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Category: Business

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Lagos Ports to Welcome 39 Ships in January as Buhari tells Africa to Expand International Trade

The Nigerian Ports Authority (NPA) has said a total of 18 ships discharged petrol, bulk wheat, general cargo, gypsum, bulk sugar, palm oleum, bulk coal, automobile gasoline and jet fuel, among other items, at Lagos ports.

The authority also said that 16 other ships are expected to arrive the ports between the 18th and 30th day of January, carrying frozen fish, containers, bulk sugar, general cargo, bulk salt, base oil, bulk gypsum and petrol. It further noted that five other ships had arrived the port and were waiting to berth with jet fuel, automobile gasoline and petrol, bringing to 39 the cumulative number of ships expected to berth in Lagos within the period under review.

In a related development, President Muhammadu Buhari has urged African countries to expand and diversify their participation in international trade to explore the benefits of the African Continental Free Trade Agreement (AfCFTA).

Buhari made the call during the recently held ninth African Shippers’ Day, with the theme: “African Continental Free Trade Agreement: A Veritable Platform for African Shippers’ to Mainstream into Global Trade.” The Nigerian leader said that the participation of African countries in international trade would create wealth, generate employment and reduce poverty.

However, according to him, deepening regional integration to scale up supply capacity and build regional value chain was essential to the continent’s economic transformation.

“For AfCFTA to have a positive influence on long-term investment in productive capacities, African government must develop appropriate supporting policies, build the requisite infrastructure and ensure an educated work force.

“We will need to actively promote productive employment and decent work place, women’s empowerment, food security and reduction in inequalities,” he said.

Buhari maintained that, in Nigeria, AfCFTA would be a game-changer when it comes to stimulating intra-African trade because the more ambitious the trade liberalization, the greater the expansion of Nigerian exports to its African partners.

According to him, “specifically, Nigeria’s exports to the rest of African will increase by more than 15 per cent in fishery, textile, leather, wood and papers, metals, electronics, vehicles and transport equipment and machinery.

“Following the AfCFTA reform, Nigeria’s exports will increase significantly to other African sub-regions, outside West Africa, with most impressive expansions to countries such as Botswana, Cameroon, Egypt, Ethiopia, Kenya, Malawi, Morocco, Mozambique, Namibia, Rwanda, Tanzania, Uganda and Zimbabwe.”

He noted that for AfCFTA to be the platform that would propel African importers and exporters onto the global trading platform, participating member countries must undertake bold domestic structural reforms to scale up the supply capacity of the region.

In his contribution, Dr Bashir Jamoh, the Director General, Nigerian Maritime Administration and Safety Agency (NIMASA), urged the forum to come up with roadmap that would place Africa ahead of others in the international market.

Jamoh noted that collaboration between shipping, port and logistics would go a long way in ensuring efficiency and sustainability in the industry.

On his part, Mohammed Bello-Koko, the Managing Director of the Nigerian Ports Authority (NPA), said that automation remained vital tool for port efficiency. The NPA Boss said that was why the NPA was working with the International Maritime Organization to deploy Port Community System in Nigerian Ports to bring all stakeholders under one platform for ease of doing business.

Earlier, Emmanuel Jime, the Executive Secretary, Nigerian Shippers’ Council, said the re-orientation and re-organization of intra-African trade should start from the sub-region. According to him, when the region gets it right in West and Central Africa, it will be much easier to connect and freely trade with other regions of the continent.

Jime reiterated that African countries need to create smooth integration of their transport networks and trade policies, as well as the required awareness among the economic operators in the sub-region.

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Top 20 Oil Exporting Countries in 2023

In this article, we take a look at the top 20 oil exporting countries in 2023. If you want to see more top oil exporting countries in 2023, go directly to Top 5 Oil Exporting Countries in 2023.

There are different types of oils. When it comes to energy, oil is often used to mean crude oil. In this article, oil means crude oil.

Crude oil is essential for a modern economy as it helps power internal combustion vehicles and helps produce plastics that consumers use every day.

Given they have larger reserves of crude oil, some countries produce more crude oil than other countries do. For those of you interested, check out Top 20 Oil Producing Countries in 2022.

It can take a lot of capital investment and multiple years for a country to develop their crude oil reserves to bring to the market. In order to export oil to overseas locations, a country will need to develop an oil field, build a pipeline or railway to export oil to a seaport, and build the seaport. Each of those steps can cost many millions or even billions of dollars depending on the scale of the project.

