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Nigeria Records N6.94 Trillion Trade Surplus In Q2 2024 As Import Weakens

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The National Bureau of Statistics (NBS) has reported a significant trade surplus of N6.94 trillion for Nigeria in the second quarter of 2024 (Q2 2024).

According to the NBS report, “Nigeria Gross Domestic Product Q2 2024,” the country’s export value stood at N19.4 trillion, while imports totaled N12.4 trillion.

The total merchandise trade for Q2 2024 reached N31.8 trillion, representing a 3.76% decline from the previous quarter, but a substantial 150.39% increase from Q2 2023.

The report states that exports accounted for 60.89% of total trade, valued at N19.418.93 trillion, showing a 1.31% increase from Q1 2024 and a 201.76% rise from Q2 2023.

Crude oil exports dominated Nigeria’s exports, valued at N14.559.56 trillion (74.98% of total exports), while non-crude oil exports stood at N4.859.37 trillion (25.02% of total exports). Non-oil products contributed N1.944.25 trillion (10.01% of total exports).

On import, NBS said the value of total imports stood at ₦12.473.53 trillion in the second quarter of 2024, representing a decrease of 10.71% compared with the value recorded in Q1, 2024 (₦13.970.05 trillion) and a rise of 97.93% from the value recorded in the corresponding quarter of 2023 (₦6.301.95 trillion).

In the second quarter of 2024, according to NBS, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands.

It said the most traded commodities during the quarter were Motor spirit ordinary, Gas oil, Durum wheat, Butanes, and Cane sugar meant for sugar refinery.

The report added that the value of agricultural goods imported in Q2 2024 was ₦893.25 billion, reflecting a decrease of 2.96% when compared to ₦920.54 billion in Q1 2024, and an increase of 96.38% compared to ₦ 454.85 billion in Q2 2023.

NBS said in Q2 2024, raw material imports were valued at ₦1.481.50 trillion, representing 0.96% increase from ₦1.467.41 trillion in Q1 2024 and a significant rise of 160.92% from ₦567.80 billion in Q2 2023.

It further said in the second quarter of 2024, solid mineral imports were valued at ₦96.80 billion. This represents a 35.61% increase from ₦71.38 billion in Q1 2024 and a 206.08% increase from ₦31.63 billion in Q2 2023.

In the reviewed quarter, according to NBS, the value of imported manufactured goods was ₦5.576.67 trillion, reflecting a 2.82% decline from ₦5.738.32 trillion in Q1 2024 and an 84.67% rise from ₦3.019.78 trillion in Q2 2023.

NBS said: “The value of other oil products imports in Q2, 2024 stood at ₦4.425.31 trillion showing a decrease of 23.34% from ₦5.772.35 trillion in Q1 2024 and a 98.64% rise from ₦2,227.84 trillion in Q2 2023.”

On exports, NBS said total exports in Q2 2024 were valued at ₦19.418.93 billion, reflecting a 1.31% increase compared to ₦19.167.36 trillion in Q1 2024 and a 201.76% rise compared to ₦6.435.13 trillion in Q2 2023.

The report also said in Q2 2024, the top trading export partners were Spain, the United States of America, France, India, and The Netherlands.

The most exported commodities, said NBS, included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, superior-quality cocoa beans, and urea.

The report said exports of agricultural goods in Q2 2024 amounted to ₦973.69 billion, a 5.93% decrease from ₦1,035.02 billion in Q1 2024 and a 246.67% rise from ₦280.87 billion in Q2 2023.

NBS said the value of raw material exports in Q2 2024 was ₦366.91 billion, a rise of 4.01% from ₦352.75 billion in Q1 2024 and by 151.96% from ₦145.62 billion in Q2 2023.

It said the Solid mineral exports in Q2 2024 were valued at ₦58.56 billion, marking a 7.65% decrease from ₦63.41 billion in Q1 2024 and a 71.79% rise from ₦34.09 billion in Q2 2023.

NBS said the value of manufactured goods exports in Q2 2024 was ₦480.82 billion, reflecting a 78.95 % increase from ₦268.70 billion in Q1 2024 and a 126.65% increase from ₦212.14 billion in Q2 2023

The report reads in part: “Crude oil exports in Q2 2024 were valued at ₦14.559.56 trillion, a decrease of 5.99% from ₦15.486.63 trillion in Q1 2024 and increased by 190.86% from ₦5,005.71 billion in Q2 2023.

“Other oil product exports in Q2 2024 stood at ₦2.915.12 trillion, showing an increase of 53.28% from ₦1.901.88 trillion in Q1 2024 and a 293.54 % rise from ₦740.74 trillion in Q2 2023.”

BIG STORY

Inside Jigawa: One Dead, Groom Hospitalised As Bride Allegedly Poisons Wedding Guests

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A wedding in Jigawa State has turned tragic after a bride allegedly poisoned food served at the reception.

The incident reportedly left the groom critically ill and one of the wedding guests dead.

The incident occurred in the Jahun Local Government Area of the state.

Eyewitnesses suggested that the bride’s actions may have been driven by a personal vendetta.

Speaking on Friday, the state Police Public Relations Officer, Shi’isu Adam, confirmed the incident and stated that an investigation was underway.

