FINANCE - 10 JUN 2020

Daily Briefing: Trade deficit reduces for the second consecutive quarter

Daily Briefing: Trade deficit reduces for the second consecutive quarter
Nigerian farmer showing off his crops. Source: FAO via Flickr
Macroeconomy

Trade deficit reduces for the second consecutive quarter

Nigeria experienced another trade deficit for the second consecutive quarter, with imports at ₦4.2 trillion and exports at ₦4.1 trillion. Total foreign trade stood at ₦8.3 trillion, which was a reduction of 18% from last quarter and 0.8% from last year. The most noticeable increase was in agriculture exports, now at ₦126 billion - up 85% compared to the last quarter due to a 76% increase in sesame seed exports.

 

Retail

DHL partners Mall for Africa’s Link Commerce to grow e-Shop

DHL Express acquired a minority shareholding in Link Commerce, the company that emerged from Mall for Africa (MFA), an e-commerce platform. The new investment is part of DHL’s plans to expand its eShop platform, which aggregates online retailers to consumers globally — with over 200 UK/US stores and consumers across 34 countries in Africa. DHL began a partnership with MFA in 2015 and later launched an African targeted version of eShop in 2019.

 

Power

NERC queries seven discos

The Nigerian Electricity Regulatory Commission (NERC) has issued a notice of intention to sanction seven power distribution companies (Eko, Ikeja, Benin, Kano, Kaduna, Port-Harcourt and Enugu discos). The sanction is for their alleged failures to comply with NERC’s order capping estimated billing charges for unmetered customers. The order also mandated discos to ensure that all A1 customers (schools, churches and mosques) are metered before 30 April 2020.

 

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