#IDPWD2020: Five ways you can support people living with disabilities

Esan Bolaji
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#IDPWD2020: Five ways you can support people living with disabilities

MTN Nigeria joins the Ministry of Humanitarian Affairs, Disaster Management and Social Development of Nigeria and the world at large to celebrate the International Day of Persons with Disabilities (IDPWD). IDPWD was established by the United Nations in 1992 and has been observed on December 3, every year since inception.

#IDPWD2020 Brandspurng Five ways you can support people living with disabilities

Despite the disruption that ensued in 2020, this year is no exception. This year’s theme, “Not all Disabilities are Visible”, focuses on spreading awareness and understanding of unapparent disabilities that are frequently overlooked, such as mental illness, chronic pain, sight or hearing impairments, terminal illness, and neurological disorders, amongst others.

We are here again to raise awareness, drive inclusion and also, celebrate the resilience of persons living with disabilities. In order to truly make a difference on a day such as this, it is important for us to encourage conversations that can help people to understand how to participate and get communally involved in the cause.

To that end, here are five ways that you can support people living with disabilities:

Scholarship Grants

Less than a decade ago, the World report on disability (WRD) was published by the World Bank and the World Health Organisation (WHO). Amongst other key findings, it was noted that children with disabilities are less likely to attend school than non-disabled children. In fact, less than 25% of children with disabilities attend school.

NGOs, charity organisations, and other multinationals have since made their resources available to People with Disabilities (PwD), thus providing more opportunities and platforms that can be leveraged in order to fill the gap.

MTN, through its MTN Foundation Disability Support Project, has continued to help persons with disabilities to attain the highest level of academic achievement. To date, over 1200 undergraduate scholarships have been awarded to students in public tertiary institutions under the MTNF Scholarship Scheme for Blind Students.

Youth Development Programmes

People with disabilities face barriers in accessing services like health, transportation and, in many cases, employment. Programs and workshops that help expose PwD to employment opportunities and entrepreneurial training can help them overcome barriers that hinder their ability to chase their dreams. An example of such programs is the MTN Youth Entrepreneurship Development Programme.

This project, which is implemented in partnership with the Bank of Industry (BOI), provides entrepreneurship skills training and small business loans to Alumni of the MTNF Scholarship Scheme for Blind Students. This has helped people with disabilities to push themselves beyond their perceived limitations in order to accomplish their goals and aspirations.

Disability Support Projects

Another major finding from the World Report on Disability is that people with disabilities experience increased dependency and restricted participation in their societies. People with disabilities that impair movements, such as a cripple, a visually impaired person or hearing-impaired person find it difficult to navigate everyday life and rely on assistance from family and friends.

Projects that help provide relief and mobility items, including braille machines, crutches, wheelchairs and elbow pads help people living with disabilities to be more independent and less restricted, are always encouraged. The MTN Disability Support Project helps in the provision of mobility aids and appliances that enhance the physical capabilities of PwD, which allows them to be more participative in society.

Tricycles, wheelchairs, laptops, and other digital tools have been distributed through the project. MTN’s Hearing Aid Support Project has also helped provide 1,500 hearing aids to hearing-impaired persons across the country.

Empathy and Compassion

People with disabilities are stigmatized, avoided or, in certain unapparent cases, are often ignored or overlooked. This makes many PwD to suffer a feeling of exclusion, unwantedness, and in many cases, hopelessness and despair. PwD should be treated with empathy and compassion, and with justice and equity in terms of opportunity provision and consideration.

This helps to fill the void that has been left vacant by a lack of communication and deliberation, and bridge the gap between PwD and every other member of the community.

Awareness

Most importantly, awareness should continue to be raised on behalf of people living with unapparent disabilities, which are often overlooked and downplayed. For a long time, some people have had the stereotypical view of a disabled person as one who makes use of a wheelchair. This is despite the fact that disability is in fact an umbrella term, and there are at least one billion persons living with diverse disabilities.

The only way forward is to continue to open dialogue, and encourage conversations that bring these important issues to light, and help others to understand and volunteer their attention, interest, and resources to make this world a better, kinder, more inclusive place.

Pfizer Market Cap Surged by $26B After UK Authorized the Use of its COVID-19 Vaccine

Esan Bolaji
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Pfizer Market Cap Surged by $26B After UK Authorized the Use of its COVID-19 Vaccine
The coronavirus pandemic put enormous pressure on the pharmaceutical industry, forcing pharma companies to roll out clinical trials for a COVID-19 vaccine at breakneck speed.

Since the United Kingdom authorized the use of Pfizer and BioNTech’s COVID-19 vaccine, the US pharmaceutical giant has taken centre stage in the COVID-19 fight.

According to data presented by Stock Apps, the market capitalization of the US multinational pharmaceutical corporation surged by more than $26bn since the UK announced the use of its vaccine.

Pfizer Market Cap Surged by $26B After UK Authorized the Use of its COVID-19 Vaccine

Recovery After Stock Market Crash in March

As one of the largest pharmaceutical companies globally, Pfizer has witnessed a sharp drop in market cap amid the COVID-19 crisis.

