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Foreign Trade: Nigeria’s Imports From China Rise By 183.91%, Debts Hit $3.67bn

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Nigeria’s imports from China rose by 183.91 percent from N530.98bn in the first quarter of 2018 to N1.51tn in Q1 2022.

According to the National Bureau of Statistics data on foreign trade, China is responsible for most of the imports into Nigeria. In the five quarters under review, China was the number one nation in the top 10 countries.

While China is responsible for the bulk of the nation’s imports, export to China is negligible according to available data. The country was missing from the nation’s top 10 export destinations in Q1 2018 – Q1 2020, and Q1 2022.

Only in Q1 2021 did China rank among the top 10 export destinations when it ranked third with N190.11bn. In the same quarter, total imports from China were put at N2.01tn.

Imports from China grew across the quarters under review. In Q1 2018, it was N530.98bn, it grew to N979.29bn in Q1 2019, and N1.11tn in Q1 2020.

It was highest in Q1 2021 at N2.01tn and dropped to N1.51tn in Q1 2022. According to the NBS, imports from China include motorcycles, machines for the reception of voice, electrical apparatus for line telephony, or line telegraphy, mackerel, parts of machinery for working on rubber or plastics, crude salt, compressed salt used in animal feeding, antibiotics, herbicides and more.

Nigeria’s exports to China in the period under review included, polyethylene, leather, sesamum seeds, cashew nuts, zinc ores and concentrates, lead ores and concentrates, and more.

In Q1 2022, imports to China accounted for 25.55 percent of the total import (N5.90tn). In Q1 2021, it was 29.34 percent of the total imports (N6.85tn). In Q1 2020, it was 26.28 percent of the total import (N4.22tn), in Q1 2019, it was 26.4 percent of total imports (N3.70tn), and 21.1 percent of the total imports (N2.52tn) in Q1 2018.

According to the Chairman, Export Group, Manufacturers Association of Nigeria/Vice Chairman, Sapele Integrated Industries Limited. Mr. Ede Dafinone, there is no equality requirement on imports and exports for nations.

He said, “There is no guarantee or requirement for any country to import and export the same volume from each other.

“If Nigeria is exporting a certain quantity worth of goods and services and importing another quantity of goods and services from another country, the issue is what is the next difference with net import and export. There is no requirement as to which country is responsible for this. It doesn’t matter where the deficit is as long as there is an overall surplus.”

In recent years, the bilateral relationship between Nigeria and China has improved. In the period under review, Nigeria’s borrowing from China increased by 89.94 percent to hit $3.67bn, making it the nation’s largest bilateral lender.

According to the Debt Management Office, about $3.12bn of the loans from China are project-tied and include 11 projects such as the Nigerian Railway Corporation’s modernization project, Abuja Light Rail project, Four Nigerian airports’ terminals expansion project (Abuja, Kano, Lagos, and Port Harcourt), and more.

BIG STORY

Federal Government Lifts Ban On Mineral Exploration In Zamfara

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After more than five years of security restriction, the Federal Government has lifted the ban on mining exploration activities in Zamfara State, citing significant improvements in the security situation across the state.

Making the announcement during a press briefing at the weekend, the Minister of Solid Minerals Development, Dr. Dele Alake stated that the nation has a lot to gain from reawakened economic activities in a highly mineralised state like Zamfara that is imbued with vast gold, Lithium, and copper belts. He noted that the previous ban, which was good intentioned, inadvertently created a vacuum exploited by illegal miners to fleece the nation of its resources. He emphasized that the state’s potential for contributing to national revenue is enormous.

It will be recalled that in 2019, the federal government imposed a total ban on mining activities in Zamfara State due to the escalating security concerns, particularly the links between banditry and illegal mining.

Since the beginning of the Tinubu administration, however, intelligence-driven, coordinated security operations have resulted in the neutralization of key bandit commanders, significantly reducing incidents of insecurity. A recent success was the capture of one of the most wanted bandit commanders, Halilu Sububu, in a covert operation in Zamfara.

“The existential threat to lives and properties that led to the 2019 ban has abated. The security operatives’ giant strides have led to a notable reduction in the level of insecurity, and with the ban on exploration lifted, Zamfara’s mining sector can gradually begin contributing to the nation’s revenue pool,” Alake asserted.

