The United States Census Bureau (USCB) has disclosed that Nigeria recorded a total of $7.79 billion in trade with the United States in the last four months. In its latest data the bureau stated that total U.S export to Nigeria was $3.18 billion while import from Nigeria stood at $4.61 billion.
It also revealed that in spite of COVID-19 pandemic outbreak, Nigeria passenger vehicles imports rose by 8.08 per cent to $220.51 million compared to last year.
Accordingto the data, United States imports from Nigeria fell 47.14 per cent through the first four months of the year as exports to Nigeria decreased by 4.35 per cent.
The US bureau said that in January 2020, the United States exported $186.9 million worth of goods to Nigeria, while $177 million goods received by Lagos ports and other seaports respectively.
It explained that in February, export from the U.S stood at $244.2 million as Nigeria recorded $138.9 million, leading to a deficit of $105.3 million between the two countries.
“As at March, some export goods, which reached Nigerian Ports, were valued at $272million, while imports to the United States reached $103.6million, leading to a trade deficit of $168.4million between the two trading countries.
“While in April, $230.3million exports from U.S came to Nigerian ports, imports received by U.S ports stood at $81.3million. The deficit in April between both countries was $149 million,” the US bureau said.
The data further explained that gasoline, LNG, other petroleum gases and lead accounted for 95.18 per cent of the inbound shipments from Nigeria between January and April, adding that gasoline, other fuels rose 13.27 per cent compared to last year to $50.11 million.
The US bureau added that motor vehicle spare parts rose 7.59 per cent compared to last year to $53.3 million while wheat fell by 49.78 per cent compared to last year to $106.71 million.
In the current period, it said that the top five ports in the country accounted for 59.76 percent of Nigeria’s U.S trade while the imports coming to the port of Houston rose 3.96 per cent to $365.72 million, withexports rising 4.24 per cent to $364.65 million.
Uneasy feeling’ Buhari says about Francophone countries fast-tracking Eco
President Muhammadu Buhari has expressed his ‘uneasy feeling’ over the decision of francophone countries in the West African Economic and Monetary Union (UEMOA) to replace the CFA Franc with the Eco ahead of other member states.
The president stressed that Nigeria’s position is for member states to comply with agreed processes of reaching the collective goal, failure of which regional currency could be in serious jeopardy.
President Buhari made Nigeria’s position on the new regional currency known at a virtual extraordinary meeting of the Authority of Heads of State and Government of the West African Monetary Zone (WAMZ).
The meeting discussed the implementation of the ECOWAS Monetary Cooperation Programme (EMCP) and the ECOWAS Single Currency Agenda.
According to a statement by Special Adviser to the President on Media and Publicity, Femi Adesina, Mr Buhari said:
‘Your Excellencies, you all are familiar with the history of the Eco thus far, so I will not bore you with that. We reverted to a single-track approach, giving up Eco which is the original idea of the WAMZ so the ECOWAS-wide programme could thrive.
‘In this regard, we have made remarkable progress including the adoption of the Exchange Rate Regime, the name and model of the common Central Bank and the symbol.
‘We have urged our Ministers towards an expeditious path to success. It, therefore, gives me an uneasy feeling that the UEMOA Zone now wishes to take up the Eco in replacement for its CFA Franc ahead of the rest of the Member States.
‘This is in addition to deviating from the Community Act on consistent attainment of convergence in the three years running up to the introduction of the currency, and our subsequent reinforcing directives.
‘I am informed that the French Ministers have approved a bill to reform the CFA Franc and most, if not all of the UEMOA Member States, have already passed legislation in their various Parliaments to that effect.
‘It is a matter of concern that a people with whom we wish to go into a union are taking these major steps without trusting us for discussion,” he said.
President Buhari, who assured ECOWAS leaders of Nigeria’s commitment to the ECOWAS single currency, urged them to critically consider the recommendations made by the Convergence Council and take a common position to safeguard the West African Monetary Zone from the pitfalls of a questionable union.
He affirmed Nigeria’s support for a monetary union with the right fundamentals, which guarantees credibility, sustainability and overall regional prosperity and sovereignty.
According to the president, Nigeria also believes that given the potential contractions and even losses from the global COVID-19 pandemic, member states cannot but be too cautious about ensuring compliance with the set standards.
‘We cannot ridicule ourselves by entering a union to disintegrate, potentially no sooner than we enter into it.
‘We need to be clear and unequivocal about our position regarding this process. We must also communicate the same to the outside world effectively. We have all staked so much in this project to leave things to mere expediencies and convenience.
‘My dear colleagues, Heads of State and Government, it is obvious that we are at a crossroads.
‘We must proceed with caution and comply with the agreed process of reaching our collective goal while treating each other with the utmost respect. Without these, our ambitions for a strategic Monetary Union as an ECOWAS bloc could very well be in serious jeopardy,” he said.
‘In the light of the caution raised by Nigeria and some other West African countries at the meeting, ECOWAS leaders resolved to convene an enlarged meeting of the regional bloc on the single currency issue.’
