Nume Ekeghe and Dike Onwuamaeze
With the commencement of the African Continental Free Trade Area (AfCFTA) agreement on January 1, 2021, analysts and stakeholders have expressed optimism of Nigerian banks readiness, saying the financial sector stands to benefit most from the continental agreement.
The analysts, in separate interviews yesterday with THISDAY, added that with most Tier-1 banks already operating in many African countries and are continually expanding, that give them an edge over their counterparts in other African countries.
They added that with the increase in trade that would spur economic activities and increased lending, many banks are already in a liquid position to take advantage of AfCTA.
Latest data from the Nigerian Bureau of Statistics (NBS) has revealed that a total of N9.28tn was spent on the importation of manufactured goods into the country between January and September 2020.
The NBS data released on Thursday, January 7, show that manufactured goods imported into the country rose significantly in the third quarter of last year as the manufacturing sector was hard hit by the COVID-19 disruptions, border closure and the scarcity of foreign exchange.
According to the Central Bank of Nigeria’s (CBN) Purchasing Managers’ Index Survey Report also released on Thursday, the manufacturing sector contracted in the six months to October amid the economic fallout of the pandemic, and although it snapped out of the stagnation in November, the sector shrank again in December.
The Manufacturers Association of Nigeria (MAN) said that the suspension of electricity tariff increase as announced by the federal government yesterday is only a temporary relief and called for wide consultations that will lead to lasting solution.
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’Femi Asu
A total of N9.28tn was spent on the importation of manufactured goods into Nigeria from January to September 2020, the latest data from the National Bureau of Statistics have shown.
Manufactured goods imports into the country rose significantly in the third quarter of last year as the manufacturing sector was hard hit by the COVID-19 disruptions, border closure and foreign exchange scarcity.
The sector contracted in the six months to October amid the economic fallout of the pandemic.
Although it snapped out of the doldrums in November, the sector shrank again in December, according to the Central Bank of Nigeria’s Purchasing Managers’ Index Survey Report.
Local manufacturers have decried the plan to increase electricity tariff, despite the lingering challenge facing the real sector and poor quality of power supply, saying they spent an average of N70 billion on self-sourced energy last year.