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Nigeria Achieves Remarkable Growth in Agricultural Exports by 123% – NBS

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Agricultural Exports
Nigeria Achieves Remarkable Growth in Agricultural Exports by 123% - NBS

Newly released data from the Nigerian Bureau of Statistics (NBS) reveals a significant 123% increase in agricultural exports, reaching ₦463.97 billion compared to Q4 2023, and a 270% rise from Q1 2023’s ₦279.64 billion.

The “Foreign Trade in Goods Statistics” report for Q1 2024 highlights Asia as the top destination for Nigeria’s agricultural products, valued at ₦572 billion, followed by Europe with ₦366 billion. Key exports included ‘Sesamum seeds’ at ₦247.75 billion, ‘Superior quality Cocoa beans’ at ₦231 billion, and ‘Standard quality Cocoa beans’ at ₦140 billion.

Specifically, ‘Sesamum seeds’ were prominently exported to China (₦83.29 billion) and Japan (₦58.04 billion), while ‘Superior quality Cocoa beans’ found markets in The Netherlands (₦112 billion) and Malaysia (₦48 billion). ‘Standard quality Cocoa beans’ were also exported to The Netherlands (₦58 billion) and Malaysia (₦38 billion).

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Agricultural imports for Q1 2024 stood at ₦920 billion, a 29.45% increase from Q4 2023’s ₦711 billion and a 95% rise from Q1 2023’s ₦471 billion. Major imports included ‘Durum wheat (not in seeds)’ from Canada (₦130 billion) and Lithuania (₦99 billion), and frozen ‘Blue whitings’ from the Netherlands (₦17 billion).

The total trade value in agricultural goods for Q1 2024 reached ₦1.95 trillion, with exports contributing ₦1.035 trillion. Overall, imports totaled ₦12.643 trillion, showing a 40% increase from Q4 2023 and a 95% rise from Q1 2023.

China led as the top trading partner on the import side, followed by India, the United States, Belgium, and the Netherlands. The most traded commodities included Motor spirit ordinary, Gas oil, Durum wheat (Not in seeds), Cane sugar meant for sugar refinery, and Other Liquefied petroleum gases and other gaseous hydrocarbons.

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Raw material imports were valued at ₦1.467 trillion, a 52% increase from Q4 2023 and a 164% rise from Q1 2023. Solid mineral imports were valued at ₦71 billion, marking a 21% increase from Q4 2023 and a 59% increase from Q1 2023.

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

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Iceland Demands Supermarket Rivals Stop Selling Prawn Rings

Supermarket chain Iceland has filed a trademark application for its well-known “King Prawn Rings,” urging rival supermarkets to stop selling similar products. Iceland, headquartered in Flintshire, claims it has faced increasing imitation since introducing its prawn rings in 1991.

In a bold open letter shared on social media platform X (formerly Twitter), Iceland called out major competitors Aldi, Tesco, Lidl, and Asda, accusing them of selling “copy crustaceans.” The letter cheekily asserted, “The King Prawn Ring is ours, and we won’t be letting you off the hook.”

Lidl humorously responded, “Here was us thinking it was a classic 1970s party dish.”

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Iceland’s letter, signed by “Iceland Foods,” warned other retailers to cease selling prawn rings, especially ahead of Christmas. The chain emphasized its intent to pursue legal action if competitors don’t comply, declaring, “Our lawyers are more than ready to dive into legal waters.”

The prawn ring battle has sparked social media buzz, with consumers eagerly watching how rival supermarkets will respond to Iceland’s trademark claim.

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

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Boeing Workers Reject Latest Pay Offer Despite 30% Rise, Union Says

The union representing striking Boeing workers has stated that its members are not interested in the company’s latest pay proposal, which includes a 30% raise over four years. According to the International Association of Machinists and Aerospace Workers (IAM), a survey revealed overwhelming dissatisfaction with the offer, labeling it as “inadequate.”

This rejection follows Boeing’s new “best and final” offer, which also included a performance bonus reinstatement, improved retirement benefits, and a one-time $6,000 signing bonus. The company set a deadline for the deal to be ratified by union members by midnight on September 27.

However, IAM criticized Boeing for sending the offer directly to workers and the media without consulting union leaders and stated that the time frame was insufficient to organize a proper vote. Boeing has denied the union’s claims and said it would allow more time and provide support to facilitate the vote.

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

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China Unveils Bold Measures to Revive Economy Amid Growth Concerns

China’s central bank, the People’s Bank of China (PBOC), has launched a significant package of measures aimed at revitalizing its struggling economy. PBOC Governor Pan Gongsheng announced plans to lower borrowing costs and allow banks to expand lending to stimulate economic activity.

With recent economic data raising concerns that China may miss its 5% growth target this year, the central bank will cut the reserve requirement ratio (RRR)—the amount of cash banks must hold in reserve—by half a percentage point, releasing around 1 trillion yuan ($142 billion) into the economy. Additional cuts may follow later in the year.

The package also addresses China’s property market crisis by cutting interest rates for existing mortgages and reducing minimum down payments for all homes to 15%.

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Asian stock markets responded positively to the news, seeing a boost after Mr. Pan’s announcement, which came during a rare joint press conference with officials from two other financial regulators.

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