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Business News

Lagos Int’ Trade Fair: Foreign exhibitors lament over border closure  

Several foreign exhibitors spoke about the effect of the border closure on the on-going Lagos International Trade Fair organised by the LCCI. 

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Lagos Int’ Trade Fair: Foreign exhibitors lament over border closure, Lagos Int’ Trade Fair: Japan showcases 37 brands, seeks collaboration with Nigerian firms 

It is no longer news that the closure of Nigerian borders would affect traders generally, especially the ones that import goods/wares, but what is news is the effect of the development on the on-going Lagos International Trade Fair organised by the Lagos Chamber of Commerce and Industry.

Several foreign exhibitors, who spoke with Nairametrics in separate interviews, said that the efforts of the Federal Government would boost patronage of Made-in-Nigeria products/services. They, however, argued that the interests of foreign traders exhibiting at the international fair were not considered.

[READ MORE: Buhari orders the extension of Border closure till January 2020]

According to them, preferences should have been given to the exhibitors in order to ease the burden of spending fortunes to importing their goods into the country.

A dealer in malaria prevention products and Chief Executive Officer, Exa Ventures, Doris Adoboe, called on the government to open the borders as she said it was affecting her sales.

She made known that apart from the fact that coming down for the fair wasn’t an easy feat, she had not been able to sell her products effectively because of the border closure.

Another exhibitor, Managing Director, Julicraft Creations, Juliet Anane, the producer of beads and garments based in Ghana, lamented that the border closure was terrible and narrated her encounter with the customs officials while coming to the fair.

She said, “The closure is very terrible they seized our goods, there were many challenges we faced coming here, they seized the goods and later returned them. The way they embarrassed us is not good even our dummies and everything, when we got to the station they said they aren’t taking any goods in.  

 “Apart from the one brought from the cargo, no dummy nothing else was allowed in. They said the border is closed. Meanwhile, your chamber sent us an invitation to come so it was a whole embarrassment here why would you invite me to come to trade Fair when I cannot bring all my goods in.”

Did the closure affect the exhibitions? 

There is no guarantee if the border closure affected patronage on the part of exhibitors, but going by traders’ experience while trying to bring in their goods to the trade fair, Nairametrics understands that many of them faced different challenges just to ensure their goods were available for the fair and even at that, they were unable to bring all their goods.

Recall that Nairametrics had reported when the Lagos Chamber of Commerce and Industry (LCCI) called on the Nigeria customs and Office of the National Security Adviser (ONSA) to consider opening the borders for exhibitors coming to the fair from other West African countries.

Despite the challenges faced by exhibitors due to the border closure, many of them came in from Japan, Ghana, Cameroun, Ethiopia, among others. They were spotted bringing in goods, setting them up and putting finishing touches to their boots, stands and exhibition pavilions from furniture, to appliances, African fabrics, natural ingredients and so on.

Present at the International Trade Fair opening ceremony was the Deputy Governor of Lagos State, Dr Obafemi Hamzat who restated that the vision of the fair was to promote trade and bilateral relations as well as creating favourable business conditions for all stakeholder in the country. He also praised the LCCI for being consistent with the fair over the past years.

He made known that the fair had been providing Lagos with marketing support through trade networking and he assured that the Lagos State Government would continue to be a partner so as to ensure that business empowerment is made more conducive for business and investment to thrive in the state.

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The Lagos Chamber of Commerce and Industry (LCCI) boss, Babatunde Ruwase, during his address urged the government to create the right economic policies that would boost investors’ confidence in the country.

[READ ALSO: Border closure retaliation: Ghanaian traders union shuts Nigerian shops, to clamp down on more]

He said that no economy could thrive without a good composition of trade and commerce. Hence, he called on the government to create more opportunities for its rapidly growing population.

The LCCI President also advised the government to support the growth of Small and Medium Enterprises which would, in turn, drive employment.

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - [email protected]

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Economy & Politics

Top States in Nigeria with highest IGR per population in 2020

Nairametrics ranks the 36 states of the Federation, including the Federal Capital Territory, based on their IGR per population.

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Nigeria’s states generated a sum of N1.31 trillion internally in 2020, representing a marginal decline compared to N1.33 trillion recorded in 2019, and an increase compared to N1.17 trillion in 2018.  

The downturn is attributable to reduced state revenue as a result of disruptions caused by the covid-induced lockdown, while the crash in crude oil prices also hampered economic growth. 

Internally generated revenue is regarded as income generated by various states in the country, independent of their share of revenue from the Federation account. However, apart from the clear exception of Lagos State, all others depend largely on statutory allocations to run their state affairs. 

Nairametrics ranks the 36 states of the Federation, including the Federal Capital Territory, based on their IGR per population, taking into account the estimated population size of each state as at 2016 and 5% growth rate between 2016 and 2020.  

Geo-political zones 

In terms of IGR per population for the six geo-political zones in Nigeria, South West takes the lead with an average of N13,966, having generated a sum of N561.01 billion and an estimated population of 40.17 million people. The South-South region followed with an average of N8,694 and a total aggregate IGR of N263.17 billion.  

On the flip side, the North-Eastern region, which houses states like Bauchi, Borno, Yobe, etc. recorded the lowest IGR per population of N2,061 closely followed by North West with an average of N2,855. 

Here are the top 5 states with the highest IGR per population in 2020. 

Lagos State – N31,794 

Lagos State, regarded as the economic hub of the nation, with a total estimated population of 13.18 million people as of 2020generated a sum of N418.99 billion as IGR in 2020. This represents an increase of 5.1% compared to N398.73 billion recorded in 2019. 

