The National Bureau of Statistics (NBS) reports that imports of motorbikes into the country decreased by N92 billion during the first six months of 2022.Infomation Guide Nigeria
Monday, Ripples Nigeria acquired this information from the NBS’s “Foreign Trade in Goods Statistics.”
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Analysis of the study revealed that imports of motorbikes in 2022 fell short of the average of N150 billion for the first two halves of 2021.
According to the research, the flourishing commerce in the first half of 2021 was valued at a total of 213.3bn (N118.5bn in the first quarter and N94.7bn in the second quarter).
This was followed by N177.59 billion in imports of the product during the second half of 2021. (N116.3bn and N61.2bn, in Q3 and Q4 of 2021 respectively).
During the first six months of 2022, however, just N120,1 billion worth of motorcycles were imported.
In the first quarter, N72.3 billion was imported, and in the second quarter, N47.7 billion.
The decline may be attributable to the ban on motorbikes used for commercial reasons, also known as okada, by state governments as well as a plan by the federal government to prohibit their use in the country.
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Increased use by criminals and terrorists to commit crimes was cited as justification for the ban.
The programme is aligned with Nigeria’s National Development Plan (NDP), which provides an ambitious strategy for private-sector-led economic growth aimed at creating 21 million jobs and lifting 35 million people out of poverty by 2025.
The credit facility was approved by the World Bank on the same day that the Federal Government announced it was contemplating further fiscal policy moves to promote Micro, Small, and Medium–Sized Enterprises (MSMEs) in the country.
It added: “Nigeria’s 36 states and the Federal Capital Territory (FCT) are capable of catalyzing private investment, although their efforts and capacity to do so differ greatly.
“Given the importance of state-level reforms, the government developed a new program—SABER—to accelerate the implementation of critical actions that improve the business-enabling environment in Nigeria’s states.
“The government’s SABER program builds on the successes of PEBEC. It aims to strengthen the existing PEBEC-National Economic Council subnational interventions by adding incentives, namely results-based financing to the states, and the delivery of wholesale technical assistance–available to all states–to support gaps in reform implementation.”Jamb Result
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