In December 2019, the combined value of shares of the US pharma giant stood at $216.8bn, revealed the Yahoo Finance data. After the stock market crash in March, this figure slumped to $181.2bn. The negative trend continued in the second quarter of the year, with the market cap amounting to $181.6bn in June.

Although Pfizer’s stock price slightly increased in the third quarter, with the market cap rising to almost $204bn in September, it was still $12bn below December levels.

After becoming the first pharmaceutical company whose vaccine has been officially authorized for emergency use in the United Kingdom, Pfizer’s stock price surged in just a few days. A final analysis of the Phase 3 trial of the vaccine showed it was 95% effective in preventing infections, and the UK has ordered 40 million doses of the vaccine, enough to vaccinate 20 million people.

On November 25th, the market capitalization of the US pharmaceutical corporation stood at $203bn. In the next five days, this figure jumped to $213bn and continued rising.

On December 2nd, it amounted to $226.7bn, a 4.5% increase year-over-year. The MacroTrends data show this value continued growing, reaching $229.2bn this week.

Pfizer YTD Revenue Plunged by $3B

Despite becoming the first company whose vaccine has been authorized for emergency use, Pfizer has suffered the severest financial hit among the top three pharma giants.

In 2019, Pfizer generated $51.75bn in total revenues, with fourth-quarter sales contributing around $12.7bn, down from $14bn in the same quarter a year ago.

However, in the first months of 2020, the sales of the US pharma giant dropped by 7% to $12.2bn. The negative trend continued in the second quarter, with revenue falling to $11.8bn, a 9% decrease YoY.

Third-quarter sales dropped by $500 million, or 4%, due to COVID-19, primarily driven by lower demand for certain products in China and disruptions to wellness visits for patients in the United States, negatively impacting prescribing patterns for specific products.

Statistics indicate Pfizer’s revenue for the nine months of 2020 amounted to $35.9bn, a $3bn drop year-over-year.

Top 25 Global Banks Combined Market Cap Declines by 3.7% in Q3 2020 to $2.6 Trillion

Brand Spur
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Top 25 Global Banks Combined Market Cap Declines by 3.7% in Q3 2020 to $2.6 Trillion
The market capitalization of the top global banks worldwide is yet to recover to pre-pandemic levels. According to the research data analyzed and published by Comprar Acciones, the top 25 banks globally shed a collective $0.1 trillion in market cap during Q3 2020.

They experienced a 3.7% decline in the three-month period, going from a cumulative $2.7 trillion down to $2.6 trillion. It is noteworthy that 14 of these banks had moderate market cap growth over the period. However, their gains were offset by the declines that the remaining 11 experienced.

Top 25 Global Banks Combined Market Cap Declines by 3.7% in Q3 2020 to $2.6 Trillion Brandspurng1

The top bank by market cap for that quarter was JP Morgan Chase with $293.4 billion, having grown by 2.4% quarter-over-quarter (QoQ). ICBC came in second with $255.0 billion and a QoQ growth of 2.7%. In the third spot was Bank of America, which grew by 1.3% to $208.7 billion.

Charles Schwab registered the highest QoQ growth of 7.5%, driving its market cap to $46.7 billion. The growth drove it up by eight spots from position 31 in Q2 2020 to position 23 in Q3 2020.

China Merchants Bank which sat in the seventh spot was the only other bank to post growth surpassing 5%. It grew by 6.8% to reach $136.2 billion. On the other hand, China Construction Bank saw the highest decline, shedding a massive 19.2% QoQ. Its market cap fell to $180.8 billion, and it dropped from third to the fourth position on the chart.

HSBC had the second-highest drop, plummeting 19.1% to a market cap of $79.0 billion. It moved down three spots, from position 11 to 14. Citigroup Inc. also posted a double-digit decline of 15.6% to $89.7 billion, dropping two spots from position eight to 10.

Three banks dropped out of the top 25 during the period. These were BNP Paribas, which had an 8.3% market decline, PT Bank Central Asia with 9.4% and Itau Unibanco with 37.6%. Itau Unibanco’s performance was attributed to the devaluation of the Brazilian Real, which is the worst-performing currency in 2020 according to Global Data.

The three dropouts were replaced by Charles Schwab, PNC Financial (+4.5%) and Qatar National Bank (+4%).

Bank of America’s ECM Revenue Surges 147% YoY in Q3 2020

Looking into the results of top investment banks for Q3 2020 reveals an interesting insight. While most business areas experienced rollercoaster rides during the period, Equity Capital Markets (ECM) flourished throughout.

According to its earnings report, Bank of America’s global investment bank which includes ECM reported having its second-best quarter ever. That was as a result of a 147% rise in equity underwriting fees. For Goldman Sachs, ECM revenue was up by almost 134% YoY in Q3 2020.

A Fitch Ratings report showed that during Q2 2020, revenue from capital markets at the top 5 US banks surged 63% to reach $44.9 billion. It resulted from the central bank stimulus, which triggered a rise in the issuance of debt and equity.

Debt and equity revenues for the period shot up by 57% and 85% respectively. Goldman Sachs posted an 81% upsurge in capital markets while for Morgan Stanley, there was a 63% spike.

