Nigerian press spotlights how Naira crash pushed raw material imports to N3tn, others

The report of the Foreign Trade Statistics data published by the National Bureau of Statistics that imports of raw materials into the country rose by 25 per cent to N3tn in 2023 is one of the leading stories in Nigerian newspapers on Friday.
The Punch reports that imports of raw materials into the country rose by 25 per cent to N3tn in 2023.
This is according to the Foreign Trade Statistics data published by the National Bureau of Statistics.
The major raw materials imported during the period included cane sugar, other lubricating oils meant to be mixed further, preparations of milk containing vegetable fats and oils, mixtures of odoriferous substances, sheets for veneering, among others.
Conversely, Nigeria could only export raw materials worth N1.8tn between 2022 and 2023, recording a N3.6tn balance of trade.
Speaking with The PUNCH, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Muda Yusuf, linked the increase in raw material imports (in naira terms) to the depreciation of the naira.
He said, “I think it is because of the naira depreciation. If you were importing something that was $1m when the exchange rate was N450, now you are importing products worth $1m and the exchange rate is N1,500.
“That is three times already if you multiply it in naira. So, in dollar terms, the import may have even reduced. We have to consider that.”
The newspaper says that the Inspector-General of Police, Olukayode Egbetokun, on Thursday, said 141 terror cases, 214 kidnappings and 537 homicide cases were reported to the police in the last eight weeks.
Egbetokun added that 3,685 suspects were apprehended for their participation in various crimes, while 401 kidnap victims were rescued.
He said this while fielding questions from journalists at the Nigeria Police Force Headquarters, Louis Edet House, Abuja.
“I am pleased to report a substantial advancement, propelled by the execution of diverse strategies aimed at mitigating the escalating trend of criminal activities across the nation after our last conference held on February 8, 2024.
“In the past eight weeks, we recorded 141 cases of terrorism/secessionist attacks, 537 cases of murder, 126 cases of armed robbery, 214 cases of kidnapping, and 39 cases of unlawful possession of firearms,” he said.
Also, during the period under review, the Nigeria Police Force arrested 3,685 suspects for their participation in various crimes, 401 kidnap victims were rescued, 216 various firearms, 3,601 ammunition and 82 vehicles were recovered.
“We have in the last nine months cumulatively presented cheques totalling N7,263,391,051.73 to 2,5143 families of deceased police officers.”
“In the past eight weeks, we recorded 141 cases of terrorism/secessionist attacks, 537 cases of murder, 126 cases of armed robbery, 214 cases of kidnapping, and 39 cases of unlawful possession of firearms.
The Vanguard newspaper reports that the Chief of Army Staff, Lt Gen Taoreed Lagbaja, has posited that exclusive reliance on the military to solve crisis situations resulting into armed conflict, insurrection and which create tension within the state may not be the best option in confronting the myriads of security challenges confronting the country.
According to General Lagbaja, “Attending early to issues early on will nip grievance in the board and prevent Imbroglio from developing into a major conflict.”
Speaking at the Chief of Army Staff’s Annual Lecture Series at the Nigerian Army Resource Centre (NARC), Abuja, with the theme “The Role of the Military in the Protection of Nigeria’s National Interest and Security”, Lagbaja said the causes of armed conflicts should be addressed while the military plays its roles.
The COAS pointed out that the military as an institution of the state plays a crucial role in the performance of the functions of the state towards its citizens.
He noted that since the end of the Cold War, intra-state conflicts have been on the ascendancy due to the activities of non-state actors, especially violent entities like the resistance army in Uganda and Al-Shabab in Somalia, Boko Haram and Islamic State West African Province ISWAP in Nigeria creating a volatile, unpredictable, complex and ambiguous environment.
These developments, according to Lt General Lagbaja, have led to the military in Nigeria being deployed in virtually all the 36 states of the federation including the FCT.
He said, “It is clear that national security is fused with national interest. As a country we seek a secure state as part of the national interest. It is therefore in seeking to secure and protect the country that the military is inadvertently engaged in the protection of the interest of the country which dictates the defence policy.
“The AFN has played and still plays a pivotal role in safeguarding the national interest and security of the nation. The national interest rooted in the fundamental desire for survival and security remains a paramount consideration.”
The newspaper says that the Minority Caucus of the House of Representatives has condemned the hike in electricity tariffs across Nigeria by the Nigerian Electricity Regulatory Commission (NERC), describing the act as insensitive, inhuman, and evil.
According to a statement by the leader of the caucus, Kingsley Chinda, in Abuja on Friday, the abrupt hike, which places an unbearable burden on the already strained populace, exacerbating economic hardships and widening the chasm of inequality, is inhumane and must not be tolerated.
He said such a hike, which is over two hundred per cent above the rate of inflation, utterly disregards the plight of ordinary citizens, who are grappling with the adverse effects of the removal of oil subsidy, galloping inflation, unemployment, and inadequate access to basic amenities.
“We note that in the immediate aftermath of the announcement of the tariff hike, NERC claimed that the hike affects only twelve per cent of electricity consumers who enjoy minimum of twenty hours of electricity a day. The truth has become stark that this is stark lie. The hike, according to data put out by the DISCOS, affects all electricity consumers. This habitual resort to deceit and outright lies clearly puts government in bad light and erodes the trust and confidence of the populace in the government.
“The timing of this tariff hike, amidst prevailing economic challenges, is not only insensitive but also detrimental to the well-being of Nigerians. It further highlights the disconnect between policymakers and the realities faced by the masses of our people.”
GIK/APA