Nigeria recorded N5.17 trillion trade surplus in the first quarter of 2025 (Q1’25). This represents a 52 per cent quarter-on-quarter (QoQ) rise when compared to N3.4 trillion recorded in Q4’24. On a year-on-year (YoY), basis, trade surplus grew by 17.5 per cent from N4.4 trillion in Q1’24. The National Bureau of Statistics (NBS), disclosed this yesterday in its Foreign Trade …

United States Ambassador to Nigeria, Richard Mills, has declared American interest in expanded trade and private sector investments in Nigeria and African countries to drive economic growth, revealing that Nigeria was United States’ second largest trade partner in the continent with a two-way trade in goods and services that totalled roughly $13 billion in 2024. Mills, who said this in …

United States (US) Treasury Secretary Scott Bessent said Thursday trade negotiations with China were ‘a bit stalled’ and suggested President Donald Trump and his Chinese counterpart Xi Jinping could get involved. ‘I would say that they are a bit stalled’, Bessent told broadcaster Fox News when asked about trade talks with Beijing. ‘I believe that we will be having more …

The 4th joint meeting of ECOWAS ministers of trade and industry has concluded with a strong call for economic diversification, industrial growth and regional collaboration. The Minister of Industry, Trade and Investment, Jumoke Oduwole, at the meeting on Friday in Abuja, said that the collaboration was to address the evolving global trade landscape. The meeting welcomed representatives from 11 ECOWAS …

The director-general of the World Trade Organisation (WTO), says Africa needs to strengthen intra-regional trade and be more self-reliant in the face of reciprocal tariffs. Okonjo-Iweala spoke to journalists on Friday about the impact of the sweeping tariffs announced by the United States (US) on Africa. On 2 April, President Donald Trump announced tariffs of at least 10 per cent …

The Edo State chapter of the Peoples Democratic Party has accused Governor Monday Okpebholo’s administration of causing setbacks across various sectors in just three months. Speaking at a press conference titled ‘Edo PDP – State of the State Address,’ the party’s Caretaker Committee Chairman, Tony Aziegbemi, claimed that Edo had suffered a severe decline in education, healthcare, security, infrastructure, and …

The Director-General of the World Trade Organisation (WTO), Dr Ngozi Okonjo-Iweala, said Nigeria needs to continue diversifying to attract investment and boost trade surplus. Okonjo-Iweala stated this while addressing newsmen after a meeting with the Duchess of Sussex, Meghan Markle and other women at the Nigerian Women in Leadership event in Abuja weekend. Nigeria recorded N1.41 trillion trade deficit between …

The Federal Government of Nigeria and the Kingdom of Saudi Arabia have agreed to strengthen bilateral relations to explore the huge potentials in Nigeria, particularly in the areas of agriculture, trade and economic opportunities. The two countries made the commitment yesterday at a meeting between a delegation from the Kingdom of Saudi Arabia led by its minister of environment, water …

The Africa Continental Free Trade Area (AfCFTA) has said that internal trading will earn Africa more than $70 billion in development assistance. The Chief of Staff of the AfCFTA Secretariat, Silver Ojakol, made the assertion at the 2023 Regional Integration Issues Forum (RIIF) which was held in Accra, Ghana. The RIIF is a sensitisation mechanism and an interface platform for …

Nigeria recorded a N1.3 trillion trade surplus in the second quarter of 2023 (Q2’23), representing a 38 per cent rise when compared to N927.15 billion in Q1’23. However, Year-on-Year (YoY), the trade position was a 7.6 per cent decline from the figures in the corresponding period of 2022. This comes against the backdrop of increases recorded in total imports and …