In Nigeria, a majority of the adult smoking population (15 years and above) consume tobacco primarily in the form of cigarettes. Nigeria has about 6 million adult smokers, or 5.6 percent smoking prevalence (GATS, 2017). Smoking prevalence is significantly higher for men (at 10 percent) relative to women (1.1 percent), and 18 percent of Nigerian youths between the ages of 13 to 15 years smoke (GATS, 2017). A total of 920 million cigarette packs were consumed in Nigeria in 2015 (GlobalData Plc., 2016), of which 74 percent is domestically produced (NCS, 2015). Tobacco related diseases are responsible for about 17,500 deaths per year (about 207 men and 130 women per week) and about 250,000 cancer diagnoses (Tobacco Atlas, 2015). Economic losses in the form of medical treatments and loss of productivity from tobacco-related diseases is estimated at US$ 591 million in 2015 (Tobacco Atlas, 2015).
Provisional Monetary statistics by the CBN show an increase in currency in circulation a portion of overall money supply. Specifically, currency in circulation rose (Month-on-Month) by 14.2 percent to N2.2 million in December 2016 the highest Month-on-Month increase recorded for the year 2016. The rise in currency- outside-bank may be attributed to the growing demand for cash balances for spending activities during the festive period. This development would largely compound the liquidity problem associated with TSA implementation and ongoing CBN monetary tightening as deposit money banks might be cash-strapped. Going forward, efforts should be geared towards intensifying initiatives that promote a cashless economy that encourages cashless transactions.
African countries have been left out of the recent benefits accruing from international trade. For example, they accounted for only 3.2 percent of world trade in 2013 compared to 5 percent in the mid-1960s. Regional integration can reverse this weak performance as it holds the promise for countries to gain from the resultant economies of scale and enhanced competitiveness. It will also help to expand the markets for foreign direct investment.
In the third quarter of 2017, NBS report show that Nigeria recorded a marginal quarter-overquarter and significant Year-on-Year increases in the value (in Naira terms) of merchandise (goods) foreign trade. At N5.92 trillion, total merchandise trade increased 3.9 percent over the preceding quarter and 23.9 percent over the corresponding quarter in 2016. Specifically, with exports rising QOQ by 15.2 percent to N3.57 trillion and imports shrinking by 9.4 percent to N2.35 trillion, trade balance amounted to a surplus of N1.22 trillion in 2017Q3- a substantial 142 percentage increase (QOQ) in trade surplus value.
Net Foreign Exchange Flows through the Nigerian Economy: The recent fall in foreign exchange earnings reflects the decline in both oil sector receipts from CBN, and non-oil sector inflows from autonom