For exporting oil over land, a country will still need to develop an oil field and build pipelines or railways to their destinations.

In order to prevent oversupply, some oil producing countries in OPEC+ also limit their production. OPEC+ is OPEC countries in addition to countries like Russia which is a major oil producer. According to OPEC in 2021, the country’s members had over 80% of the world’s proven crude oil reserves.

OPEC describes itself, “OPEC’s objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fair return on capital to those investing in the industry.”

Net oil exports can help a country that exports oil develop economically. With the money raised from oil exports, countries can develop their infrastructure more or increase spending on education which could further increase economic growth in the future.

Given the price of oil has changed substantially over the past decade, the value of total oil exports has also changed substantially over the past decades.

If oil prices go substantially higher, the value of total oil exports can go higher if it is sold on the spot market. If oil prices go significantly lower, the value of total oil exports can also go lower if it is sold on the spot market. Some countries use financial derivatives to hedge production, however, so the values of exports might be different at different times depending on the derivatives and the value of oil prices.

In terms of the price of crude oil, it depends on many different factors including supply, demand, economic conditions, and on whether economic data meets estimates. In the longer term, the price of oil will also depend on how quickly electric vehicle adoption increases and how much oil emerging markets will need to power their economies.

Photo by David Thielen on Unsplash

Methodology

For our list of Top 20 Oil Exporting Countries in 2023, we used the CIA World Factbook (2021 Archive) for crude oil exports.

It is important to note that the data does not take into account crude oil imports. As a result, the data is not net crude oil exports.

Some countries like Canada both import and export crude oil given some of the country’s oil fields produce crude oil that its refineries isn’t best suited for.

Much of the data from the CIA is from 2015 so there could be some changes in terms of absolute production. We assume that the top exporting countries in 2023 will be similar but not the same on an absolute scale. Some countries like Russia might not export as much oil given the Russian Ukraine war.

Top 20 Oil Exporting Countries in 2023

The following is for exports and not net exports.

20. United Kingdom

Crude Oil Exports (barrels per day) as of 2017: 710,600

The United Kingdom is a crude oil exporter with exports of 710,600 barrels per day as of 2017. Much of the country’s exports is from offshore fields in the North Sea and the exports have helped the country’s economy over the past few decades. Given its huge economy, the United Kingdom also imports crude oil which isn’t factored into the CIA data on this list. In 2021, the country imported £17.6 billion crude oil and exported £17.9 billion crude oil in the same year.

19. Azerbaijan

Crude Oil Exports (barrels per day) as of 2015: 718,800

Azerbaijan is a former Soviet republic that borders the Caspian Sea that ranks #19 on our list of Top 20 Oil Exporting Countries in 2023 given crude oil exports of 718,800 as of 2015. In terms of more recent data, the International Monetary Fund estimates the country exported 557,991 barrels of crude oil per day as of April 27 2022.

18. Colombia

Crude Oil Exports (barrels per day) as of 2015: 726,700

Colombia exported 726,700 barrels per day of crude oil in 2015, making it one of the larger South American exporters of crude oil for the year. As of December 2021, the country is still a substantial exporter, with exports of 442,167 barrels of crude oil per day according to CEIC Data. According to the Oil & Gas Journal, Colombia has 1.8 billion barrels of crude oil reserves as of January 2022.

17. Brazil

Crude Oil Exports (barrels per day) as of 2015: 736,600

Brazil has an estimated 12.7 billion barrels of proved oil reserves as of January 2021 and the country has over the past few decades developed more of its potential, especially offshore. As a result of its potential and its development, Brazil’s crude oil production has increased. While it exported 736,600 barrels of crude oil per day in 2015, Brazil’s crude oil exports were over almost 1.3 million barrels per day in December of 2021 according to CEIC Data. Like many other countries, Brazil also imports crude, which isn’t included in this data, but Brazil is still a net crude oil exporter overall.

16. Iran

Crude Oil Exports (barrels per day) as of 2015: 750,200

Iran is a member of OPEC with proven crude oil reserves of 208.6 billion barrels as of 2021. Iran is also a considerable exporter of crude oil, with exports of 763,000 barrels per day in 2021 according to OPEC. In 2015, Iran exported 750,200 barrels of crude oil a day according to the CIA.

