Business

Nigeria spent N1.85tn on food import in nine months – Buhari economic aide

Published

5 years ago

January 20, 2021

A total of N1.85 trillion was spent by Nigeria on import food for nine months during the closure of international land borders last year, President Muhammadu Buhari’s chief economic adviser, Dr Doyon Salami, has said.

He said this was an indication that the nation lacked the capacity to feed itself.

Salami, an ex-member of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), is the Chairman of the Presidential Economic Advisory Council.

He spoke at the presentation of the National Economic Outlook for 2021 organised virtually by the Chartered Institute of Bankers of Nigeria (CIBN) on Tuesday in Lagos.

He said, “Despite border closure, our national import of food amounted to N1.85 trillion between January and Sept 2020 – a 62 per cent increase when compared to same period 2019. This suggests a weakness in our ability to feed ourselves and raises the need to consider review of intervention policies in agriculture.”

He said agriculture had continued to decelerate, growing at 1.7 per cent year-to-date while consumer-sensitive sectors like manufacturing and distribution continue to contract, in double digits.

According to him, serious climatic concerns are undermining agricultural output with 2.5 million farmers being impacted by flooding in 2019.

He noted that preliminary assessments suggested that 2020 was worse with persistence into 2021 to adversely affect output and food prices.

Salami said during the period, Nigeria’s cumulative trade deficit amounts to N4.6 trillion ($12 billion).

He said Nigeria’s external imbalances were increasingly precarious, with continuing concern over exchange rate differentials.

He said uncertainty around foreign exchange – convergence, market-reflective rates and transparent determination mechanism, balance of payment imbalances were large and would remain key questions in 2021.

Salami said by the measure driving the value of the naira based on the naira/dollar inflation differential, the currency, should be trading around N439/$ at the official market.

The agricultural sector, ICT, real estate and oil and gas are vulnerable to a probable major adjustment to the foreign exchange rate, according to him.

Salami said official payment data showed that about $30 billion (almost 10 per cent of national economy) was obtained from sources outside the CBN, adding that the gap between the official and other exchange rates was a source for concern.

He said the COVID-19 shock of 2020 represented the third major shock to the Nigerian economy in 12 years.

He noted that ahead of the crisis, the Nigerian economy was contending with a set of pre-existing conditions such as macro Instability, stagflation – slow growth and rising inflation, pressure on households – in the form of rising inflation, unemployment, and poverty and pressure on corporate(s) margins – weak consumer and cost pressures.

He said there were also growing fiscal and external imbalances, monetary Policy distortions – the bifurcation of sovereign instruments leading to a distortion of the interest rate term structure.

Salami stated that with the impact of COVID-19, prices continued to rise – at the end of November 2020, overall inflation was 14.8 per cent with food prices increasing at 18.3 per cent when compared with November, 2019.

He, however, noted that the stay-at-home imposition implied greater use of telco/tech communication platforms.

“A health crisis morphed into an economic crisis resulting in humanitarian and in some cases, security challenges, a global development visiting great disruption to established norms – largely negative short-term impact but some positives – especially with technology deployment, the full impact of which will manifest in the years ahead,” he stated.

The international economic environment, he said, deteriorated sharply last year but recovery expected in this year, based on the capacity to suppress the virus through vaccination.

He also said transport and hospitality sectors were gravely affected by the lockdowns of April/May as well as by voluntary containment measures and/or imposed restrictions post-lockdown.

President/Chairman CIBN, Mr Bayo Olugbemi, represented by second Vice President Prof. Pius Olanrewaju, said the National Economic Outlook initiated in 2014 was designed to bring together relevant stakeholders together to discuss emerging and pertinent issues facing national and global economies and their implications for businesses.

Auto

CFAO Mobility Open Day to offer special deals on new vehicles, parts, diagnostics

Published

5 hours ago

April 10, 2026

Trends Admin

CFAO Mobility Open Day to offer special deals on new vehicles, parts, diagnostics

CFAO Mobility has announced plans to host the 2026 edition of its flagship CFAO Mobility Open Day, aimed at showcasing a wide range of innovative mobility solutions.

In a statement, the company said the event would take place on Thursday, April 30, 2026, at Harbour Point, Victoria Island, Lagos, from 9am to 6pm.

The Open Day is expected to bring together leading global automotive and equipment brands in a dynamic exhibition tailored to meet diverse mobility needs.

Participating brands are Toyota, BYD, Mitsubishi, Suzuki, Fuso, JCB, Howo, Sino Equipment, King Long, TechKing Tyres, Yamaha, Winpart and Auto Fast.

According to CFAO Mobility, attendees will experience an extensive display of products and services, ranging from brand-new vehicles and motorcycles to outboard engines, fleet management solutions, spare parts and aftermarket services.

The event, which is free and open to the public, will also feature test drives, professional vehicle diagnostics and exclusive spare-parts deals, offering participants a hands-on and engaging experience.

The company urged car enthusiasts, business owners and prospective buyers to take advantage of the Open Day to explore mobility solutions tailored to their personal and business needs.

With over 120 years of presence in Nigeria, CFAO Mobility remains a key player in the mobility and healthcare sectors.

It added that the Open Day reflects its continued commitment to delivering innovative, customer-focused mobility solutions.

Business

Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market

Published

16 hours ago

April 10, 2026

Trends Admin

Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market

The Naira continued its positive performance on Thursday, appreciating further in the official foreign exchange market to close at ₦1,359.31 per US dollar, according to data published by the Central Bank of Nigeria (CBN).

The latest figure represents an improvement of ₦12.50 compared to the previous trading day, reflecting a 0.9 percent gain from Wednesday’s closing rate of ₦1,371.82/$.

The appreciation highlights continued stability in the official foreign exchange window, where recent policy measures have helped improve liquidity and reduce pressure on the local currency.

Market analysts attribute the naira’s relative strength to ongoing foreign exchange reforms by the CBN, increased dollar supply in official channels, and tighter regulation aimed at narrowing the gap between official and parallel market rates.

Naira Strengthens to ₦1,359.31/$ as CBN Data Shows Further Gain in Official Market

Business

Nigeria May Face ₦2,000 Petrol Price Without Intervention, TUC Warns FG

Published

16 hours ago

April 10, 2026

Trends Admin

President of the Trade Union Congress of Nigeria (TUC) Festus Osifo

TUC Warns Petrol May Hit ₦2,000/Litre, Proposes Crude Revenue Subsidy Plan to FG

DETAILS:

The Trade Union Congress of Nigeria (TUC) has warned that petrol prices in Nigeria could rise to as high as ₦2,000 per litre if urgent economic measures are not introduced to stabilise the country’s energy and currency markets.

TUC President, Festus Osifo, issued the warning during a press briefing in Abuja, citing the combined impact of rising global crude oil prices and continued depreciation of the naira as major drivers of worsening fuel costs.

Osifo said Nigerian workers are already under severe economic pressure, noting that in some parts of the country, fuel pump prices are already approaching the ₦2,000 threshold due to market volatility and transportation differentials.

He explained that the 2026 national budget benchmarked crude oil at about $64.85 per barrel, while current international prices hover around $100 per barrel, creating what he described as significant “excess revenue” for the government.

The TUC is proposing that the Federal Government allocate about 60% of this excess crude revenue to support local production by subsidising crude supply to domestic refineries, including the Dangote Refinery and other modular refineries.

According to Osifo, this approach would be more transparent and harder to manipulate than the previous fuel subsidy regime, while also helping to reduce the cost of petrol, diesel, and aviation fuel within a short period.