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Nigeria Earns N36.1trn Trade Value in 2019 – NBS
By, Joy Okeke, Lagos
The National Bureau of Statistics (NBS) in its latest reports, said that the value of total foreign trade Nigeria recorded in 2019 stood at N36.152 trillion at the end of December.
The amount represents an increase of 14.05 per cent over the level reported in 2018.
This was lower than 36. 86 per cent reported in 2018 and 2017.Also, the level of imports stood at N16.
959 trillion while exports were valued at N19.192 trillion, resulting in a trade balance of N2.232 trillion.As the imports rose by 28.8 per cent in 2019 over the 2018, exports increased only by 3.6 per cent, bringing the trade balance to 58.
4 per cent which is less than the level in 2018.Statistics on foreign trade showed that value of trade in last quarter of 2019 was N10.1 trillion, indicating 10.2 per cent higher than the value in the third quarter and 25.9 per cent above the level in fourth quarter of 2018.
The report showed that total imports stood at N5.349 triillion in fourth quarter of 2019, representing a surge of 37.2 per cent over the value recorded in Q3,2019 and 49.34 per cent against the corresponding quarter of 2018.
In 2019, total imports grew by 28.8 per cent compared to 2018.
Analysis of the imports within the period showed that Imports of raw materials grew by 19.2 per cent in 2019 compared to 2018, growing by 1.63 per cent compared to third quarter and 8.47 per cent against the level reported in fourth of 2018.
But solid minerals imports rose by 28.1 per cent in 2019 and decreased in value by 6.98 per cent relative to third quarter of 2019 but were higher by 5.11 per cent in fouth quarter of 2018.
The NBS recent report also revealed that the total export valued in the last quarter of last year was 9.79 per cent lower against what reported in third quarter but 7.06 per cent higher relative to 4Q of 2018.
The agricultural goods exports according to NBS grew in value to 61.88 per cent in the reviewed period compared to third quarter but decreased by 39.23 per cent when camp are with fourth quarter of 2018.
It said for the 2019 financial year raw material exports fell by 14.02 per cent but declined in value by 27.99 per cent against last year’s third quarter and 48.18 per cent over the level in fourth quarter 2018.
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Senate Investigates $18.5bn Abuja Centenary City Project
By Eze Okechukwu, Abuja
Senate yesterday set up a seven-member ad-hoc committee to investigate the circumstances surrounding the lack of completion of the $18.5billion Abuja Centenary Economic City project, a decade after commencement.The Upper Chamber tasked the committee to review the original Public Private Partnership agreement and recommend amendments if necessary to facilitate the smooth and expeditious completion of the project.
The Senate also urged the Federal Government to prioritise the revival of the Centenary City project by providing appropriate support, resolving regulatory issues and addressing any other impediments, given its beneficial potential to the economy and people of Nigeria after 10 years of stalled progress. The resolutions of the senate followed its consideration of a motion titled: “Urgent need to revive and complete the stalled Centenary City Project, to realise its economic and development potential” during plenary yesterday.The motion was sponsored by the Deputy Senate Leader, Senator Ashiru Yisa (APC – Kwara South).Senator Yisa in his lead debate urged colleagues to note that the Abuja Centenary Economic City project commenced in 2014 through a public private partnership to develop a modern city in the mood of Dubai, to commemorate 100 years of Nigeria’s amalgamation celebration.The Abuja Centenary Economic City Project was to be built according to the model and standard of global smart cities like Dubai, Monaco and Singapore.President Goodluck Jonathan laid foundation for the project on February 27, 2014 with a funfare.After Jonathan was defeated in the 2015 general elections, the succeeding Muhammadu Buhari administration put a halt to the project.The project driven by private investors was launched to mark the 100th anniversary of Nigeria costing $18b with 10–15 years completion period.COVER
CBN Gives POS Operators July 7 Deadline to Register with CAC
By Tony Obiechina, Abuja
The Central Bank Of Nigeria (CBN) has issued a July 7, 2024 deadline for Point of Sales (PoS) operators to complete registration with the Corporate Affairs Corporation (CAC).This was revealed during a meeting between Fintechs and the Registrar-General/Chief Executive Officer (CAC) Hussaini Magaji (SAN) in Abuja on Tuesday.