15. Algeria

Crude Oil Exports (barrels per day) as of 2015: 756,400

Algeria is another member of OPEC with proven crude oil reserves of 12.2 billion barrels. The country exported 446,000 barrels per day in 2021 according to OPEC. Algeria ranks #15 on our list of Top 20 Oil Exporting Countries in 2023.

14. Oman

Crude Oil Exports (barrels per day) as of 2015: 844,100

Oman is a member of OPEC+ which is OPEC countries in addition to some oil producing countries like Russia. In terms of exports, Oman exported 844,100 barrels of crude oil per day in 2015. In December 2021, the country exported 896,706 barrels per day according to CEIC Data.

13. Qatar

Crude Oil Exports (barrels per day) as of 2015: 1,150,000

Qatar isn’t just the host of the 2022 World Cup. The country is also a major oil and gas producer that 1,150,000 barrels of crude oil a day in 2015. As of 2021, Qatar is also the largest global exporter of LNG.

12. United States

Crude Oil Exports (barrels per day) as of 2017: 1,158,000

When taking into account imports, the United States was a net importer of crude oil in 2017. Nevertheless, given it is sometimes more economical to export crude oil to refineries outside the United States, the country exported 1,158,000 barrels of crude oil per day in 2017 according to the CIA.

In terms of 2021, the United States remained a net crude oil importer, importing 6.11 million barrels of crude oil per day and exporting 2.96 million barrels of crude oil per day.

Given crude oil production has increased in recent years, the United States has potential to be a net exporter of crude oil within a few years. When the United States becomes a net crude exporter will depend on the price of crude oil, the amount of investment in crude oil production, and on demand.

11. Mexico

Crude Oil Exports (barrels per day) as of 2017: 1,214,000

Mexico exported 1,214,000 barrels of crude oil in 2017, with a substantial percentage going to the United States refineries in the South. Mexico also exports crude oil to Europe, India, and various Asian Pacific countries.

10. Norway

Crude Oil Exports (barrels per day) as of 2017: 1,383,000

Oil and gas is a big industry for Norway as the country exported 1,563,389 barrels per day in December 2021 according to CEIC Data. Given its substantial production, the country is the second largest exporter of crude oil in Europe. Globally, Norway ranks #10 on our list of Top 20 Oil Exporting Countries in 2023.

9. Kazakhstan

Crude Oil Exports (barrels per day) as of 2015: 1,409,000

Kazakhstan is a former Soviet Republic that exported 1,323,000 barrels per day in December 2021 according to CEIC Data.

8. Venezuela

Crude Oil Exports (barrels per day) as of 2015: 1,656,000

Venezuela is a member of OPEC that exported 448,000 barrels per day in 2021. The country also produced 23.72 billion cubic meters of natural gas in 2021.

7. Angola

Crude Oil Exports (barrels per day) as of 2015: 1,782,000

Angola is an OPEC country that exported 1,080,000 barrels per day of crude oil in 2021. The country also exported 5.08 billion cubic meters of natural gas in the same year.

6. Nigeria

Crude Oil Exports (barrels per day) as of 2015: 2,096,000

Nigeria is an OPEC country in Africa that exported 1,592,000 barrels per day of crude oil and 38.46 billion cubic meters of natural gas in 2021.

Disclosure: None. Top 20 Oil Exporting Countries in 2023 is originally published on Insider Monkey.

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Expert Lauds Nigeria’s Return As Africa’s Largest Oil Producer

