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Nigeria’s External Trade Balance Hits $10.67bn

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13 years ago

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Nigeria’s external trade balance improved to 10.67 billion dollars (N16.63 trillion) in the first quarter of 2012, from the 8.44 billion dollars (N13.5 trillion) it recorded in the same period last year.

The Central Bank of Nigeria (CBN) disclosed this in a publication entitled: “Development in the External Sector”, released on Monday in Lagos.

The bank attributed the improvement to the expansion in the export of merchandise and the contraction of the importation of merchandise.

It noted that Nigeria’s merchandise exports increased from 23.37 billion dollars (N36.42 trillion) in the first quarter of 2011 to 24.97 billion dollars (N38.92 trillion) in the period under review.

The bank said that the aggregate imports declined marginally from 14.93 billion dollars (N23.27 trillion) in fourth quarter of 2011 to 14.30 billion dollars (N22.28 trillion).

It also said that the degree of openness, measured by the ratio of Nigeria’s total trade to Gross Domestic Product (GDP) was 67.0 per cent in the review period, up from the 59.0 per cent recorded in the preceding quarter.

The publication said that the aggregate foreign capital flows from the Foreign Direct Investment (FDI) and portfolio investment flows stood at 9.35 billion dollars (N1.4 trillion) in the first quarter of 2012.

It said that the aggregate foreign capital inflows in the first quarter of 2012 was 5.53 billion dollars (N8.6 trillion), an improvement on the 3.39 billion dollars (N5.28 trillion) recorded in the first quarter and 3.48 billion dollars (N5.42 trillion) in the fourth quarter respectively.

The FDI inflow accounted for 31.0 per cent, while the portfolio investment accounted for 69.0 per cent, it said..

The bank also said that further analysis revealed that the FDI dropped from 2.13 billion dollars (N3.32 trillion) in the fourth quarter of 2011 to 1.72 billion dollars (N2.68 trillion) in the first quarter of 2012.

However, it said that the estimated portfolio investment inflows increased significantly from 1.36 billion dollars (N2.11 trillion) in the first quarter of 2011 to 3.82 billion dollars (N5.95 trillion) in first quarter of 2012.

“The decline in FDI inflows during the review period was traced to the insecurity occasioned by terrorist activities,’’ the bank said.

It noted that the increase in portfolio investment inflows was attributable to the positive effect of the bank’s policy on foreign investment in short-term instruments and the relatively high yield.

The CBN added: “It is, however, important to note that the continued increase in portfolio investment over and above FDI portends serious consequences for foreign exchange management.”

According to the bank, there is the need to closely monitor the development and evolve measures to stem any adverse effect in case of a reversal.

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Kenyan Runners Dominate Berlin Marathons

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2 days ago

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September 22, 2025

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Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.

Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.

The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.

Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.

“I did my best and I am happy for this performance,” said Sawe.

“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”

Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.

In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.

Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.

Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.

 

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NIS Ends Decentralised Passport Production After 62 Years

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2 days ago

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September 22, 2025

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The Nigeria Immigration Service (NIS) has officially ended passport production at multiple centres, transitioning to a single, centralised system for the first time in 62 years.
Minister of Interior, Dr Olubunmi Tunji-Ojo, made the disclosure during an inspection of the Nigeria’s new Centralised Passport Personalisation Centre at the NIS Headquarters in Abuja, last Thursday.
He stated that since the establishment of NIS in 1963, Nigeria had never operated a central passport production centre, until now, marking a major reform milestone.
“The project is 100 per cent ready. Nigeria can now be more productive and efficient in delivering passport services,” Tunji-Ojo said.
He explained that old machines could only produce 250 to 300 passports daily, but the new system had a capacity of 4,500 to 5,000 passports every day.
“With this, NIS can now meet daily demands within just four to five hours of operation,” he added, describing it as a game-changer for passport processing in Nigeria.
“We promised two-week delivery, and we’re now pushing for one week.
“Automation and optimisation are crucial for keeping this promise to Nigerians,” the minister said.
He noted that centralisation, in line with global standards, would improve uniformity and enhance the overall integrity of Nigerian travel documents worldwide.
Tunji-Ojo described the development as a step toward bringing services closer to Nigerians while driving a culture of efficiency and total passport system reform.
According to him, the centralised production system aligns with President Bola Tinubu’s reform agenda, boosting NIS capacity and changing the narrative for improved service delivery.
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FG To Roll Out Digital Public Infrastructure, Data Exchange, Next Year 

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2 days ago

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September 22, 2025

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The National Information Technology Development Agency (NITDA) has announced plans to roll out Digital Public Infrastructure (DPI) and the Nigerian Data Exchange (NGDX) platforms across key sectors of the economy, starting in early 2026.
Director of E-Government and Digital Economy at NITDA, Dr. Salisu Kaka, made the disclosure in Abuja during a stakeholder review session of the DPI and NGDX drafts at the Digital Public Infrastructure Live Event.
The forum, themed “Advancing Nigeria’s Digital Public Infrastructure through Standards, Data Exchange and e-Government Transformation,” brought together regulators, state governments, and private sector stakeholders to harmonise inputs for building inclusive, secure, and interoperable systems for governance and service delivery.
According to Kaka, Nigeria already has several foundational elements in place, including national identity systems and digital payment platforms.
What remains is the establishment of the data exchange framework, which he said would be finalised by the end of 2025.
“Before the end of this year and by next year we will be fully ready with the foundational element, and we start dropping the use cases across sectors,” Kaka explained.
He stressed that the federal government recognises the autonomy of states urging them to align with national standards.
“If the states can model and reflect what happens at the national level, then we can have a 360-degree view of the whole data exchange across the country and drive all-of-government processes,” he added.
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