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  • In terms of IGR per capita, Lagos State generated an average of N31,794 from each member of the population in 2020, as against N30,257 generated in the previous year. 
  • It is no surprise that Lagos State tops the rank, being a major epicentre for economic activities in the country. Lagos State is the largest city in Africa in terms of GDP, and the State is widely known for its large industries, with most corporations in the country headquartered within the state. 
  • It also houses major seaports in the country as well as the State Government’s aggressive taxation policies. These, amongst others, ensure the state makes more revenue internally compared to other states of the Federation. 
  • According to data obtained from the National Bureau of Statistics, Lagos State received a total of N115.93 billion as Federal allocation in the year 2020, representing 21.67% of the total revenue available to the state in the year. 
  • This shows the exceptional ability of the state to run its affairs, using its internally generated revenue with little or no support from the Federal purse. 

Abuja – N24,600 

The Federal Capital Territory generated a sum of N92.06 billion in 2020, the third-highest state IGR in the year. However, based on IGR per population Abuja seats in second position with an average of N24,600. 

  • This represents a 23.5% increase when compared to N19,925 recorded in 2019. 
  • Abuja is the capital territory of Nigeria, with a total estimated population of 3.74 million people across a 7,315km square area. 
  • The state houses a lot of Federal ministries, having been made the country’s capital in 1991. Abuja is also a major conference centre in the country, as it hosts various meetings and summits annually. 
  • A cursory look at the data showed that the state’s IGR only accounted for 57.85% of the total available revenue, indicating that 42.15% of its revenue was gotten from the Federation account. 

Rivers State – N15,281 

Rivers State, being a major oil-producing state in the country, generated a sum of N117.19 billion as internally generated revenue in 2020. 

  • However, with an estimated population of 7.7 million people, its IGR per population stood at N15,281 in 2020, representing a decline of 16.5% when compared to N18,307 recorded in 2019. 
  • Rivers State is in the Niger Delta region of the country with much of the businesses in the state being oil exploration companies. 
  • Evident from the data obtained from the NBS, Rivers State relies heavily on statutory allocations from the Federal Government as well as their share of the 13% oil derivatives as it received a total of N141.19 billion from FAAC, representing 54.64% of the total available revenue in the review period. 

Delta State – N10,045 

Delta state, another state in the Niger Delta region of the country, with an estimated population of 5.9 million, generated a sum of N59.73 billion as IGR, and an average of N10,045 as IGR per population. 

  • Delta State is a major oil-producing state and ranks second to Rivers State. The State supplies about 35% of Nigeria’s crude oil and some considerable amount of natural gas. 
  • Delta State in the period received a sum of N186.83 billion as statutory allocation. 
  • Its IGR only accounted for 24.2% of the available revenue in the period, while N46.11 billion was generated as PAYE. 

Ogun State – N9,263 

Ogun State, a neighbouring State of Lagos State, generated a sum of N50.75 billion. In terms of IGR per population, the State generated a sum of N9,263. 

  • The State’s average income per population decreased by 28.4% compared to N12,945 recorded in 2019. 
  •  The State is strategically located, bordered to the East by Ondo State, to the North by Oyo and Osun States, to the South by Lagos State and the Atlantic Ocean, and to the West by the Republic of Benin. 
  • Ogun State also joins the list of states that are much dependent on FAAC allocations as statutory payments stood at N37.7 billion, representing 42.61% of the total revenue. 

Bottom five 

Katsina – N1,386 

Jigawa – N1,416 

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Benue – N1,736 

Niger – N1,804 

Bauchi – N1,821 

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Business News

SpaceX says it’s pursuing necessary licenses to bring Starlink to Nigeria

Broadband penetration of 70% which covers 90% of the population is the FG’s target in its National Broadband Plan (NNBP), 2020-2025.

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Telecoms sector remains resilient as broadband subscriptions climb

American private space exploration company founded by Elon Musk, SpaceX says it is working to pursue all necessary licenses needed to bring the Starlink Satellite internet services to Nigeria.

This was disclosed by Mr Ryan Goodnight, SpaceX’s Starlink Market Access Director for Africa in a meeting with NCC’s Executive Vice-Chairman (EVC), Prof. Umar Danbatta on Friday in Abuja.

What SpaceX is saying about Starlink in Nigeria

“SpaceX has been in discussion with NCC virtually over the past several months to begin the process of pursuing all necessary licences to bring Starlink, its satellite-based broadband services, to Nigeria.

Having made substantial progress in the discussion, the commission granted SpaceX’s request for a face-to-face discussion to gain better insights on the prospects,” they said.

The NCC stated that it has listened to SpaceX’s presentation and will review it vis-à-vis its regulatory direction of ensuring an effective and sustainable telecoms ecosystem where a licensee’s operational model does not dampen healthy competition among other licensees.

“As the regulator of a highly dynamic sector in Nigeria, the commission is conscious of the need to ensure that our regulatory actions are anchored on national interest,” they said.

NCC added that broadband penetration of 70% which covers 90% of the population is the FG’s target in its National Broadband Plan (NNBP), 2020-2025. This is also in line with its National Digital Economy Policy and Strategy (NDEPS), 2010-2030.

What you should know

Starlink is an internet service launched by SpaceX to improve internet coverage in rural and underserved areas globally. Starlink satellites are over 60 times closer to Earth than traditional satellites, resulting in lower latency and the ability to support services typically not possible with traditional satellite internet.

Nairametrics also reported this month that the  Federal Government announced a deal with Microsoft through the Federal Ministry of Communications and Digital Economy for the development of high-speed internet infrastructure across the six regions in the country.

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