The NBS says that Nigeria produced a total of 55.85 million tonnes of solid minerals in the 2018 fiscal year. The mining and quarrying data report shows that Ogun State, with 16.49 million tonnes, produced the highest among the 36 states and Abuja, representing about 30 percent of the total tonnage of solid minerals produced in 2018. Kogi and Cross River states followed closely with 15.13 million and 3.49 million tonnes of solid minerals produced, representing about 27 percent and six percent of the total tonnage of solid minerals produced by Nigeria. On the other hand, the report explained that Bayelsa and Borno states produced the least volume of solid minerals with zero and 8,403.30 tonnes of minerals respectively. Limestone, according to the report is the most produced solid minerals in 2018 with 27.19 million tonnes. This represented about 49 percent of the total tonnes of minerals produced. Granite and Laterite followed closely with 9.62 million and 5.07 million tonnes produced, representing 17 percent and nine percent of the total tonnes of minerals produced respectively in 2018. Garnet and Ruby were the least produced solid minerals in 2018.
Data from the Nigeria Internet Registration Association shows that the registration of Nigerian domain name, .ng country code top-level domain, grew by three percent to reach 134,320 from December 2018 to February 2019. The number of .ng domain increased by 1,197 between December and January 2019, and by 2,123 from January to February this year. About 14,696 new domain registrations were recorded in the three months under review, with 8,411 domain renewals and 280 domain restorations to other registrars. The report shows that there were 114,325 active domain names at the third level and another 19,995 active domain names at the second level, 4,772 new registrations, 2,797 domain renewal and 88 domain restorations, making a total of 134,320 domains as of February 2019. The growing number of registration shows that Nigerians continue to embrace the .ng brand and indicates the efforts of the association’s accredited registrars in growing the .ng brand, NiRA said. It stated that the .ng ccTLD was the second fastest growing registry in Africa.
The CBN says its intervention in the production of tomatoes currently stands at a little over ₦10 billion in eight projects, including the Dangote GreenHouse tomato manufacturing project, which had the capacity to produce 10 million tomato seedlings in a month. The regulator said the seedlings would be sold to about 5,000 outgrowers that would grow and supply the tomato factory which commenced operations a few weeks ago with tomato fruits. The project, the regulator said, had the capacity to save the economy over $250 million annually and generate one million jobs from supporting smallholder farmers in tomato cultivation to paste. According to CBN Governor, Godwin Emefiele, the regulator increased its lending to the agricultural and manufacturing sectors, through targeted intervention schemes such as the Micro Small and Medium Enterprise Development Fund, Anchor Borrowers Programme, Commercial Agricultural Credit Scheme and the Real Sector Support Facility. Emefiele said that he expects commercial banks would use the opportunity to expand credit to the manufacturing sector.
Research by FSDH Merchant Bank shows that the net inflow of money into Nigeria’s economy is a reflection of fragility, and oil and gas transactions’ dominance, despite $2.8 million the country recorded as surplus in its balance of payment (BoP) in the fourth quarter (Q4) of 2018. The development clearly shows that the economy is also exposed to other external shocks associated with oil earnings, like exchange rates and reserves’ accretion, according to the bank. According to the report, urgency is needed in creating multiple sources of revenue and forex earnings for the country considering the weak BoP. In Q4 2018, Nigeria, though recorded a surplus of $2.8 million, lower than the surplus of $6.18 billion in the corresponding period of 2017 and higher than the deficit of $4.52 billion recorded in Q3 2018, but generally, far from the country’s potential. NBS data shows that between Q3 and Q4 2018, the country was able to reduce its imports, and increased its export of goods, leading to a significant reversal of its Current Account balance, with positive effect on the BoP. Unlike in previous years, the main drivers of exports were crude oil and gas, representing 93.79 per cent of total exports. The Head of Research at FSDH Merchant Bank, Ayodele Akinwunmi, said the need to improve the business environment to attract direct investment cannot be over-emphasised.