News
Nigeria’s Imports from Asia Hit N2.3Tr in 2012-NBS
Report released by the National Bureau of Statistics (NBS) indicates that out of a total of N5,624.9 billion worth of goods imported into the country in 2012, Asian countries accounted for N2,319.9 billion.
The amount represents 41.2 percent of the country’s imports.
NBS reports that, the direction of import trade by economic region showed that Nigeria’s major imports came from Asia while other major imports were from Europe and America, which accounted for N1,490.4 billion or 26.5 percent and N1,421.9 billion or 25.3 percent, respectively.
“Within the continent of Africa, Nigeria imported goods valued at N245.6 billion or 4.4 percent out of which Economic Community of West African States (ECOWAS) accounted for N33.8 billion or 13.8 percent,” said the NBS report.
Nigeria’s imports at the end of 2012, according to broad economic classification, showed that goods not elsewhere specified accounted for N1,929.0 billion or 34.3 percent, followed by industrial supplies with N1,321.8 billion or 23.5 percent, and capital goods and parts with N957.9 billion or 17.0 percent.
The structure of import trade was still dominated by the imports of machinery and transport equipment, manufactured goods and commodities.
Other major imports of Nigeria during the period under review include vehicles, aircraft and parts, vegetable products, base metals and associated articles, products of chemical and allied industries.
EFCC
The African Development Bank Group last week approved an investment of €6.5 million in the Saviu II fund in order to support technology start-ups through their seed phase and first institutional fundraising, mainly in French-speaking Central and West Africa.
The Bank will invest €4.5 million as equity and €2 million as a first-loss hedging tranche on behalf of the European Commission, under the Boost Africa Programme.
This participation of the Bank Group will enable the Saviu II fund to give priority to companies with a strong technological or digital component.
Saviu II, the second investment vehicle of Saviu Partners, plans to invest between €500,000 and €3 million in about 20 technology or technology-oriented business-to-business start-ups in the seed phase or carrying out first institutional fundraising.
The Saviu II venture capital fund aims to make at least 60% of its commitments in the French-speaking countries of West and Central Africa: Côte d ‘Ivoire, Cameroon, Benin, Senegal, Togo, Burkina Faso and Mali.
The fund can also co-invest in promising technology companies in East Africa that have a strong team and business model, and whose strategy includes entering the market in French-speaking West African countries and establishing a strong presence there.
In addition, the fund will devote a dedicated envelope to pre-seed investments, focusing on minority equity investments, usually in co-investment with studios, incubators or other ecosystem partners.
Nigerian Government has signed a $1.3 billion Memorandum of Understanding (MoU) with Africa Finance Corporation (AFC) via the Solid Minerals Development Fund (SMDF) to fund an alumina refinery, national geoscience mapping, and a strategic investment vehicle for mining growth.
Special Assistant to the Minister of Solid Minerals Development, Segun Tomori, said the refinery will process one million tonnes of bauxite yearly using a modern Bayer process, powered by an on-site gas-fired cogeneration plant.
Minister Dele Alake called it a transformative milestone boosting GDP, aligning with reforms that improve investment climate, regulations, and licensing to attract private capital. He directed agencies to fast-track permits.
The 20-year project at 95% utilization eyes 19 million tonnes total output, $1.2 billion annual GDP addition, $25 billion economic impact, and $8 billion forex earnings, per feasibility studies.
SMDF Executive Secretary Fatima Shinkafi termed it the agency’s biggest funding deal, supporting value-addition policy.
The partnership extends to geoscience mapping for mineral data, de-risking exploration, and a joint vehicle for mining assets.
Permanent Secretary Engr. Farouk Yabo praised the reforms. Shinkafi signed for government; AFC’s Franklin Edochie for the corporation, witnessed by AFC CEO Samaila Zubairu.
Tomori positioned it as Nigeria’s largest private mining investment and FDI magnet.
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