A stakeholder and oil well control expert, Mr Victor Ekpenyong, has lauded the Federal Government for the country’s return as the largest oil producer in Africa.
Nigeria’s daily crude oil production has increased to 1.5 million barrels per day, due to the successes recorded in the fight against oil theft in the Niger Delta region by the military, according to the Nigeria Upstream Petroleum Regulatory Commission (NUPRC).
According to oil production data fr the Organization of Petroleum Exporting Countries (OPEC), Nigeria produced an average of about 1.35 million and 1.23 million barrels of crude oil daily in December and November 2022 respectively.
It stated that Nigeria has also seen improved oil output for November 2022, a development that saw Angola and Algeria trail in second and third positions respectively.
Reacting on the development, Ekpeyong, who is the Chief Executive Officer of an indigenous oil services firm, Keyon International West Africa Ltd, described the development as a great development for the country’s oil industry.
The oil well control expert recalled that prior to the improvement recorded in November and December oil production, a lot of oil workers lost their jobs in 2022, while some companies shut down due to unsustainable oil theft and pipeline vandalism.
He noted that the OPEC report for December revealed that Angola and Alegria’s production levels stood at 1.08 million and 1.01 millionbpd respectively, putting Nigeria’s oil production volume ahead of both countries.
“It was a great relief to know that Nigeria ramped up production in the last quarter of last year as it produced up to 1.5 million barrels per day.
“I would like to commend the Minister of Petroleum and President of Nigeria, Muhamadu Buhari, and Minister of State for Petroleum for the efforts put in to ensure that we optimise production in the last quarter of 2022.
“I equally crave their indulgence to continue relating with the local communities who dwell around pipeline installations and other oil and gas assets.
“We can really do more because we do have the capacity to produce over 2.53 million bpd. Let’s see how we can optimise this a little further to get the resources we need for running this country,” Ekpenyong said.

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Dangote Refinery: A Game Changer?

The Dangote refinery is an integrated petrochemical refinery situated in the Lekki Free Zone, Lagos State. It has a capacity of 650,000 barrels per day (c. 159 liters per day) and the management plans to process about 540,000 barrels per day in the first phase of its operations, ramping up to 650,000 barrels per day subsequently.

The project will be Africa’s biggest oil refinery and the world’s biggest single-train facility, with the Organization of Petroleum, Exporting Countries (OPEC) projecting that the Dangote refinery would account for more than half of Africa’s expected total distillations in the medium term. The refinery will mainly produce gasoline, but also some quantities of diesel and jet fuel.

After many delays since 2016 when the project started, the refinery is expected to commence operations by mid-2023 and is said to be 97% complete. The petroleum refinery can meet all of the requirements all of the gasoline (PMS), diesel (AGO), kerosene (DPK) and aviation jet fuel (Jet A-1).The NNPC has a 20% stake in the project. Chief executive of the Nigerian National Petroleum Company,  Mele Kyari, notes that the NNPC will stop importing refined products once the refinery commences operations. He also notes in news reports that the NNPC will sell 330,000 barrels-per-day minimum by right for the next 20 years and has acquired the right to purchase 20% of production from the plant.

The impact of the commencement of this refinery on the nation’s economy cannot be overemphasized and we discuss a few here.

Foreign exchange implication

A major problem the country has faced in recent years is the continuous devaluation of the Naira amidst a shortage of supply and growing demand and many look to the commencement of operations at the refinery as a reprieve. While it is not completely certain if the refinery will have a significant impact on Nigeria’s foreign exchange through import substitution, we are more concerned about the possibility of earning foreign exchange through the export activities of the refinery. Judging by comments from Mele Kyari as stated above, we believe a swap agreement has already been agreed upon. 330,000 barrels per day in exchange for 20% of production from the refinery. In essence, this appears net neutral for FX. Moreover, while the country will no longer need to import refined petroleum, it also implies reduced crude oil exports. However, the Governor of the Central Bank of Nigeria, Godwin Emefiele noted in news reports that the oil refinery will save Nigeria 30% of foreign exchange needed for petroleum products importation. We also expect export proceeds from the refinery to boost reserves and FX liquidity. The CBN’s RT200 program will likely receive a significant boost from the refinery’s export activities.

Availability of the product and an end to persistent fuel scarcities

For most of 2022, the country witnessed a scarcity of petrol which increased the hardship of motorists who were forced to spend hours in the sweltering heat, waiting in line for fuel, thereby losing productive man-hours. Different reasons were given for the scarcity during the year, from about 100 million liters of contaminated fuel imported into the country by the Nigerian National Petroleum Corporation (NNPC) and its related firms to trucks of fuel left stranded on the roads due to bad roads which were affected by the rains. Intermittent fuel scarcity has been a recurring theme for the country over the years, worsened after NNPC became the sole importer of the product. Nigeria’s hope of attaining self-sufficiency in the local domestic oil refining space might just rest largely on the operations of the Dangote refinery. The refinery, which has one of the largest production capacities in the world, operating at full capacity would more than meet Nigeria’s domestic fuel requirements (estimated at 66.8m liters a day according to the the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA)) with excess capacity for exports. While we note that achieving self-sufficiency in local refining capacity might not reduce the cost of petrol significantly, sufficient local refining capacity would at least boost the availability of the product and bring a lasting end to the persistent issue of fuel scarcity in the country.