Global ECM issuance during Q2 2020 hit a five-year high due to record activity levels. Compared to Q2 2019, there was a 78% surge in issuance according to S&P Global.

In total, global issuance amounted to $364 billion at the end of the period. The figure nearly tripled from $104 billion in Q1 2020 to $260 billion in Q2 2020.

Top 25 Global Banks Combined Market Cap Declines by 3.7% in Q3 2020 to $2.6 Trillion Brandspurng

Global ECM Activity Shoots Up 59% YoY from Q1 to Q3 2020 to $751 Billion

Though Fitch Ratings predicted that the Q2 2020 jump would gradually taper off in H2 2020, Q3 2020 saw several new records set in various segments of ECM.

Based on a report from Refinitiv, global ECM activity reached the highest level on record during the first nine months 2020. Global ECM activity surged 59% YoY to $750.7 billion during the period with over 4,200 offerings.

Initial public offerings (IPOs) increased by 26% as secondary offerings shot up by 78% and convertibles up by 41%. Global debt capital markets (DCM) set a new record issuance figure of $8 trillion in the nine-month duration. In fact, issuance in the US shot up 61% during the period as compared to a similar period in 2019. APAC saw a 71% increase while in EMEA, there was a 56% spike.

Moreover, during Q3 2020, there was an overall fee haul of $91 billion in investment banking, up by 15% from Q3 2019. The increase was driven by a 70% rise in equities and 29% in bonds. Together, they offset a 16% decline in mergers and acquisitions (M&A) and an 11% drop in loans.

Mega M&A transactions during the quarter also set a new record of $496 billion, double the figure recorded in Q2 2020. The tally of 37 transactions was the highest ever for mega deals.

LASUTH CMD Berates Gender-Based Violence during MWAN 43rd AGM and Scientific Conference

Esan Bolaji
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LASUTH CMD Berates Gender-Based Violence during MWAN 43rd AGM and Scientific Conference

The Medical Women’s Association of Nigeria (MWAN) held its first hybrid and 43rd Annual General Meeting and Scientific Conference with the theme: ‘Gender-Based Violence: A Silent Pandemic’, and sub-themes for discussion on ‘Medical Practice in COVID-19 Era and Beyond, COVID-19 and the Well-being of Women and Children and Achieving Financial Independence while Saving Lives’, on Wednesday 2nd, and Thursday, 3rd of December, 2020.

The Chief Medical Director of the Lagos State University Teaching Hospital (LASUTH), Professor Adetokunbo O. Fabamwo, while presenting his lecture on Gender-Based Violence (GBV), berated the unprecedented increase in the current rate of violence against women in Nigeria and the world at large.

LASUTH CMD Berates Gender-Based Violence during MWAN 43rd AGM and Scientific Conference Brandspurng
Chief Medical Director of the Lagos State University Teaching Hospital (LASUTH), Professor Adetokunbo O. Fabamwo | www.brandspurng.com

He described Gender-based violence (GBV) as violence directed at an individual based on his or her biological sex or gender identity which include physical, serial, verbal, emotional and physical abuse, threats, coercion, economic or educational deprivation which could occur in public or private life.

Prof Fabamwo explained the causes of Gender-Based Violence (GBV) worldwide as systemic gender inequality that disempowers women, girls and other minorities to stifle their voices so that their stories are not heard and their natural human rights can be easily taken away. This perpetuates lack of justice, lack of economic opportunities and lack of protection of people who are culpable, which leads to the survivor being dependent on the abuser.

The CMD also identified the effects of Gender-Based Violence(GBV) as physical, mental, economic and social repercussions including unwanted pregnancies, unsafe abortions and STI as well as isolation and depression which can lead to the death of some victims. He added that GBV can prevent survivors from achieving economic prosperity because of stigma or physical and psychological trauma caused by the violence.

He concluded the lecture by highlighting the different ways to prevent GBV and challenged the association not to leave the conference without concluding on a concrete plan of action for the government to conquer GBV.

During her welcome address, the Acting President of the Association, Dr. Mrs. Ibironke Sodehinde, mentioned that a lot of happenings occurred during this period which affected the society such as racial discrimination, police brutality and COVID-19 pandemic, and these have caused a lot of suffering physically, mentally, psychologically and emotionally leading to disharmony and disunity, not just individuals but also between both genders.

She added that the association’s core mission is to improve and maintain the health and well-being of the populace especially women and children, which is the reason for creating a campaign that uses the acronym –‘MASTERS’ – “M- MWAN Lagos says no to GBV, A- Ask, Listen, Respect – females deserve better, S- Silence kills, Speak Up, T- Touching, Grabbing or Hitting is wrong, E- End stigmatization now, R- rape is a crime, S- Support victims, Help the heal”, for ease of message spread.

Some of the dignitaries who graced the occasion include the First Lady of Lagos State, Dr. (Mrs.) Ibijoke Sanwo-Olu, represented by the Former Medical Director, Mushin General Hospital, Dr. Catherine Aduloju; Former Commissioner for Health, Lagos State Dr. Leke Pitan; Chief Medical Director, MART Group of Health Services & Chairman of the Occasion, Prof. Oladapo Adenrele Ashiru OFR; Dean of Faculty of Law, University of Lagos; Prof. Ayodele Atsenuwa, NMA Chairman Lagos, Dr. Tunji Adenuga, Medical Director, General Hospital, Ikoyi, represented by Medical Officer, Dr. Kunle Hassan, Past MWAN President, Dr. Mrs. Helen Boyo Ekueme, amongst others.

