National Bureau of Statistics (NBS) reports that Nigeria recorded a trade surplus of ₦5.81 trillion in the third quarter (Q3) of 2024.

A trade surplus occurs when a nation’s exports exceed its imports, reflecting a positive trade balance.

In its report titled Foreign Trade in Goods Statistics (Q3 2024), released on Friday, the NBS stated that Nigeria’s exports totalled ₦20.48 trillion, while imports stood at ₦14.67 trillion. The bureau noted that the country’s total merchandise trade increased by 81% from ₦19.38 trillion in Q3 2023 to ₦35.16 trillion in Q3 2024.

“Nigeria’s total merchandise trade stood at ₦35,160.44 billion in Q3, 2024. This represents an increase of 81.35% compared to the value recorded in the corresponding period of 2023 and a rise of 13.26% over the value recorded in the preceding quarter,” the NBS said.

“In the quarter under review, exports accounted for 58.27% of total trade with a value of ₦20,486.39 billion, showing an increase of 98.00% rise over the value recorded in the third quarter of 2023 (₦10,346.60) and 16.76% compared to the value recorded in Q2 2024 (₦17,545.62).”

The report highlighted that exports were predominantly crude oil, valued at ₦13.4 trillion and accounting for 65.44% of total exports. Non-crude oil exports, including gas, amounted to ₦7 trillion, representing 34.56% of total exports. Non-oil products, such as agricultural commodities, contributed ₦2.5 trillion, or 12.21% of total exports.

The NBS also revealed that imports represented 41.73% of total trade in Q3 2024, amounting to ₦14.6 trillion. “This value indicates an increase of 62.30% compared to the value recorded in Q3 2023 (₦9,041.24 billion) and 8.71% over the value recorded in Q2 2024 (₦13,497.90 billion),” the bureau stated.

In terms of export destinations, Spain, the United States, France, The Netherlands, and Italy emerged as the top five trading partners. “The main export destination was Spain with a value of ₦2,267.83 billion or 11.07% of total exports, followed by exports to The United States of America with ₦1,689.48 billion or 8.25% of total exports, France with ₦1,588.30 billion or 7.75% of total export, The Netherlands with ₦1,434.29 billion or 7.00% of total exports, and exports to Italy with goods valued at ₦1,377.37 billion representing 6.72% of total exports,” the bureau said.

“These five countries collectively accounted for 40.79% of the value of total exports in Q3, 2024.”

On the import side, China remained Nigeria’s largest trading partner, accounting for 24.36% (₦3.57 trillion) of imported goods.

Other top import partners included India (₦1.66 trillion or 11.33%), Belgium (₦1.63 trillion or 11.13%), the United States (₦1.02 trillion or 6.98%), and Malta (₦766 billion or 5.23%)

The Federal Government of Nigeria is set to launch a certificate-based digital literacy course across universities nationwide. This initiative aims to enhance students’ proficiency in digital skills, preparing them for the evolving technological landscape.

The program will be implemented in collaboration with the National Information Technology Development Agency (NITDA) and other stakeholders. It aligns with the government’s goal to achieve a 70% digital literacy rate among Nigerians within three years, targeting the training of 30 million Nigerians.

To further promote the Digital4All initiative, Director General Kashifu Inuwa Abdullahi CCIE led a delegation from NITDA to meet with the Executive Secretary of the National Universities Commission (NUC), Chris J. Maiyaki, to discuss collaboration on digital literacy.

The discussion focused on integrating digital literacy and skills as a general course in all universities to accelerate the goal of achieving 70% digital literacy by 2027 and positioning the nation as a global talent exporter. This aligns with the agency’s strategy of fostering digital literacy and cultivating talent in line with President Tinubu’s Renewed Hope Agenda.

During the visit, the Executive Secretary expressed readiness to collaborate with the agency in embedding and streamlining the initiative to further promote the digital economy.

This collaboration underscores the importance of integrating digital literacy into higher education curricula to equip students with essential skills for the digital age. By embedding digital literacy into university programs, Nigeria aims to produce a workforce adept in technology, thereby enhancing the nation’s competitiveness in the global digital economy.

A recent Kaspersky study reveals that businesses are increasingly worried about the growing use of artificial intelligence (AI) in cyberattacks.

According to the findings, 70% of surveyed companies in the Middle East, Turkiye and Africa (META) region reported a rise in cyber incidents over the past year, with over half of respondents (53%) noting that many of these attacks were likely AI-driven.

The study underscores the reality that AI, which has revolutionised numerous industries, is now also empowering cybercriminals, adding an additional layer of complexity to the threats businesses face.

In its latest study titled “Cyber defense & AI: Are you ready to protect your organisation?” Kaspersky gathered the opinions of IT Security and Information Security professionals working for SMEs and Enterprise-level companies regarding new challenges in protecting their organisations against cyberattacks involving the use of AI.

Leveraging AI by cybercriminals is a serious concern for 73% of respondents from the META region. The pressure of this challenge is pushing companies to reassess their cybersecurity strategies and look for solutions that are both proactive and comprehensive.

To effectively tackle AI-amplified threats, businesses in the META region consider regular training to build internal expertise (94%), highly qualified personnel (94%), and relevant external cybersecurity expertise (93%) as the most important factors for protecting their organisations.

They also recognise the importance of having enough staff in their IT teams (91%) and using third-party security solutions (89%).

Despite rising awareness, the study reveals a concerning gap in readiness among many companies.

Over half of the organisations surveyed in the META region lack crucial resources needed to address these sophisticated threats – 56% don’t have the relevant external cybersecurity expertise at their disposal, 51% report that their IT teams are not large enough, 44% lack highly qualified staff, and 45% fall short in regular training efforts.

Additionally, 49% of respondents do not think they have adequate security solutions in place, exposing them to potential vulnerabilities. While most respondents claim to know how to address this lack of resources, the fact remains that they aren’t in place.

“The cybersecurity landscape today mirrors past challenges, with businesses questioning if current solutions suffice. Ransomware, once a primary threat, now demonstrates a dangerous surge, and business decision-makers start questioning the causes of this resurgence.

“The recent hype around AI offers an easy, if not entirely correct explanation. In reality, while using AI to create convincing phishing messages or more effective reconnaissance may be of some help, the root causes are most often more straightforward: cybercriminals have become more organised, better at collaborating, developing innovative attack strategies, and lowering the barriers for less skilled and resourceful attackers.

“So, while it’s useful to keep an eye on AI progress that can enable both attackers and defenders with new options, there are solid strategies companies can – and should – implement immediately.

“Companies should prioritise securing critical IT infrastructure with robust, multi-layered solutions that offer a unified security context. An XDR ecosystem, combined with skilled expertise – whether in-house or through a managed service – can greatly enhance defences.

“Additionally, ongoing employee training, including cybersecurity basics and safe AI practices, adds another critical layer of protection for the organisation,”  says Oleg Gorobets, corporate infrastructure protection expert at Kaspersky.