A possible end to subsidies

The Federal Government has announced the removal of fuel subsidies in 2023 and has urged Nigerians to prepare for higher fuel prices that will follow. Though we realize how politically sensitive this discourse is, we see no option for the incoming government amidst a tight fiscal space. Undoubtedly, an attempt to revise the price to suit current realities will be strongly resisted by the populace who have been hard hit by two recessions and a pandemic in the last 7 years amid rising food and utility costs, making us believe the elimination of the subsidies will be gradual starting possibly from the second half of the year.

Given the proposed removal of petrol subsidy, we envisage the impact of domestic refining of petrol on PMS pump price will not be too significant, given that only the freight cost is expected to reduce, implying subsidies will still be required if current realities remain the same.  According to the last PMS pricing template released by the NMPDRA early 2021, freight cost was estimated at N6.51/litre, 3.4% of the then landing cost of N189.61/L. However, the start of operations can give the government some room to begin the deregulation conversation again.

Employment opportunities 

With current unemployment rate of about 33%, Dangote refinery when fully operational can provide 135,000 permanent jobs in the region. Last year, the President of Dangote Industries Limited, Aliko Dangote disclosed plans to increase the human capacity at the Dangote Refinery Project site from 40,000 to 57,000 personnel from 29,000 Nigerians and 11,000 foreigners that were in employment at the time.

CSL ResearchSource:

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CBN Gives Interswitch Payments Service Holding Company License

A Payments Service Holding Company (PSHC) license has been granted to Interswitch Group by the Central Bank of Nigeria (CBN).

This followed an earlier announcement by the CBN regarding new licensing categories for participants in the Nigerian payments system.

The integrated payments solution provider is among the first to receive this authorisation from the country’s apex bank.

According to the regulator, the PSHC regulation requires companies with existing or prospective operations across multiple license categories to set up a PSHC. The activities of each of the PSHC subsidiaries operating within those respective licensing regimes are clearly delineated for clearer accountability, effective risk management and the enablement of better regulatory oversight by the CBN.

A statement from Interswitch, a leading financial technology in Africa, outlines that Interswitch’s Group Holding Company retains ownership of the PSHC in Nigeria as well as its other subsidiaries outside of Africa.

The issuance of the PSHC licence coincides with Interswitch’s 20th-anniversary commemoration, which has seen the company cement its position as a pioneering and integral enabler that has actively supported the growth and development of fintech and payments progressively across Africa over the last 20 years.

It also serves to reinforce Interswitch’s progressive outlook as a frontier-driving company which keeps pushing boundaries to facilitate the creation of new ecosystems that help businesses and individuals scale and thrive, in line with its purpose of inspiring Africa to greatness through innovation, value-creation and excellence.

“Twenty years ago, we placed a bet on the latent potential we saw in the introduction of e-payment channels at the time, particularly ATMs for the delivery of cash just-in-time, and today, we are gratified to see how far the financial technology and payment systems in Nigeria have grown.

“On the back of our receipt of this additional license, we remain strongly committed to a close partnership with the Central Bank of Nigeria to facilitate the delivery of the Payments Vision (2025) and, of course, the National Financial Inclusion Strategy,” the founder and Group CEO of Interswitch, Mr Mitchell Elegbe, remarked.

He further reiterates Interswitch’s resolute focus on its over-arching mission to continue championing technology solutions that connect and empower individuals, businesses, and communities across the continent.

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European Union, German Govt Set To Improve Nigeria’s Power Supply

The Federal Ministry of Power with the financial support of the European Union (EU) and the German Federal Ministry for Economic Cooperation and Development (BMZ) has put in motion, modalities to improve Nigeria’s erratic power supply.

To this end, the Nigerian Energy Support Programme (NESP) on Tuesday in Abuja hosted the first-ever Premium Grids Conference, which attracted many participants and stakeholders from the power sector.

The Premium Grid model, developed by NESP combines franchising projects and embedded generation in ring-fenced areas for supplying reliable 24/7 electricity to customers.