Boomerang unwraps the fun and cheer with Magic Makers Festive Edition!

Esan Bolaji
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Boomerang unwraps the fun and cheer with Magic Makers Festive Edition!

[Abuja, Nigeria]: The festive season is bound to look very different this year, but, there are still a lot of ways to share the love with family and friends. This December, Boomerang is continuing to celebrate the magic of children’s imaginations in its new series of Magic Makers, with a fourth edition of the campaign launching in time to celebrate the festive season.

Boomerang unwraps the fun and cheer with Magic Makers Festive Edition Brandspurng

With this hectic year coming to an end, the time that all children have been waiting for has arrived, and Boomerang is here to make sure that the celebrations are a lot more special!

Magic Makers is a video series where kids get to raise their voice to celebrate important dates and magical moments, showcasing their wildest and imaginative ideas with other Boomerang viewers. The Festive Season edition of Magic Makers will launch on-air and online on 16th December, with a pan-African twist, celebrating the rich, diverse culture and heritage of Ghana, Kenya, Nigeria and South Africa.

Boomerang unwraps the fun and cheer with Magic Makers Festive Edition Brandspurng

In the spirit of sharing, Boomerang has put together a fun compilation of video testimonials where Boomerang fans across Africa can find out how kids, from the four countries, celebrate the special holidays with their different traditions and festivities with their families.

The Magic Makers video clips will also drive fans to Boomerangafrica.com where they will find the testimonials packed with colourful ideas for cool festive crafts from across the continent, as well as fun tips on how to best celebrate this magical season.

Some local crafts representing Nigeria’s rich heritage include Scooby-Doo’s Traditional African Mask made from a paper plate, paint, and lots of bits and bobs, as well as Looney Tunes’ Bugs Bunny woven palm wreath to decorate a front door with festive cheer.

Head on over to the Boomerang Africa page from 16 December and get creative with cute crafts tutorials! 

Other interesting crafts include the Ghanaian-inspired Zig and Sharko and Papa Bronya colourful dot-to-dot colouring-in beach picture, and, Master Moley’s multi-coloured crepe paper Christmas neckpiece for kids to wear for the festive season celebrations.

Inspired by the traditional culture and art of the people in Kenya, Scooby-Doo’s Sunset Christmas Tree Decoration representing a true Maasai Mara African sunset, and , Tom and Jerry’s Kenyan Christmas House-made with popsicle sticks will showcase the beauty and culture of the Kenyan festivities.

Some exciting South-African crafts include Zig and Sharko’s Watermelon Craft Extravaganza because you just can’t have a festive season without a juicy watermelon in South Africa. And then there’s Tom and Jerry’s Macaroni Decoration, where kids can make their own Christmas tree with Tom and Jerry as the star on the top!

With so much to do, catch the Magic Makers Festive Edition, from Wednesday, 16 December, on Boomerang, DStv channel 302, and Boomerang Africa’s webpage and get ready to make those magical festive moments shine just a little brighter!

Watch. Play. Laugh!

Nigeria’s trade deficit hits N2.38tn in Q3, highest since 2017 – NBS

Esan Bolaji
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Nigeria’s trade deficit hits N2.38tn in Q3, highest since 2017 – NBS

Nigeria’s total trade grew by 34.15% in Q3, 2020 compared to Q2, 2020 but declined 8.85% compared to Q3 2019. The National Bureau of Statistics (NBS) disclosed this in its Q3 Foreign Trade Statistics report, which was released on Monday.

Key highlights

  • Total imports rose by 33.77% in Q3, 2020 compared to Q2,2020 and 38.02% compared to Q3, 2019
  • Imported Agricultural goods increased in value by 21.13% in Q3,2020 compared to Q2, 2020, and 109.82% compared to the corresponding quarter in 2019;
  • The value of Raw material imports increased by 24.47% in Q3,2020 compared to Q2, 2020 and 114.95% compared to the same quarter the previous year.
  • Solid minerals imports increased in value by 21.57% in Q3,2020 compared to Q2, 2020 and  77.23% compared to Q3,2019.
  • Manufactured goods imports increased in value by 23.18% in Q3 ,2020 compared to Q2, 2020  and 23.47% year-on-year
  • The value of Energy goods imports decreased by 53.69% in Q3, 2020 compared to Q2, 2020  and a considerable decline of 69.06% year-on-year.
  • Other oil products imports grew by 216.28% in Q3,2020 compared to Q2, 2020  and 32.38% when compared to Q3, 2019.

