It’s giving rich rich
Nigeria’s bag gets bigger as agricultural export climbs up by 123%
Good morning, Big Brains. TW before you get into the news of the day, we might be going on another week of total electricity blackout. Now that we’ve gotten that out of the way, I’m sending you lots of love and light (not the NEPA kind unfortunately) to keep your sanity intact as the drama continues.
- Margaret
Word count: ~1,100
Reading time ~4 mins
Let’s get into today’s edition:
Nigerian agricultural exports rise by 123%, sparking economic hope
NLC, TUC threaten strike as governors warn of 40% job cuts if minimum wage passes
EFCC denies assault allegations, calls video 'staged'
President Tinubu appoints new leadership for national climate change council
The Big Deal
Nigerian agricultural exports rise by 123%, sparking economic hope
To every Nigerian that has survived six months of sighing and wondering when things are going to get better, we may finally be entering a season of harvest. That probably sounds like the theme of a pentecostal church but we mean it literally.
The Nigerian Bureau of Statistics (NBS) has released a new report showing an impressive increase in the country’s agricultural exports. The data shows that Nigeria's agricultural exports surged by 123% in the first quarter of 2024 compared to the fourth quarter of 2023, and by 270% compared to the first quarter of 2023. The total trade value of agricultural goods in Q1 2024 was ₦1.95 trillion, with exports accounting for ₦1.035 trillion.
According to the report, most of the local agricultural products were exported to Asia (₦572 billion) and Europe (₦366 billion). The leading agricultural exports were Sesamum seeds (₦247.75 billion), superior quality cocoa beans (₦231 billion), and standard quality cocoa beans (₦140 billion). Countries like China, Japan, the Netherlands, and Malaysia were also good customers of the country during this period.
On the import side, things are not looking that impressive. Nigeria’s agricultural imports reached ₦920 billion in Q1 2024, representing a 29.45% increase from Q4 2023 and a 95% increase from Q1 2023.
Why is this a big deal?
If you’re not that much of a numbers person, you may be struggling to understand how this is your business. In simple English, the growth in agricultural exports will help Nigeria secure a better place in international markets and help the country build trade relationships.
The newfound success will also attract more foreign exchange into the country, strengthening Nigeria's economy, reducing the cost of living and potentially reducing reliance on oil exports.
NLC, TUC threaten strike as governors warn of 40% job cuts if minimum wage passes
As we predicted in yesterday’s edition, the drama is still going on. Nigerians governors, under the Nigeria Governors Forum (NGF), who rejected the proposed ₦62,000 minimum wage, are now lowkey threatening that any legal method explored to get them to pay the proposed minimum wage will have consequences.
A source told THISDAY that the governors said forcing a higher wage could mean laying off about 40% of workers in their states. Several states are already in a lot of debt from loans taken by previous governments and can't afford the higher wage.
The source also added that only 10 states, including Lagos, Delta, Akwa Ibom, Bayelsa, Cross River, Rivers, Ogun, Kano, and Kaduna, can afford to pay the new wage without hurting their state’s economy.
But Labour isn’t having it…
While the governors are insisting that they don’t have ₦62,000 to pay any citizen, Labour is saying that the part where it came close to agreeing to ₦62,000 as the new minimum wage must have gotten lost in the mail. The union said it has never even never considered ₦100,000 let alone the ₦62,000 that the governors are kicking against.
Chris Onyeka, NLC Assistant General Secretary, said “We have never contemplated ₦100,000 let alone ₦62,000. We are still at ₦250,000, that is where we are, and that is what we considered enough concession to the government and the other social partners in this particular situation. We are not just driven by frivolities but the realities of the marketplace; realities of things we buy every day: bags of rice, yam, garri, and all of that.”
He mentioned that if the Federal Government and the National Assembly do not address the workers' demands today, the leadership of the Nigerian Labour Congress (NLC) and the Trade Union Congress (TUC) will meet to decide whether to resume the nationwide strike.
EFCC denies assault allegations, calls video 'staged'
A viral video showing women who were allegedly assaulted by the Economic and Financial Crimes Commission (EFCC) after a raid in Ondo state, raised public concern over the weekend.
EFCC's Head of Media & Publicity has now denied the video's authenticity and asked the public to disregard it. The Commission plans to conduct forensic analysis to prove that the video is fake and take legal action against those responsible for the "distasteful stunt." EFCC added that the 127 youths arrested during the operations are suspected internet fraudsters and were not assaulted.
They also denied claims of tear gas use during the raid and insisted that they didn’t mess with the CCTV cameras at the arrest scene. They added that the device was removed by a club staff to preserve footage for further investigation.
But the youths are still angry…
Despite this, some youths in the state’s capital took to the streets yesterday with their placards to protest EFCC's alleged brutality.
President Tinubu appoints new leadership for national climate change council
Remember when we said the president might be an eco-warrior? He has now hired an actual eco-warrior to lead Nigeria to a greener and more sustainable future.
President Bola Tinubu has appointed Nkiruka Maduekwe as the interim Director-General and Chief Executive Officer of the National Council on Climate Change (NCCC).
Maduekwe is a 39-year-old climate policy expert with a background in law. She holds a master’s degree in environmental law and policy from the University of Dundee in the UK, and a doctorate in law from the University of Hull, UK. With over 15 years of experience in climate policy and project implementation, she brings a necessary dose of national and international expertise to her new role.
The president also appointed Ibrahim Shelleng as the Senior Special Assistant on Climate Finance and Stakeholder Engagement in the Office of the President. Shelleng will oversee climate finance and relations with stakeholders and donors.
The president is confident in the new appointees, expecting them to use their expertise to achieve Nigeria’s climate action goals for sustainable growth and national prosperity.
This Week’s Big Question
“What do you do to spark joy when life gets too much?”
Gloria’s response - “I always run home when life gets too much and by home, I mean my boyfriend’s arms. Even if he holds me for two seconds, that’s enough time to spark joy.”
You can also share your response here and if it’s as interesting as Gloria’s response, we’ll feature it in the next edition.
The Big Picks
Reps Group Proposes Six-Year Single Tenure For President, Govs: A group of lawmakers in the House of Representatives proposed amendments to the 1999 Constitution yesterday to “improve governance”in the country.
Plane Carrying Malawi’s VP Missing – Govt: A military aircraft carrying Malawi's Vice President Saulos Chilima went missing after failing to land yesterday morning.
If you enjoyed this edition of the newsletter, don’t forget to subscribe and share. You can also leave feedback for us in the comments or by filling out this form.
10/10 for this news drop
A good time to drop my Mac and pickup my Mattock, mans now a field worker, literally. 🤭