According the organisers of the conference “This concept has several benefits not only for end-users but for Nigerian Electricity Distribution Companies (DisCos). Power Generation Companies (GENCOs), Private Developers and Nigeria at large”.

Speaking at the conference, the Minister of State for Power, Mr. Goddy Jedy Agba commended the EU and German Government for their continuous support to the Ministry toward its mandate of ensuring energy security in the most affordable and sustainable manner.

The Minister also underlined the importance of the Premium Grid concept as a welcome idea to “provide reliable electricity access in urban residential and industrial clusters in Nigeria, adding that, it will attract more investments into the Renewable Energy Sector and support towards achieving the Energy Transition Plan for the country.

Also speaking at the conference, Cecile TASSIN-PELZER, Head of Cooperation at the European Union Delegation to Nigeria and ECOWAS, said the fight for achieving a cleaner future is for everyone.

“The EU continues to support the Nigerian government to not only achieve its energy security plans but to achieve a sustainable energy future through the increase of renewables in its electricity mix. We are happy to have supported the development of Premium Grids as an innovative model bringing a new landscape to the concept of electricity franchising, attracting renewable energy investments and ensuring reliable power supply to its beneficiaries”, she said.

In a goodwill message, Mr. Martin HUTH, Deputy Ambassador of the German Embassy to Nigeria, reaffirmed the support of the German Government to the Nigerian Government in achieving its energy goals.

He said, “The promotion of renewable energy technologies and Investments such as the Premium Grid model will support the diversification of Nigeria’s energy mix. This will support the Nigerian government in achieving universal energy access, in improving energy security, and in achieving the targets outlined in the Nigerian energy transition, which are key focus areas that the German Government will continue to provide support to the Federal Government of Nigeria on.”

According to him, so far, NESP has supported three DisCos, incuding the Abuja Electricity Distribution Company, Kaduna Electricity Distribution Company, and Kano Electricity Distribution Company, in piloting the development phase of Premium Grid projects.

The Head of Programme NESP, Mr. Duke BENJAMIN, noted that “active participation of and collaboration with the DisCos and other key stakeholders is critical to improve availability and reliability of electricity in Nigeria.

“This conference offered participants-power distribution and generation companies, private investment firms, ministries, regulatory agencies, financial institutions, and related stakeholders – a unique opportunity to learn from the ongoing development of Premium Grids, bridging the gap between public and private stakeholders, and ultimately enable participants address major challenges in its design and implementation”, he added.

The keynote address titled “Successful Distribution Concessional Models and Challenges was delivered by Ignacio Perez Arriaga, Interim Director, Africa School of Regulation.

NESP is a technical assistance programme co-funded by the EU and the BMZ and implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH in collaboration with the FMP. It aims to foster investments for Renewable Energy and Energy Efficiency and to improve access to electricity for disadvantaged, rural communities.

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Airtel introduces eSIM into Nigeria’s telecoms market

Airtel Nigeria, a subsidiary of Airtel Africa Plc, has introduced its embedded subscriber identity modules (eSIM) services on its network.

The initiative comes two years after MTN Nigeria began the use of eSIM, the first in West Africa.

An eSIM (embedded-SIM) is a programmable SIM card that is embedded directly into a smartphone or wearable device.

The new technology is useful for frequent travellers and tourists, making it easy for them to opt for and keep a local subscription when visiting Nigeria.
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In a statement on Tuesday, Airtel said customers who wish to switch their current physical SIM cards for eSIM can now do so as the service is now immediately available on its network.

It also said for successful usage, customers must ensure the availability of a compatible device, obtain the required QR code by dialling *#06#, and be guided through a SIM Swap process by Airtel service personnel.

Airtel’s management said it believes that the digital SIM will significantly improve the productivity of Nigerians, helping its stakeholders to achieve personal and professional goals.
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Speaking on the development, Femi Oshinlaja, assistant chief commercial officer, Airtel Nigeria, said Airtel Nigeria was always at the forefront in championing technological advancement and creating innovative platforms and opportunities that will make life better, more exciting, and more enjoyable “for all those in our stakeholder value chain”.

“With eSIM, we are not only bringing the latest technology to the fingertips of our customers, but we are also focusing on our sustainability goals of digital inclusion and environmental best practices as no plastic is involved with eSIM,” Oshinlaja said.

