Nigeria’s imports from China hits N19trn

The National Bureau of Statistics (NBS) has reported that Nigeria spent N19.12 trillion on imported commodities from China in less than four years – from January 2018 to September this year.

New dawn in food security as Nigeria endorses global alliance against hunger President Bola Tinubu’s commitment to eradicating hunger in Nigeria played out in his agreement with his conterparts at the Leaders Summit in Rio de Janeiro when they created an international network called: ‘The Global Alliance Against Hunger and Poverty. The Tinubu Stakeholders Forum (TSF) which made this observation commended the visionary stance of President Ahmed Bola Tinubu, alongside those who aimed to collaborate and cooperate to making hunger and poverty a thing of the past in their different domains. The Tinubu Stakeholders Forum (TSF) issued a statement to this effect. In the statement signed by its Chairman Ahmad Sajoh and Secretary Afolabi Josiah,the group said President Tinubu’s position on the groundbreaking initiative aligned perfectly with his administration’s agenda in Nigeria. It read in part, “President Tinubu’s passionate advocacy for international cooperation in eradicating hunger and poverty aligns seamlessly with his administration’s transformative agenda for Nigeria. “His commitment to integrating international best practices in Nigeria’s food production and poverty alleviation strategies reflects the bold leadership required to position the nation as a key player in global sustainable development. “For us, the President’s endorsement of the alliance not only emphasizes the alignment of Nigeria’s national objectives with the Sustainable Development Goals (SDGs), particularly SDG 1 (No Poverty) and SDG 2 (Zero Hunger), but also underscores the role of Nigeria as a leader in Africa’s fight against food insecurity. “We also recognize the significance of President Tinubu administration’s eight priority areas running in tandem with the Global Alliance in its effort to stamping out hunger and poverty. President Tinubu’s vision to bolster agricultural productivity and enhance food security through innovative and sustainable approaches is a testament to his resolve to elevate Nigeria’s global standing. “In acknowledging this milestone, we are not unmindful of the economic difficulties currently faced by Nigerians. At the heart of President Tinubu’s transformation agenda is a commitment to ending these hardships and restoring hope for a brighter future. “This administration’s focus on sustainable food supply mechanisms, poverty eradication, and economic empowerment underscores its dedication to uplifting the lives of every Nigerian. “We have no doubt that the President’s strategic moves at the G20 will inspire confidence hmm among Nigerians and the global community, further positioning Nigeria as a beacon of hope in eradicating hunger and poverty.” TSF also expressed its commitment to supporting President Tinubu’s initiatives to ensure that Nigeria leverages the alliance to achieve sustainable food systems, enhance economic growth, and uplift the quality of life for all Nigerians end

Nigeria’s new oil production level exciting as TMSG forecasts 2.06m bpd 2025

Aliero commends military for prompt response after Lakurawa terrorists kill 15 in Argungu

Economists have seen the deepening Chinese influence in the local market as a huge drain and cost on the ailing domestic economy as imports constitute leakages on any economy.

Sadly, Nigeria’s trade relations with China reflect the widespread imbalance the Southeast Asian country is known for. Within the referenced period, Nigeria exported a paltry N2.09 trillion worth of commodities to China, putting the trade deficit at N17.03 trillion.

In each of the quarters in the four years, China accounted for 27 per cent of Nigeria’s total imports, leading the country’s second top trading partner, India, and other top trading partners with a wide margin, in each of the years.

The first quarter of this year (Q1,2021) showed a N2 trillion import bill on goods freighted in China and moved across the sea to an import-dependent Nigeria. The figure is about three times the value of imports from the Netherlands, which was second to China on Nigeria’s import partner index.

The Asian giant held 29.3 per cent of the value of the country’s total imports, which totaled N6.85 trillion in the quarter.

Data sourced from a joint platform of the China Africa Research Initiative and John Hopkins School of Advanced International Studies, yesterday, show that the value of Nigeria’s imports from China has increased by at least 400 per cent in the last decade – from 2009 to 2019 – and by 4,200 per cent in the last two decades stretching from 1999 to 2019.