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Air cargo exports up 39pc as Nigerians cash in on weak naira
NIGERIANS appear to be taking advantage of the weak naira (NGN315 = US$1) to increase agricultural exports, reports Johannesburg's BusinessDay.
Data obtained by BusinessDay from Nigeria's two main cargo-handling companies show a 39 per cent increase in the volume of exported cargo through Nigeria's airports.
The two air cargo handling companies; Skyways Aviation Handling Company Limited, SAHCOL, and Nigerian Aviation Handling Company, Nahco Aviance (NAHCO) handle 100 per cent of all export and import cargoes going through Nigerian airports.
Data obtained from SAHCOL shows that while air cargo imports declined by 27.2 per cent to 6,822,499kg in the first half of 2016, cargo exports handled by SAHCOL rose 84 per cent to 2,560,760kg within the same period.
Similar data obtained from NAHCO shows that air cargo imports also fell 24 per cent to 21,858,976kg, but cargo exports rose 25 per cent to 5,241,269kg within the same period.
Cumulatively, exports from the two main cargo-handling companies were up 39 per cent in the first half of 2016.
Exports of palm oil, vegetables (fresh/dry), melon (egusi), ogbono seeds, cashew nut, ginger, garlic, zobo leaves, yam, plantain, pepper, cocoa, bitter cola, cola nut, garri, dried fish, yam flour, cassava flour, plantain flour, coco yam, mainly accounted for the increase according to a report by Chibyke Global, an air freight forwarding company in Lagos Nigeria.
"The high exchange rate has reduced importation but it is also encouraging Nigerians to export agro-allied products to other countries, " Aglo Limited CEO Tayo Ojuri told BusinessDay.
Data obtained by BusinessDay from Nigeria's two main cargo-handling companies show a 39 per cent increase in the volume of exported cargo through Nigeria's airports.
The two air cargo handling companies; Skyways Aviation Handling Company Limited, SAHCOL, and Nigerian Aviation Handling Company, Nahco Aviance (NAHCO) handle 100 per cent of all export and import cargoes going through Nigerian airports.
Data obtained from SAHCOL shows that while air cargo imports declined by 27.2 per cent to 6,822,499kg in the first half of 2016, cargo exports handled by SAHCOL rose 84 per cent to 2,560,760kg within the same period.
Similar data obtained from NAHCO shows that air cargo imports also fell 24 per cent to 21,858,976kg, but cargo exports rose 25 per cent to 5,241,269kg within the same period.
Cumulatively, exports from the two main cargo-handling companies were up 39 per cent in the first half of 2016.
Exports of palm oil, vegetables (fresh/dry), melon (egusi), ogbono seeds, cashew nut, ginger, garlic, zobo leaves, yam, plantain, pepper, cocoa, bitter cola, cola nut, garri, dried fish, yam flour, cassava flour, plantain flour, coco yam, mainly accounted for the increase according to a report by Chibyke Global, an air freight forwarding company in Lagos Nigeria.
"The high exchange rate has reduced importation but it is also encouraging Nigerians to export agro-allied products to other countries, " Aglo Limited CEO Tayo Ojuri told BusinessDay.
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