Nigeria’s Q3 trade deficit hits N2.38tn, highest since 2017 – NBS

Exports

  • Total exports was 34.85% higher in Q3,2020 than Q2,2020 but 43.41% less than in Q3, 2019.
  • Agricultural goods export dropped in value by 22.6% in Q3,2020 compared to Q2, 2020 but increased 43.7% year-on-year
  • The value of Raw material goods export recorded a decline of 24.6% in Q3,2020 compared to Q2, 2020 and a decline of 61.9% compared to  the same quarter in 2019
  • The value of solid minerals exports registered an increase of 253% in Q3,2020 compared to Q2,2020 but a decrease of 12.2% compared to Q3,2019
  • Manufactured goods export decreased in value by 47.7% in Q3,2020 against the level recorded in Q2,2020 and a considerable decline of 86.7% compared with the corresponding quarter in 2019.
  • Crude oil exports grew in value by 56% in Q3,2020 compared to Q2, 2020 but decreased in value by 35.3%  year-on-year.
  • Energy goods increased in value by 3.9% in Q3, 2020 compared to Q2, 2020  but decreased by 20% year –on-year.
  • Other oil products increased in value by 13.1% in Q3,2020 compared to Q2, 2020 but decreased by 23.2% compared to the same quarter, the previous year.

Major export trading partners and percentage share in Q3, 2020 export trade.

INDIA 16.73%
SPAIN 10.97%
NETHERLANDS 7.61%
SOUTH AFRICA 6.81%
TURKEY 5.01%

 

Major import trading partners and percentage share in Q3, 2020 import trade

CHINA 30.51%
UNITED STATES 8.96%
NETHERLANDS 8.24%
INDIA                                    6.58%
BELGIUM 3.95%

Major Traded Agricultural Products.

  • Sesamum seeds, whether or not broken
  • Cashew nuts, in shell
  • Good Fermented Nigerian Cocoa Beans
  • Superior quality raw cocoa beans
  • Shea Nuts
  • Soya beans, whether or not broken.

Overview

The value of Nigeria’s merchandise trade stood at N8,374.4billion in Q3 2020. This represents an increase of 34.15% in Q3, 2020 compared to Q2, 2020 but a decline of 8.85% compared to Q3, 2019. Total trade year to date amounted to N23,203.9billion.

The import component was valued at N5,381.4billion representing an increase of 33.77% in Q3, 2020 against the level recorded in Q2,2020 and 38.02% compared to Q3, 2019. The value of imports in Q3 2020 represented the highest level for any quarter since 2017.

The export component accounted for N2,993 billion of the total trade in Q3,2020 indicating an increase of 34.85% compared to the value recorded in Q2, 2020 but a decrease of 43.41% compared to Q3, 2019. Aside from Q2 2020, the value of exports in Q3 2020 represented the lowest level of any quarter since 2017.

Due to lower exports and higher imports compared to 2019, the trade balance recorded a deficit of N2,388.5billion during the third quarter. This also represents the widest merchandise trade deficit since 2017. When compared to the deficit of N1,803.3 billion recorded in Q2, the Q3 deficit rose by 32.45%.

The predominant export remained crude oil, which was valued at N2,424.8billion, representing 81.02% of total exports while non-crude oil was valued at N568.2billion, or 18.98% of total export during the review period.

Imports Classified by Standard International Trade Classification and country of Origin

Total imports amounted to N5,381.4billion in Q3, 2020 compared to N4,022.9billion recorded in Q2 2020, indicating an increase of 33.77%, and an increase of 38.02%. when compared with Q3, 2019.

The year to date value of imports stood at N13,908.5. The increase in the value of imports in Q3, 2020 can be attributed to the increases in the value of mineral fuels (N484.4billion or 219%), Machinery & transport equipment (N314.9billion or 20%) and chemicals and related products (N261.0billion or 34%) against their respective values in Q2,2020.

During the quarter, Nigeria imported goods mainly from Asia, valued at N2,587.3billion Other major imports originated from Europe, valued at N1,805.0billion while imports from America and Africa amounted to N746.4billion  and N175.4billion respectively. Import from Oceania stood at N532.4billion while goods valued at N12.5billion originated from ECOWAS.

Nigeria’s imports, by country of origin, shows goods were imported mainly from China (N1,641.87billion or 30.51%), United States (N482.3billion or 8.96%), The Netherlands (N443.5billion or 8.24%) and India (N354.1billion or 6.58%) respectively.

Exports Classified by Standard International Trade Classification and Country of Destination

The value of exports in Q3, 2020 stood at N2,993billion, showing an increase of 34.85% compared to Q2, 2020 but a decrease of 43.41% compared to Q3, 2019. Year to date, the value of total export amounted to N9,295.4billion.

Exports by section revealed that mineral products accounted for the largest proportion of exports, amounting to N2,788.3billion or 93.1%. This was due to the crude oil component of this section. This was followed by Vehicles aircraft and parts (N103.4billion or 3.5%) and others.

Analysis of export by region revealed that Nigeria exported mostly to Europe (N1,236 billion or 41.3%), followed by Asia N1,119.3billion or 37%), Africa (N442.3billion or 15%), and America (N150.86billion or 5%). Within Africa, goods worth N182.4billion was exported to ECOWAS member states.

Exports by Country of destination showed that Nigeria exported goods to India valued at N500.6billion (or  16.73%), Spain (N328.5billion or 10.97%), The Netherlands (N227.8billion or 7.61%), and South Africa (N203.9 or 6.81%).