“It is therefore our commitment to continue to create offerings that will expand and deepen our digital footprints in line with our positioning as the network of first choice in Nigeria for everything mobile internet, digital and home broadband.”

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Why NEPC, Firm Partner To Export $1.5 Million Ginger, Sesame Seed To China

The operator of the Nigeria Export Trade House in China, Zeenab foods, in a bid to increase foreign exchange earnings through agricultural export, is set to export 20 containers of ginger and sesame seeds to China valued at $1.5million.

The exportation being carried out in partnership with the Nigeria Export Promotion Council (NEPC) is in preparation for the commissioning of the Nigeria Export Trade House in China by March 2023.

Dr Ezra Yakusak, the Managing Director of NEPC, represented by Mr Babajide Falake, while witnessing the transport of the 20 containers to the seaport, disclosed that the council had launched three export trade house in Cairo, Togo and China, saying Zeenab Foods was appointed as operator of Export Trade House in China.

He said there are plans to open export trade houses in London, America and Dubai.

He said the warehouse was established in 2020, but due to COVID-19 restriction, the launching could not hold till after three years, mentioning that it would take 45 days for the goods to reach China, which was why the launching of the warehouse will take place in March.

He said: “we are calling on Nigerian small and medium enterprises who intend to export to China to take the advantage, saying the trade house is for all exporters, and urged them to link up with Zeenab foods.

Falake said the Export Trade house in China is covering all the Asian countries including Malaysia, Hong Kong, adding that the market is a big one.

The Chairman of Zeenab Foods, Victor Ayemere disclosed that 17 containers of ginger and three containers of sesame seeds are being exported to China in preparation for the commissioning of the Nigeria Export Trade House in China.

Ayemere disclosed plans to export 300 containers of agric produce to China in the next 45 days, adding that with the trade house being commissioned, Nigerians must join hands with them to export goods to China so as to bridge trade gap between the two countries.

The Representative of the Chinese Embassy, Allen Zhang revealed that Nigeria-China trade hit an all time high of $26billion in 2022.

He said China has been assisting Nigeria to build infrastructure so as to connect the country to the global market, projecting that the future is Nigeria as they see a growing economy.

He said they would work with NEPC to open up more markets to Nigerians to sell, saying they would help to increase export of more agricultural products to China.

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CBN Chooses 5 Banks For Cash Swap Programme, Excludes Lagos, Abuja PoS Operators

The Central Bank of Nigeria (CBN) has named about five money deposit banks to participate in its cash swap initiative. The development comes as the deadline for the expiration of old N200, N500 and N1,000 notes as legal tender approaches.

The information was contained in an Frequently Asked Questions (FAQ) document released by the CBN on Monday, January 23, 2023, where the it detailed the procedure for the cash swap programme.

The banks chosen for the initiative include Zenith Bank, Access Bank, First City Monument Bank, First Bank and United Bank for Africa. Also, the CBN barred PoS operators in Lagos and Abuja from participating in the programme.

According to the directive by the CBN, not all agents can participate as the initiative is open to only selected agents profiled by super agents or Mobile Money Operators (MMO) and participating banks.

The bank added that selected agents in all the states in Nigeria, excluding Lagos and Abuja, can participate in the programme. It was learnt that PoS operators are barred from using the new notes for other transactions, just for the scheme.

The Punch reported that the document said agents can obtain the new notes from the selected banks but they must have accounts with the banks, and their super agents must have pre-registered the operator with the bank where they have accounts.

Each agent’s name, Bank Verification Number (BVN) and operator’s name are needed before the new notes are issued, adding that the participating banks should also verify the agent’s picture and fingerprint.

Agents must also have completed the KYC levels for the operator which includes name, phone number, bank, account number and amount. The document also stated that there is no limit to the amount a customer can deposit but restricts withdrawals to N10,000 per customer under the cash swap scheme.

The apex bank asked agents to open a bank account or wallet for customers who have bank accounts. Old Notes: ATMs and other ways to swap your notes before Jan 31 Recall that Legit.ng reported that Nigerian banks have cried out over the shortage of new naira notes despite the Central Bank of Nigeria (CBN) reporting that it has a surplus of the new notes in its vaults.

The CBN, during its many sensitisation outings across the nation, stated that it is pleading with commercial banks to come for the new notes ahead of its January 31, 2023 deadline. The apex bank vowed to penalise banks that continue to issue old naira notes or dispense the same through their ATMs.

