 8, 202046140453942633044121547
August 7, 202045687443936632637121147
August 6, 202045244354930332430118847
August 5, 2020448904579271732165117987
August 4, 2020444333049101431851116727
August 3, 202044129288896820663225707
August 2, 202043841304888520308226457
August 1, 202043537386883420287225677
July 31, 202043151462879119565227077
July 30, 202042689481878519270225417
July 29, 202042208404873519004223317
July 28, 202041804624868818764221727
July 27, 202041180648860218203221177
July 26, 202040532555858217374223007
July 25, 2020399774388561116948221737
July 24, 2020395395918451216559221357
July 23, 2020389486048332016061220547
July 22, 202038344543813815815217167
July 21, 202037801576805415677213197
July 20, 2020372255628011215333210917
July 19, 2020366635567891115105207697
July 18, 202036107653778614938203917
July 17, 202035454600772314633200497
July 16, 202034854595769914292197937
July 15, 202034259643760613999195007
July 14, 2020336164637541013792190707
July 13, 202033153595744413671187387
July 12, 2020325585717401613447183717
July 11, 2020319876647241513103181607
July 10, 2020313235757092012795178197
July 9, 202030748499689512546175137
July 8, 2020302494606841512373171927
July 7, 2020297895036691512108170127
July 6, 202029286575654911828168047
July 5, 2020287115446451111665164017
July 4, 202028167603634611462160717
July 3, 2020275644546281211069158677
July 2, 2020271106266161310801156937
July 1, 2020264847906031310152157297
June 30, 202025694561590179746153587
June 29, 20202513356657389402151587
June 28, 20202486749056579007149957
June 27, 20202407777955848625148947
June 26, 20202329868455458253144917
June 25, 20202261459454977822142437
June 24, 20202202064954297613138657
June 23, 20202137145253387338135007
June 22, 20202091967552577109132857
June 21, 202020242436518126879128477
June 20, 202019808661506196718125847
June 19, 202019147667487126581120797
June 18, 20201848074547566307116987
June 17, 202017735587469145967112997
June 16, 202017148490455315623110707
June 15, 20201665857342445349108857
June 14, 202016085403420135220104457
June 13, 20201568250140785101101747
June 12, 20201518162739912489198917
June 11, 2020145546813875449496737
June 10, 20201387340938217435191407
June 9, 2020134646633654420688937
June 8, 2020128013153617404084007
June 7, 20201248626035412395981737
June 6, 2020122333893429382680657
June 5, 20201184432833310369678157
June 4, 2020115163503238353576467
June 3, 2020111663483151332975227
June 2, 20201081924131415323972667
June 1, 20201057841629912312271579
May 31, 20201016230728714300768687
May 30, 2020985555327312285667267
May 29, 202093023872612269763447
May 28, 202089151822595259260647
May 27, 202087333892545250159787
May 26, 2020834427624916238557107
May 25, 202080682292337231155247
May 24, 202078393132265226353607
May 23, 202075262652210217451317
May 22, 2020726124522110200750337
May 21, 2020701633921111190748987
May 20, 202066772842008184046377
May 19, 202064012261921173444757
May 18, 202061752161919164443407
May 17, 202059593881826159441837
May 16, 202056211761765147239737
May 15, 202054452881713132039544
May 14, 202051621931683118038154
May 13, 202049711841646107037374
May 12, 20204787146158695936704
May 11, 202046412421521090235894
May 10, 202043992481421777834794
May 9, 202041512391271174532784
May 8, 202039123861181067931154
May 7, 20203526381108460128184
May 6, 20203145195104553425071
May 5, 2020295014899548123704
May 4, 2020280224594641722912
May 3, 2020255817088240020702
May 2, 20202388220861735119522
May 1, 20202170238691035117512
April 30, 2020193220459731715562
April 29, 2020172819652730713692
April 28, 2020153219545425512322
April 27, 20201337644102559942
April 26, 20201273914152399942
April 25, 20201182873632229252
April 24, 202010951143312088552
April 23, 20209811083231977532
April 22, 2020873912931976482
April 21, 20207821172631975602
April 20, 2020665382311884662
April 19, 2020627862221704362
April 18, 2020541482021663562
April 17, 2020493511841593172
April 16, 2020442351311522772
April 15, 2020407341211282672
April 14, 202037330111992632
April 13, 202034320100912422
April 12, 20203235100852282
April 11, 202031813103702382
April 10, 20203051770582402
April 9, 20202881471512302
April 8, 20202742260442262
April 7, 20202541661442042
April 6, 2020238650351982
April 5, 20202321851331942
April 4, 2020214540251850
April 3, 20202092542251800
April 2, 20201841020201620
April 1, 2020174352091630
March 31, 202013982091280
March 30, 2020131202181210
March 29, 2020111221031070
March 28, 20208919103850
March 27, 2020705103660
March 26, 20206514102620
March 25, 2020517102480
March 24, 2020444102410
March 23, 20204010112370
March 22, 2020308002280
March 21, 20202210001210
March 20, 2020124001110
March 19, 20208000170
March 18, 20208500170
March 17, 20203100030
March 16, 20202000020
March 15, 20202000020
March 14, 20202000020
March 13, 20202000020
March 12, 20202000020
March 11, 20202000020
March 10, 20202000020
March 9, 20202100020
March 8, 20201000010
March 7, 20201000010
March 6, 20201000010
March 5, 20201000010
March 4, 20201000010
March 3, 20201000010
March 2, 20201000010
March 1, 20201000010
February 29, 20201000010
February 28, 20201100010