“We received a report that the bride had tainted the food served at the wedding reception, leaving the groom critically ill.

“Police have arrested two suspects in connection with the alleged food poisoning incident that occurred during a wedding ceremony in the state,” Adam said.

He revealed that the two suspects are the bride and another female, adding that they are in custody and being interrogated by the Criminal Investigation Department of the command.

The police spokesperson added, “We will do everything in our power to ensure that justice is served.”

According to the police spokesman, all the wedding attendants who consumed the poisoned food have been discharged from the hospital, except for the one person who was confirmed dead.

“The command is currently investigating the circumstances surrounding the incident, and we will provide more details as soon as possible.

“For now, we can confirm that the incident occurred, and we are working tirelessly to unravel the facts. We urge the public to remain calm and assured that justice will be served,” he concluded.

The identities of the deceased, the groom, and other victims have not been disclosed by the authorities.

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BIG STORY

Peter Obi Hellbent On Inciting Nigerians Against President Tinubu, He’s A Doomsayer — APC

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The All Progressives Congress (APC) has described Peter Obi’s New Year message as “misleading and an attempt to score cheap political points.”

Obi, who was the presidential candidate of the Labour Party in the 2023 elections, used his New Year message to criticize President Bola Tinubu, expressing grave concerns over institutional corruption, mismanagement, poverty, hardship, and an escalating debt profile.

The former governor of Anambra stated that corruption has been deeply entrenched in government and nepotism has become the norm under Tinubu’s leadership.

He also demanded “vigorous, positive actions” from the administration to bring succour to Nigerians.

However, in a counter-statement on Thursday, Felix Morka, APC spokesperson, stated that Obi’s assessment contradicted all indicators showing that the nation’s economy is rebounding across various sectors.

Morka accused Obi and members of the main opposition Peoples Democratic Party (PDP) of relentlessly trying to incite public outrage against the Tinubu administration.

The APC further accused Obi of portraying himself as “a leading doomsayer, omniscient and philosopher’s stone” while failing to deliver “meaningful achievements during his eight-year tenure as governor in Anambra state.”

“In reality, 18 months later, the economy, under President Bola Ahmed Tinubu’s administration has shown a steady record of progress,” the statement reads.

“Despite these and other initial beneficial outcomes of ongoing reforms, the administration is doubling its effort to ensure their fullest benefits for the transformation of our country.

“It is a thing of irony that Obi, who now arrogates to himself to be omniscient and philosopher’s stone, when it comes to our nation’s challenges, left no record of significant achievement, let alone transformation of any kind, in his eight-year tenure as Governor of Anambra State.”

“Like his co-travellers in the PDP, Obi’s obsessive pessimism and endless but futile effort to incite public outrage against the administration is borne out of the realization that Tinubu is unwittingly cementing their political irrelevance by his visionary and full-throttle reform.”

“Under the banner of the Renewed Hope Agenda, President Tinubu is dutifully turning our nation’s fortunes around. We urge Nigerians to remain confident of better days ahead.”

The ruling party added that Tinubu’s goal is to reduce inflation from 34 percent to 15 percent in 2025.

“With the vigour in the administration’s war on corruption, evidenced by ongoing investigations and trial of well-heeled Nigerians, Obi’s pontification on the urgent need to tame corruption is a clear case of carrying coal to Newcastle,” the party added.

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BIG STORY

Five Arrested As Police Bust Female-Led ‘Phone-snatching Syndicate’ In Kano

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The Kano state police command has announced the arrest of members of a female-led phone-snatching syndicate operating within the Kano metropolis.

In a statement released on Thursday by Haruna Kiyawa, the police spokesperson in Kano, five members of the group, including its leader, 19-year-old Shamsiyya Adamu, were apprehended.

Kiyawa stated that Adamu was arrested on December 21, 2024, following reports of stolen mobile phones in Unguwa Uku Quarters, Kano.

He named the other suspects as “23-year-old Idris Yusuf, a tricycle rider who aided in transporting the principal suspect to commit crimes; Al’asan Dahiru, 24, who specialised in disposing of stolen items for the principal suspect; Abdulmajid Haruna, 27, who was buying stolen properties; and Salim Auwalu, 21, who was in charge of swindling money from victims’ bank accounts.”

“In the year 2024, the Kano State Police Command received numerous reports from residents of Kano Metropolis about a young lady who steals mobile phones from residential houses,” the statement reads.

“The reports indicated that the suspect was using a tricyclist and a cybercriminal to aid in her operations. The State Commissioner of Police, CP Salman Dogo Garba, raised a special intervention squad, and the principal suspect was arrested on December 21, 2024.

“The syndicate, led by Shamsiyya, specialised in stealing mobile phones from residential houses, using a tricyclist and a cybercriminal to aid in their operations. The suspects would deceive housewives, steal their mobile phones, and swindle money from their victims’ bank accounts.”

“Six mobile phones have been recovered so far, and efforts are ongoing to recover more stolen phones. Thirty complainants, including 29 females and 1 male, have lodged complaints against Shamsiyya, who confessed to stealing their mobile phones on various occasions in 2024.

“Anyone with a complaint against the suspects can contact the investigation team at 08032617800.”

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