Source: Legit.ng

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Nigeria’s top agricultural exports in Q3 2022

Nigeria exported agricultural goods worth N84.21 billion in the third quarter of 2022.

This represents a 40.6% decline when compared to N141.77 billion recorded in Q2 2022, but marks a 6% increase compared to N79.41 billion recorded in the corresponding period of 2021.

This is contained in the quarterly foreign trade report released by the National Bureau of Statistics (NBS) as seen by Nairametrics.

The total agric exports between January and September 2022 stood at N427.6 billion, while a sum of N504.9 billion was earned for the full year of 2021.

  • On the flip side, Nigeria imported agricultural goods worth N512.91 billion in Q3 2022, which is 10.4% higher than the N464.4 billion recorded in the previous quarter and 6.4% higher than the corresponding period of 2021 (Q3 2021: N482.21 billion).
  • Nigeria is known for its large production of agricultural produce but has however been significantly impacted by various economic and socio-economic issues, which has affected its ability to sufficiently feed its over 200 million population. This has led to increased importation, resulting in an agric trade balance of over N400 billion in Q3 2022.
  • Meanwhile, it is important to track the items that fetch Nigeria its export FX earnings, especially non-oil export. Recall that the CBN introduced the RT200 FX programme to earn $200 billion in FX repatriation over the next 3 to 5 years.
  • This means that Importers and exporters get N65 for every dollar repatriated and sold at the I&E window. They also get N35 for every dollar repatriated for their use on eligible transactions. According to the CBN, this initiative is already yielding the expected results.

In light of this, below are the top agricultural items exported by Nigeria to other countries in Q3 2022:

Cocoa –N30.76 billion: Nigeria exported cocoa worth N30.76 billion in the third quarter of the year, representing 36.5% of the total agric export recorded in the period. Further breakdown showed that superior quality cocoa beans export stood at N24.58 billion in the period under review.

In addition, a sum of N5.72 billion was earned from the export of superior-quality cocoa, while N450.56 million was generated from the export of other quality cocoa beans.

Cocoa is a small perennial tree crop that primarily comes from the three tropical regions in the world; Southeast Asia, Latin America, and West Africa. Cote d’Ivoire is the single largest producer of cocoa beans, accounting for approximately 31% of the world’s supply.

The fruit is an egg-shaped red-to-brown pod that contains about 30 to 40 seeds, each of which is surrounded by a bitter-sweet white pulp. When the seeds are dried and fermented, they turn brownish red and are known as cocoa beans, the principal ingredient of chocolate.

Sesamum seeds –N19.79 billion: A sum of N19.79 billion was earned by Nigerians from the exportation of sesamum seeds in Q3 2022, accounting for 23.5% of Nigeria’s total agric export. Sesamum seed is also known as sesame or sesame seeds.

Nigeria has been one of the highest sesame seed-producing countries over the years, making the seed an important component of the country’s agricultural export.

Sesame seed comes from a flowering plant mostly grown in Northern Nigeria due to the drought-resistant nature of the seed. It has many uses, but perhaps, its most important use is as a source of sesame oil which is the most demanded vegetable oil in the world because of its zero-cholesterol content.

Cashew nuts –N10.43 billion: Cashew nuts export stood at N10.43 billion in Q3 2022, representing 12.3% of the total agric export in the review period.

Cashew is a tree crop that has been cultivated for food and medicine for many years. The various parts of the cashew fruits are of economic value, which includes apple, nut, and kernel. The primary product of cashew nuts is the kernel, which is the edible portion of the nut.

In confectionery and bakery products, for example, cashew kernels are used in the production of ice creams, chocolates, cakes, and sweets. Cashew nutshell liquid has also been used in making medicine used for treating various illnesses.

Further breakdown showed that cashew nuts are exported in two forms, in shell and shelled. Specifically, a sum of N7.2 billion was earned from the export of cashew nuts in the shell while N3.23 billion was earned from shelled cashew nuts export.

Others include frozen sea foods (N5.79 billion), cut flowers (N3.98 billion), ginger (N2.94 billion), crude palm oil (N2.48 billion), natural cocoa butter (N2.38 billion), soya beans (N1.75 billion), and plants used for perfumes, drugs or insecticides (N791.01 million).