Speaking at the event, the CAC boss said the two-month timeline to register their agents, merchants, and individuals with the commission, was “in line with legal requirements and the directives of the Central Bank of Nigeria”. “The measure aims at safeguarding the businesses of Fintech’s customers and strengthening the economy,” a statement titled ‘CAC, PoS Operators Agree to Two-Month Deadline to Register Their Agents and Merchants to Strengthen the Fintech Industry”, the CAC added.He stressed that the action was equally backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020, and the 2013 CBN guidelines on agent banking.Magaji explained that the timeline for the registration which will expire on July 7, 2024, was not targeted at any groups or individuals but aimed at protecting businesses.Several speakers from the Fintech industry pledged to collaborate with the commission to ensure hitch-free implementation of the directive.Some of them, however, stressed the need for adequate and collective sensitisation, to ensure that the exercise achieved the desired results.The Special Adviser to the President on ICT Development and Innovation, Tokoni Peter, in his remarks, pledged to ensure smooth facilitation of the process in line with the Renewed Hope Initiative of the present administrationThe representatives of Opay, Momba, Palmpay Ltd, Pay Stack, Fair Money MFB, Monie Point, and Teasy Pay present at the event, later signed up for a document to support the project.COVER
CBN Exempts Salaries, Loans, Pensions, Donations from Cyber Security Levy
By Tony Obiechina, Abuja
Central Bank of Nigeria (CBN) has exempted 16 items from the 0.5 per cent Cybersecurity levy on all electronic transactions.CBN had directed banks to begin charging 0.5% cybersecurity levy on transactions as part of efforts to contain the rising cybercrime threats in the financial system.
According to the Apex Bank, deducted funds will be remitted to the National Cybersecurity Fund (NCF), which shall be administered by the Office of the National Security Adviser (ONSA). A circular released by the CBN on Monday directed all commercial, merchant, non-interest and payment service banks to comply with the directive.The circular revealed that it was a follow-up on an earlier letter dated June 25, 2018 (Ref: BPS/DIR/GEN/CIR/05/008) and October 5, 2018 (Ref: BSD/DIR/GEN/LAB/11/023), in compliance with the Cybercrimes (Prohibition, Prevention, Etc.) Act 2015.Following the enactment of the Cybercrime (Prohibition, Prevention, etc) (amendment) Act 2024 and under the provision of Section 44 (2)(a) of the Act, a levy of 0.5 per cent (0.005) equivalent to half per cent of all electronic transactions value by the business specified in the Second Schedule of the Act is to be remitted to the National Cybersecurity Fund, which the Office of the National Security Adviser shall administer.The exemptions included loan disbursements and repayments, salary payments, intra-account transfers within the same bank or between different banks for the same customer, intra-bank transfers between customers of the same bank, and Other Financial Institutions (OFIs) instructions to their correspondent banks.The exemption also applies to interbank placements, banks’ transfers to CBN and vice versa, inter-branch transfers within a bank, cheque clearing and settlements, and Letters of Credit (LCs).Others include banks’ recapitalisation-related funding only bulk funds movement from collection accounts; savings and deposits including transactions involving long-term investments such as treasury bills, bonds; and commercial papers; government social welfare programmes transactions, e.g. pension payments; non-profit and charitable transactions including donations to registered non-profit organisations or charities; educational institutions transactions, including tuition payments and other transaction involving schools, universities, or other educational institutions.Transactions involving the bank’s internal accounts, such as suspense accounts, clearing accounts, profit and loss accounts, inter-branch accounts, reserve accounts, nostro and vostro accounts, and escrow accounts, are also exempt from the levy.The central bank warned that Section 44 (8) of the Act prescribes that failure to remit the levy constitutes an offence punishable on conviction by a fine of not less than two percent of the defaulting business’s annual turnover, among other things.