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How Singapore sidelined China as Nigeria’s top trading partner
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).
“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.
“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.
By Gloria Ikibah
As part of the annual 16 Days of Activism Against Gender-Based Violence, the House of Representatives is set to lead a historic march on Monday, November 25, 2024, in a bold effort to tackle gender-based violence (GBV) in the country.
The march, which begins at 8:00 AM, will see over 1,000 participants, including lawmakers and members of the public walk from the National Assembly to the Nigeria Police Force Headquarters in Abuja. The event will culminate in the submission of a petition to the Inspector General of Police, demanding decisive action against GBV and greater protection for vulnerable groups.
Speaking about the initiative, the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, PhD., GCON, said, “This march and the activities that follow are not mere gestures but a reflection of our determination to confront gender-based violence head-on. We are committed to building a society where justice, equality, and safety prevail for all Nigerians.”
In a statement by the House Spokesperson, Rep. Akin Rotimi on Saturday in Abuja, he said, “The 10th House of Representatives has reaffirmed its commitment to systemic reforms, collaboration, and accountability in the fight against gender-based violence.
“In addition to the march, the House has outlined key activities in alignment with its Legislative Agenda (2023–2027) to sustain awareness and action throughout the campaign period.
“Sash Demonstration Ceremony – Tuesday, November 26, 2024
“Convergence of State Assembly Speakers – Monday, December 9, 2024. A strategic meeting at the Transcorp Hilton, Abuja, will bring together Speakers of State Houses of Assembly to discuss legislative measures for combating GBV nationwide.
“National Citizens’ Summit and GBV Conference 2024 – Tuesday, December 10, 2024. The summit will focus on constitutional reforms and securing endorsements for gender equality initiatives led by the House of Representatives”.
Naijablitznews.com reports that this year’s 16 Days of Activism aims to galvanise nationwide efforts and inspire collective action to protect human rights, ensure justice, and create a safer, more equitable Nigeria.
President Bola Tinubu has departed Galeao Air force Basa (SBGL) Airport, Rio de Janeiro, Brazil, on Saturday, for Abuja after attending the 19th G20 Leaders Summit in Rio de Janeiro, Brazil.
The President is due to arrive at the Presidential Wing of Nnamdi Azikiwe International Airport, Abuja, at 10.00 p.m. (Nigerian time).
President Tinubu had attended the G20 Leaders summit where he endorsed the global alliance against hunger and poverty, which he said was pivotal.
The President also held bilateral talks with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), who commended his administration’s economic reforms and their positive indicators.
He also presided over the signing of a 2.5 billion dollar Letter of Intent between the Nigerian government and the JBS S.A., a Brazilian company and one of the top three largest meat processing companies in the World.
The president was accompanied in the trip by senior government officials including the minister of foreign affairs yusuf Tuggar, the national security adviser, Nuhu RIBADU and many others.
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