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FEATURED

13.9 million Nigerian youth are unemployed – NBS

About 13.9 million Nigerian youth are unemployed as of Q2 2020.

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Data from the National Bureau of Statistics reveals Nigeria’s unemployment rate as at the second quarter of 2020 is 27.1% indicating that about  21,764,614 (21.7 million) Nigerians remain unemployed.

Nigeria’s unemployment and underemployment rate (28.6%) is a combined 55.7%. This means the total number of Nigerians who are unemployed or underemployed as at 2020 Q2.

The data also reveals the worst-hit are Nigerian youths with over 13.9 million currently unemployed.  In Q3 2018, the last time the report was released there were about 13.1 million Nigerian youths unemployed. Youth between the ages 15-24 have about 6.8 million Nigerians out of jobs and another 7.1 million also unemployed.

Key highlights

  • The highest unemployment rate was recorded for youths between 15 – 24 years 40.8%,
  • This is followed by ages 25 – 34 years at 30.7%.
  • NCE/OND and Nursing recorded an unemployment rate of 30.8%
  • The unemployment rate amongst second-degree holders (M.Sc/MS/MAdm) stood at 22.9%
  • Unemployment rate as classified by Doctorate degree holders is 23.3%

What this means: The NBS also reports Nigeria’s youth population eligible to work is about 40 million out of which only 14.7 million are fully employed and another 11.2 million are unemployed. A high youth unemployment rate is synonymous with increased insecurity and poverty a situation that is also seen as a ticking time bomb.

To put things into context, Nigeria’s unemployed youth of 13.1 million is more than the population of Rwanda and several other African countries. Youth Population is also about 64% of total unemployed Nigerians suggesting that the most agile working-class population in the country remains unemployed.

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The Covid-19 pandemic has also worsened the economic condition in the country making it even harder for employers to create more jobs. The private sector has relied on cutting jobs in the guise of downsizing and right sizing to reduce overheads and stay afloat.

The recent data also buttresses the high rate of Nigerians seeking greener pastures outside the country with most of them highly skilled and looking for jobs of the future. According to most recent data, in 2019 about 12,600 Nigerians gained permanent residency in Canada last year helping the country to become the fourth-leading source country of new immigrants to Canada, behind India, China, and the Philippines.

Last year, the Government of Canada revealed Nigeria ranks third in the rating of the countries with the highest number of Express Entry invitations to Canada in 2018. This is revealed in the 2018 report released by the Canada Government. According to the report, a total number of 6,025 Citizens of Nigeria received invitations to apply (ITAs) for Canadian Express Entry in 2018. It was further revealed that Nigeria is just behind China who recorded 6,248 ITAs in 2018.

 

 

 

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