Export/Imports Products Classified by Sectors Q2, 2020 

Agricultural Goods Sector

During the quarter, total trade in Agricultural goods stood at N563.9billion, out of which exported agricultural goods accounted for N60.5billion. Analysis by economic region showed that Agricultural goods were exported to Asia (N32.2billion), Europe (N16.7billion), Africa (N9.1billion) and America(N2.4billion).

The key drivers of agricultural products exports were Sesamum seeds, Cashew nuts, well-fermented Cocoa beans and Superior quality raw cocoa beans. Sesamum seeds were exported mainly to Japan (N5.3 billion) and to China (N4.7billion), while Cashew nuts worth N8.3billion and N2.2billion were exported to Vietnam and India respectively.

In terms of imports, Durum wheat worth N55.5billion was imported from the United States, N46.6billion value from Russia and N46.5billion value from Canada. This was followed by Mackerel, imported from Russia worth N13.8 billion, Netherlands (N5.8billion) and Japan (N2.6billion). Also in this category was maize seed worth N25.9billion imported from Argentina.

Solid Minerals Sector

The total trade in solid mineral goods stood at N40.8billion in Q3, 2020, comprising an import component of N35.2 billion and an export component of N5.5billion. The major products exported under this sector were Other Cement exported to the Niger Republic, worth N1.4billion. This was followed by Cement Clinkers exported to Cameroon, worth N1.2billion as well as Lead Ores and Concentrate exported to China, worth N1.0billion.

In terms of imports, Plasters of Calcined Gypsum was mainly imported from Turkey, worth N4.0 billion and Egypt (N1.9billion). This was followed by Gypsum, imported from Spain worth N4.4billion. Crude salt was also imported from Brazil and Namibia worth N3.2billion and N1.9billion respectively.

Manufactured Goods Sector

The value of manufactured goods trade in Q3, 2020 stood at N3,565.1billion. Out of this, the export component accounted for N133.0 billion. The products that drove up manufactured exports were Floating or submersible drilling platform exported to Equatorial Guinea, and worth N21.96billion, vessels and other Floating structures to Denmark, Congo and Cameroun in values N9.8billion, N3.9billion and N3.6billion respectively. Export trade on manufactured goods by region showed that goods were exported mainly to Africa (N78.4billion), Europe (N28.5billion) and Asia (N16.9 billion).

On the other hand, manufactured imports stood at N3,432.1billion. The main drivers were Used vehicles imported from the United States (N134.8billion), as well as Other antibiotics imported from The Netherlands (N78.1billion), India (N25.4billion) and China (N10.2billion). Other goods imported under this category were Motorcycles from India (N50.7billion) and from China (N22.4billion).

Import trade by region showed that manufactured goods were mainly imported from Asia (N2,104.5billion), Europe (N773.3billion) and America (N410.99billion).

Raw Material Goods Sector

The value of total trade in raw material stood at N721.4billion. The import component was valued at N710.2billion while the export component stood at N11.2billion. During the quarter, Leather further prepared after tanning worth N1.8billion was exported to Spain while the category Other goods not specified worth N1.2billion were exported to Ivory Coast.

In terms of imports, Cane sugar worth N73.7illion was imported from Brazil, Milk preparation worth N16.8billion was imported from Ireland.

Other products imported under this category were Preparation for infant use, valued at N10.4billion and Mixtures of Odoriferous substance, valued at N11.5 billion imported from the United Kingdom and Swaziland respectively.

Trade Intensity in Q3 2020

Export Intensity Index with Five Major Trading Partners

India registered export intensities of 6.26, 4.15 and 5.81 for the months of July, August and September. This was followed by Spain which registered export intensities of 6.10, 4.47 and 4.19 during the same months respectively. Export trade with The Netherlands was also intense, recording 2.26 in July, 2.04 in August and 1.30 in September. Likewise, Turkey registered 2.25, 3.52 and 3.78 while France recorded the low export intensity of  0.72 in July, but 1.38 in August and 1.56 in September respectively.

Import Intensity Index with five Major Trading Partners

In Q3,2020, the import intensity of Nigeria with China was greater than 1 all through the quarter, recording 1.93, 1.56, and 1.45 for July, August, and September. There was also intense trade with The Netherlands in each month of the quarter; July, 2.74, August, 1.62 and September, 1.13.

For India, import intensity was recorded at 2.05 in July, 3.12 in August and 3.46 in September while for Belgium, import intensity was recorded at 1.46 (July), 1.13 (August) and 1.96 (September). On the other hand, the import intensity index registered against the United States during the quarter was low in the months of August (0.76) and September (0.78) compared to 1.19 recorded in July.

Trade by Mode of Transport

Commodities exported from Nigeria were mostly transported via water, with water transport accounting for N2,964.9billion or 99.06% of total exports. Air transport contributed N20.6billion or o.69%, Road transport accounted for N3.0billion or 0.10% while other transport accounted for N4.4billion or 0.15%.

Similarly, for imports, most goods brought into the country arrived via water transportation means. Water transport accounted for N4,960.7billion or 92.2% of the value of total imports. Other modes of transport were Air and road accounting for imports valued at N387.3billion or 7.2% and N33.4billion or 0.6% respectively.

