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E-Business

Nigeria Records ₦5.81 Trillion Trade Surplus in Q3 2024

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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%)


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E-Business

NIPOST in Intensive Care, Needs Reforms Need to – Kekemeke

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Nigerian Postal Service (NIPOST) is in Intensive Care Unit (ICU) and needs  urgent reforms to revive it, according to Isaac Kekemeke, board chairman of the service.

NIPOST in Intensive Care, Needs Reforms Need to – Kekemeke

Kekemeke, who spoke at a workshop organised for NIPOST staff in Abuja yesterday, added that it is now time to go the whole hog to reform and make NIPOST fulfill its destiny to compare and compete favourably with multinational postal agencies.

“The approach may not be palatable at all times but we need to take the tough but necessary decisions to exit the intensive care unit. We are either out of ICU in good health or head for the morgue. NIPOST either functions effectively now as a commercialised state operator or gets privatised, so that myself, the PMG, and a good number of you risk the loss of our jobs,” the chairman said.

No doubt, he added, “Change is not always easy as many loathe change because of the uncertainty it brings but it is in my place to urge you all to embrace the change we advocate.”


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E-Business

Internet Society Announces Peering Fellowship

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The Internet Society’s six-month Fellowship Peering program continues to help make internet access affordable, dependable, and resilient. The program, according to the global charitable organisation, is targeted for fifteen professionals in the peering and interconnection sector.

“It offers a unique opportunity to build the skills, knowledge, and networks necessary to improve local Internet infrastructure and policy,” according to the site’s description.

The fellowship participants will participate in a comprehensive curriculum that includes virtual training sessions, collaborative forums, and technical and advocacy-based instruction on routing, Internet Exchange Points, and policy.

The fellowship culminates in attendance at a global peering event, which provides direct experience and networking opportunities with important voices in the Internet community.

The fellowship enhances participants’ impact in their particular nations by developing engagement with seasoned professionals and boosting regional and global collaboration. The program invites fellows to return to their communities prepared to expand interconnectivity, improve policy conditions, and make a meaningful contribution to the development of the Internet ecosystem.

Applicants must have at least three years of Internet experience and be based in Latin America and the Caribbean, Africa, or Asia-Pacific.

Eligibility also required proper travel documentation and availability to attend important events such as African Peering and Interconnection Forum, Latin American and Caribbean Network Operators Forum, or Peering Asia, as well as a commitment of roughly four hours per week over six months.

 


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SERAP Calls for Withdrawal of Nigeria’s Data Act Amendment

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Socio-Economic Rights and Accountability Project (SERAP) has called for the withdrawal of the amendment of the Nigeria Data Protection Act 2023 because it seeks to regulate the activities of bloggers operating within the territorial boundaries of Nigeria.

SERAP Calls for Withdrawal of Nigeria’s Data Act Amendment

The organisation in its letter urged  Mr Godswill Akpabio, Senate President, and Mr Tajudeen Abbas, Speaker of the House of Representatives, to “immediately withdraw the repressive bill.”

The titled A Bill for an Act to Amend the Nigeria Data Protection Act, 2023, to Mandate the Establishment of Physical Offices within the Territorial Boundaries of the Federal Republic of Nigeria by Social Media Platforms and for Related Matters among others intends to regulate bloggers, including by requiring all bloggers to register local offices and join recognised national association for bloggers.

Currently, the bill has passed its first and second reading in the Senate.

In the letter signed its deputy director, Mr Kolawole Oluwadare, SERAP asked Mr Akpabio and Mr Abbas “to ensure that any amendment to the Nigeria Data Protection Act promotes and protects the rights of bloggers and other journalists and does not undermine the fundamental human rights of Nigerians.”

It demanded an end to “the imposition of unnecessary restrictions on the rights of Nigerians online and Internet-based content.”

In the letter dated April 12, 2025, the group said, “This bill is a blatant attempt to bring back and fast-track the obnoxious and widely rejected social media bill by the back-door.”

“If passed, the bill would also be used to ban major social media platforms—including Facebook, X (formerly Twitter), Instagram, WhatsApp, YouTube, TikTok, and independent bloggers if they ‘continuously fail to establish/register and maintain physical offices in Nigeria for a period of 30 days.

“Lawmakers should not become arbiters of truth in the public and political domain. Regulating the activities of bloggers and forcing them to associate would have a significant chilling effect on freedom of expression and lead to censorship or restraint.

“Should the National Assembly and its leadership fail to withdraw the bill to regulate the activities of bloggers, and should any such bill be assented to by President Bola Tinubu, SERAP would consider appropriate legal action to challenge the legality of any such law and ensure it is never implemented in the public interest,” the organisation warned.

 

 

 

 

 


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