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How Singapore sidelined China as Nigeria’s top trading partner

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Singapore has overtaken China as Nigeria’s top import partner for the first time in at least 16 years, a BusinessDay analysis of the latest foreign trade data shows.

The report from the National Bureau of Statistics (NBS) shows that Nigeria imported goods worth N5.09 trillion from Singapore in the fourth quarter of last year which constituted 36.1 percent of total imports (N14.1 trillion).

“Manufactured goods mainly imported were ‘Tanks and other armoured fighting vehicles, motorised, whet’ from Singapore valued at N5,06 trillion followed by ‘Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >2500cc’ also imported from the US and Italy valued at N94.3 billion and N6.69 billion respectively,” the report said.

It said the value of total imports stood at N14.1 trillion in Q4 which represents an increase of 56.0 percent compared with the value recorded in Q3 (N9.04 trillion) and by 163.1 percent compared to the value recorded in Q4 2022 (N5.36 trillion).

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“The increase in import was largely due to the import of ‘tanks and other armoured fighting vehicles, motorised, whet’ worth N5.06 trillion.”

Experts say Singapore being the country’s top import partner is a one-time thing and that China would return as Nigeria’s top importer due to its reliance on Chinese products.

“Insecurity may have influenced this shift. The country importing military equipment from Singapore might have been more cost-effective for them due to ongoing security challenges,” Adeola Adenikinju, president of Nigerian Economic Society, said.

He said China is likely to reclaim its position as Nigeria’s top importer due to its significant manufacturing output.

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“Consumer goods rank highest in terms of raw materials, with many capital goods still originating from China. Therefore, China is expected to return as Nigeria’s primary trading partner for the foreseeable future,” Adenikinju added.

Isreal Odubola, a Lagos-based economist, said the trend is not surprising given that Singapore is another manufacturing giant.

“While we cannot confirm whether Singapore has ‘actually’ overtaken China as Nigeria’s largest import partner, data points for the next two quarters will give a clue,” he added.

BusinessDay reported on Monday that Nigeria’s trade surplus shrank by 99.7 percent last year as imports surged to the highest since the NBS started collating foreign trade data.

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Wike tackles Amaechi: Account for $39m Hospital, N68bn Monorail, N10bn anti-malaria fumigation

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… FCT Minister challenges ex-Rivers governor over stalled projects, 24-year public record

… Questions N10bn anti-malaria fumigation spending, electoral claims

… Says political leadership should empower, not pull others down

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has fired back at former Rivers State Governor Rotimi Amaechi, challenging him to account for major projects and expenditures incurred during his administration.

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Wike made the statements on Saturday, during a visit to the Uzugbani Ekpeye National Executive Council at Ekpeye House in Ahoada, Ahoada East Local Government Area of Rivers State.

Wike, who spoke on Saturday during an interactive meeting with the Uzugbani Ekpeye National Executive Council as well as leaders and stakeholders of Ahoada East and West Local Governments, Rivers State at the Ekpeye House in Ahoada, was reacting to Amaechi’s appearance on Channels Television’s Politics Today on Friday evening.

Amaechi, a former governor and Minister of Transportation, had criticised the Federal Government over its record of project delivery and challenged the administration to name major projects it had completed.

But Wike turned the spotlight on his predecessor’s record in Rivers, questioning what became of several projects initiated under Amaechi.

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He specifically raised questions over the $39 million reportedly paid for the Justice Adolphus Karibi-Whyte Specialist Hospital, the N68 billion monorail project and about N10 billion allegedly spent on an anti-malaria fumigation programme.

Wike asked what became of the money committed to the hospital project after the facility was not completed.

The controversy over the hospital dates back to the Amaechi administration.

A Rivers State judicial commission set up under Wike had investigated the payment of $39.2 million to a contractor for the project and its failure to materialise.

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Wike also questioned the fate of the monorail project, which was among the major infrastructure schemes initiated by the Amaechi administration, as well as the expenditure on the fumigation programme.

He went further to criticize a $10 million malaria control project that was executed with Cuba to eradicate mosquitoes in the state, dismissing the initiative as a scam.

“Ask him about the fumigation of Rivers State with people from Cuba in which $10 million was spent. Ask him whether mosquitoes have stopped biting us in Rivers State,” he said.

The FCT Minister said such issues should be considered when assessing the records of political leaders seeking higher office.

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Wike also challenged Amaechi’s record after spending eight years each as Speaker of the Rivers State House of Assembly, governor and Minister of Transportation.

“Someone was Speaker of the House of Assembly for eight years, Governor for eight years, and Minister for eight years, that is 24 years in top leadership positions. What can anybody point to that he attracted to Ekpeye Land in all those 24 years? Nothing! Not one single thing!” he said.

The minister urged the people of Ahoada East and West Local Governments to demand evidence of projects and political empowerment allegedly attracted to the area during Amaechi’s years in public office.

Wike said leadership should not be measured only by the offices occupied but by the people empowered, projects delivered and structures left behind.

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He contrasted this with what he described as his own efforts to empower people and develop political successors, saying leaders should not deliberately prevent others from rising.

Wike also criticised what he described as the use of personal and family tragedies for political purposes.

He said political disagreements should not descend into the exploitation of private grief, particularly matters surrounding the death of family members.

The minister warned against a political culture in which personal tragedies are deployed to gain sympathy or attack opponents.

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Wike further challenged claims about Amaechi’s political influence in Rivers State, asking supporters to examine his electoral record.

“Since I left him in 2011, after 2011, mention one election that he has ever won in Rivers State,” he said.

The minister also recalled their political relationship and past disagreements, including controversies surrounding appointments and business interests involving federal maritime agencies.

He contrasted what he described as Amaechi’s approach with the Tinubu administration’s establishment of regional development structures and appointments involving people from the South-South.

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His latest comments deepen the long-running political feud between the two former Rivers leaders, who once worked together before becoming major political rivals.

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Wike opens can of worms, queries Amaechi over what happened to $39m Justice Karibi-Whyte hospital, others (Video)

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The Minister of the Federal Capital Territory FCT Nyesom Wike has queried, Rotimi Amaechi over what happened to $39million Justice Karibi-Whyte hospital, N68billion Monorail, N10billion anti-malaria fumigation projects.

The minister made this disclosure during his visit to Ekpeye Kingdom Ekpeye House, in Ahoada, Ahoada East Local Government of Rivers State on Saturday.

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Grand reception for FCT minister Wike at Ekpeye Kingdom on a visit to Uzugbani NEC, in Ahoada LGA today (VIDEO)

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A video showing the grand reception for FCT minister Nyesom Wike as he arrives at Ekpeye Kingdom for a visit to the Uzugbani Ekpeye National Executive Council, Ekpeye House, in Ahoada, Ahoada East Local Government of Rivers State today.

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