Trade by Custom Ports and Post

In Q3, 2020, the bulk of export transactions was conducted through Apapa port, with export goods valued at N2,838.9billion or 94.9% of the value of total exports. This was followed by Port-Harcourt (3) which recorded N78.8billion or 2.6%, and Tin Can Island which recorded N43.3billion or 1.5% of the value of total exports.

In terms of imports, Apapa Port also recorded the highest transactions valued at N2,498.2billion or 46.4% of total imports. This was followed by Tin Can Island and Port-Harcourt (3) with goods valued at N1,014.1billion or 18.8%, and N568.4billion or 10.6% respectively.

BAT launches VapeExplained.com

Esan Bolaji
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BAT launches VapeExplained.com
  • Providing smokers and vapers with facts about vaping supporting BAT’s ambition to build A Better Tomorrow by reducing the health impact of its business
  •  VapeExplained.com is a one-stop online-hub providing factual answers to the most‑commonly searched online questions
  •  Topics related to vaping driving over 700,000 monthly internet searches
The BAT Group (BAT) has today launched VapeExplained.com, a digital information hub providing adult smokers and vapers with factual answers to the questions most commonly searched for online.
BAT launches VapeExplained.com Brandspurng
Photo: BAT

Based on search engine analytics regarding vaping queries, VapeExplained.com helps adult smokers and vapers make informed decisions about vaping.  The site also provides important information on the role these products can play as a potentially reduced-risk alternative to smoking.

The site launches at a time when smokers and vapers face increasing challenges to find clear and balanced information regarding vaping. A simple online search engine query for ‘vaping information’ delivers over 38 million results.

In the past five years, there has been a 14-fold increase in media articles on vaping**, offering a confusing mix of divergent views depending on the writer or the organisation.

To find answers about vaping, smokers and vapers are increasingly turning to the internet. In 2020, there were more than 700,000 monthly internet searches for questions about vaping in the US and UK alone. Of these, approximately 70,000 searches specifically ask about the dangers of vaping.

BAT launches VapeExplained.com Brandspurng1

VapeExplained.com is built on the company’s vast technical expertise of over 1,500 scientists and engineers, and the experiences of offering vaping products in over 26 countries around the world.

The site is a key initiative in BAT’s transformation journey as the Group builds A Better Tomorrow by reducing the health impact of its business by offering a range of enjoyable and potentially reduced-risk products.

BAT continues to be clear that combustible cigarettes pose serious health risks, and the only way to avoid these risks is not to start or to quit.  BAT encourages those who otherwise continue to smoke, to switch completely to scientifically-substantiated, reduced-risk alternatives.

Kingsley Wheaton, BAT’s Chief Marketing Officer, said:

“BAT is committed to building A Better Tomorrow by reducing the health impact of our business. We have set ourselves a target of having 50 million users of our non-combustible products by 2030.

To achieve this ambition, we must ensure adult consumers have access to the facts about the potentially reduced-risk alternatives available to them. VapeExplained.com is where smokers and vapers can find clear, simple, fact-based information from a well-known source. I hope this helps them to make more informed decisions about vaping.”

The site can be accessed at www.vapeexplained.com. It will be available in the UK and the US and will expand into other countries in 2021.

British American Tobacco Names Harley-Davidson Director As Non-Executive

Esan Bolaji
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British American Tobacco Names Harley-Davidson Director As Non-Executive

British American Tobacco announces Board appointment

Darrell Thomas will join the Board of British American Tobacco p.l.c. (BAT) as an Independent Non-Executive Director and member of the Audit and Nominations Committees with effect from 7th December 2020.

Darrell brings significant financial, regulatory and US experience to the BAT Board gained during his extensive career. Darrell is currently Vice President and Treasurer for Harley-Davidson, Inc., having previously held several senior finance positions including Interim Chief Financial Officer for Harley-Davidson, Inc., Vice President and Chief Financial Officer for Harley-Davidson Financial Services, Inc. and Vice President and Assistant Treasurer, PepsiCo, Inc.

British American Tobacco Names Harley-Davidson Director As Non-Executive brandspurng
Darrell Thomas | www.brandspurng.com

Prior to joining PepsiCo, Inc. Darrell had a nineteen-year career in banking with Commerzbank Securities, Swiss Re New Markets, ABN Amro Bank and Citicorp/Citibank where he held various capital markets and corporate finance roles.

Commenting on the appointment, Richard Burrows, Chairman, said:

“I am pleased to welcome Darrell to our board. Darrell has extensive business experience in the USA. He is also very experienced in regulatory affairs there. These strengths will complement the balance of skills on the board underlining the importance of the US to BAT.”

Gross Official Reserves Decline by $280m in November 2020 to $35.4bn

FBNQuest
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Gross Official Reserves Decline by $280m in November 2020 to $35.4bn

We see from CBN data that Nigeria’s gross official reserves declined by USD280m in November to USD35.41bn. Since the receipt of IMF loan proceeds of about USD3.4bn in May to tackle the Covid-19 virus, the CBN has managed to hold reserves broadly stable, with a downward bias amounting to a fall of USD1.18bn over six months.