The minister added that the lifting of the ban would also facilitate better regulation of mining activities in the state. This will enable more effective intelligence gathering to combat illegal mining and ensure the country benefits from the state’s rich mineral resources.

Commending members of the fourth estate of the realm for championing the propagation of reforms and initiatives of the ministry in 2024, Alake noted that the press have been key allies in efforts to sanitise the mining sector, and promote market reforms which have made the industry attractive to indigenous and foreign investors.

On the recent controversy surrounding the Memorandum of Understanding (MOU) with France, Alake reaffirmed the Federal Government’s position that the agreement does not imply Nigeria is relinquishing control over its mineral resources or entering into any military pact with France. He emphasized that Nigeria’s military remains fully capable of safeguarding the nation’s territorial integrity.

“The high point of the MOU is on training and capacity building for our mining professionals. We need all the assistance we can get in terms of capacity, technical, and financial support from abroad, and that wasn’t even the first we are signing. We’ve signed similar ones with Germany and Australia. Deliberate peddling of misinformation, despite facts to the contrary, is uncalled for, “the minister emphasised.

Dr. Alake also urged the media to continue to play its crucial role in educating the public about government policies in order to prevent ignorance, mischief, and the spread of misinformation.

Looking ahead to 2025, the minister hinted at upcoming policy initiatives aimed at revitalizing the mining sector. He revealed that the ministry plans to further consolidate reforms, enhance the enabling environment for investments, and continue efforts to reposition the sector for long-term, sustainable growth.

 

Segun Tomori, FSCA

Special Assistant on Media

to the Honourable Minister of Solid Minerals Development

 

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BIG STORY

Emefiele Loses Warehouse Built On 1.925 Hectares To Federal Government

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The Economic and Financial Crimes Commission (EFCC) has secured the final forfeiture of a warehouse linked to Godwin Emefiele, the former governor of the Central Bank of Nigeria (CBN).

According to The Guardian, top sources revealed that Justice Deinde Dipeolu of the Federal High Court in Lagos issued the forfeiture order on Thursday, December 19, 2024, with the property forfeited to the Federal Government of Nigeria.

The warehouse, built on a 1.925-hectare piece of land located at Km 8 along the Lagos-Ibadan Expressway in Magboro, contained 54 general-purpose steel containers.

The containers were filled with various types of sewing machines.

Earlier, on November 28, the judge had ordered the interim forfeiture of the assets after the Commission filed an application for their forfeiture.

Following the court’s directive for the EFCC to publish the order in two national newspapers, allowing any interested party to show cause why the assets should not be finally forfeited, the Commission later returned to court to request the final forfeiture of the assets.

According to the source, the court also ordered the forfeiture of the land on which the warehouse is situated to the government.

“At the resumed hearing of the matter on Thursday, EFCC Counsel, Rotimi Oyedepo, SAN, told the court that the EFCC had complied with the court’s directives to publish the assets in two national newspapers,” the source said.

“Citing Section 44(2)(B) of the constitution and Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act 2006, he prayed the court to grant the final forfeiture of the assets.

“Justice Dipeolu granted the order, making the forfeiture another milestone in the asset recovery drive of the EFCC.”

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10 Feared Dead, Several Others Injured At Catholic Church’s Palliative In Abuja

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A stampede at the Holy Trinity Catholic Church in Maitama District of Abuja on Saturday morning has resulted in several deaths and numerous injuries.

The tragic incident occurred during a palliative distribution event organized by the church to assist struggling residents.

It was reported that chaos erupted as thousands of residents rushed to receive relief items, leading to the deadly crush.

Over 3,000 people, including children, mostly from nearby areas such as Mpape and Gishiri Village, had gathered for the event before the unfortunate incident took place.

Mike Umoh, the National Director of Social Communications at the Catholic Secretariat of Nigeria, confirmed the incident.

“Yes, it’s true, but the details are sketchy,” he said in a brief statement.

On the same Saturday, a stampede in Okija, a community in Ihiala Local Government Area of Anambra State in Nigeria’s South-east, also left many people dead.

According to Premium Times, witnesses reported that the victims had gathered to participate in the distribution of bags of rice donated by a well-known entrepreneur, Ernest Obiejesi, commonly referred to as Obijackson.

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