Its achievement has to be qualified with the caveat that a pipeline of delayed external payments has developed since late March, estimated at USD3bn by the IMF. A large share of the pipeline consists of the repatriation proceeds of exiting foreign portfolio investors (FPIs).

Gross Official Reserves Decline by $280m in November 2020 to $35.4bn Brandspurng
Sources: CBN; South African Reserve Bank (SARB); Central Bank of Egypt (CBE); FBNQuest Capital Research

Total reserves at end-November covered 7.5 months’ merchandise imports per the balance of payments (BoP) for the 12 months to end-June, and 4.8 months when we include imported services. The cover will look better when we see the BoP for Q3’20 because of the compression of imports, notably services in the light of the then closure of Nigeria’s international airports.

Egypt is often compared with Nigeria. Both secured the condition-free IMF credit to confront external shocks (Covid in this case). Egypt has also signed a traditional Fund programme and developed a better credit story. There are no payments pipeline and EM investors have returned in numbers to its local financial markets in the past two months.

Its BoP for 2019/20 (July-June) looks somewhat stronger. Egypt posted a services surplus of USD9.0bn, compared with Nigeria’s deficit of USD28.2bn in the same period. Further, it attracted FDI inflows of USD7.5bn (vs USD2.1bn), and inward remittances of USD27.8bn and rising (vs USD23.0bn and falling).

The CBN’s series shows just fx and does not specify its swap arrangements. In its latest rating action for Nigeria at the end of September (a change in its outlook from negative to stable), Fitch estimated such obligations at USD5.4bn. The CBN does share movements on swaps (inflows and outflows) in one of its quarterly publications but not the underlying stock.

The comparable figure for South Africa at end-November was USD44.1bn, to which we add SDR holdings at the IMF and gold reserves to arrive at gross official reserves of USD53.8bn. We then deduct fx deposits (which were part of fx reserves) and forward transactions such as swaps. This gives us the international liquidity position in the chart of USD51.3bn.

WHO launches year-long campaign to help 100 million people quit tobacco

Esan Bolaji
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WHO launches year-long campaign to help 100 million people quit tobacco

WHO today launches a year-long global campaign for World No Tobacco Day 2021 – “Commit to Quit.”  The new WHO Quit Challenge on WhatsApp and publication “More than 100 reasons to quit tobacco” are being released today to mark the start of the campaign.

The COVID-19 pandemic has led to millions of tobacco users saying they want to quit. The campaign will support at least 100 million people as they try to give up tobacco through communities of quitters.

WHO launches year-long campaign to help 100 million people quit tobacco Brandspurng

“Commit to Quit”  will help create healthier environments that are conducive to quitting tobacco by advocating for strong tobacco cessation policies; increasing access to cessation services; raising awareness of tobacco industry tactics, and empowering tobacco users to make successful quit attempts through “quit & win” initiatives.

WHO, together with partners, will create and build-up digital communities where people can find the social support they need to quit. The focus will be on high burden countries* where the majority of the world’s tobacco users live.

WHO welcomes new contributions from partners, including private sector companies that have offered support, including Allen Carr’s Easyway, Amazon Web Services, Cipla, Facebook and WhatsApp, Google, Johnson & Johnson, Praekelt, and Soul Machines.

Quitting tobacco is challenging, especially with the added social and economic stresses that have come as a result of the pandemic. Worldwide around 780 million people say they want to quit, but only 30% of them have access to the tools that can help them do so. Together with partners, WHO will provide people with the tools and resources they need to make a successful quit attempt.

“Smoking kills 8 million people a year, but if users need more motivation to kick the habit, the pandemic provides the right incentive,” said WHO Director-General, Dr Tedros Adhanom Ghebreyesus.

WHO released a scientific brief earlier this year showing that smokers are at higher risk of developing severe disease and death from COVID-19. Tobacco is also a major risk factor for non-communicable diseases like cardiovascular disease, cancer, respiratory disease and diabetes. Moreover, people living with these conditions are more vulnerable to severe COVID-19.

Both global and regional cessation tools will be rolled out as part of the campaign. WHO’s 24/7 digital health worker to help people quit tobacco is available in English and will soon be released to support people in Arabic, Chinese, French, Russian, and Spanish.

“Millions of people worldwide want to quit tobacco – we must seize this opportunity and invest in services to help them be successful, while we urge everyone to divest from the tobacco industry and their interests,” said Dr Ruediger Krech, Director of Health Promotion.

To create environments conducive to quitting tobacco, WHO has worked with partners and countries around the globe to implement tobacco control measures that effectively reduce the demand for tobacco.

WHO calls on all governments to ensure their citizens have access to brief advice, toll-free quitlines, mobile and digital cessation services, nicotine replacement therapies and other tools that are proven to help people quit. Strong cessation services improve health, save lives and save money.

More than 100 reasons to quit tobacco: https://www.who.int/news-room/spotlight/more-than-100-reasons-to-quit-tobacco/

Digital Health Worker: https://www.who.int/news-room/spotlight/using-ai-to-quit-tobacco

WHO Quit Challenge on WhatsApp: https://wa.me/41798931892?text=tobacco

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