Echotitbits – Nigeria News

Category: International Economics

  • Nigeria posts ₦6.69tr Q3 trade surplus as exports stay ahead of imports

    Nigeria posts ₦6.69tr Q3 trade surplus as exports stay ahead of imports

    2025-12-15 08:00:00

    According to The Punch, Nigeria recorded a ₦6.69 trillion trade surplus in Q3 2025, with exports of about ₦22.81tn outweighing imports of about ₦16.12tn, continuing a run of positive trade balances.

    Punch quotes analysts attributing the performance to FX-market reforms, liberalisation and currency adjustments that improved export competitiveness while making some imports more costly.

    The report notes crude oil remained the dominant export, while stakeholders called for policy consistency and deeper non-oil export expansion to sustain gains.

    Analysis/Echotitbits take: A sustained surplus can ease external financing pressure, but it matters what’s driving it—higher export value-add or simply weaker import demand. Watch non-oil export momentum, crude output stability, and how FX policy affects manufacturers’ input costs.

    Source: The Guardian Nigeria News — December 12, 2025

    Photo credit/source: The Guardian Nigeria News

    The Guardian Nigeria News https://guardian.ng/business-services/nigeria-records-trade-surplus-of-n6-9tr-in-q2-2024-nbs/ December 12, 2025

  • FIRS pushes back on sovereignty fears over France tax cooperation MoU

    FIRS pushes back on sovereignty fears over France tax cooperation MoU

    2025-12-15 08:00:00

    According to The Punch, the Federal Inland Revenue Service (FIRS) said a tax-cooperation MoU with France does not compromise Nigeria’s tax sovereignty amid public debate and calls from some groups to terminate the arrangement.

    The report says FIRS framed the agreement as technical cooperation and capacity support, rather than any transfer of authority over Nigeria’s tax administration.

    Punch notes the controversy underscores rising sensitivity around external partnerships as Nigeria pursues broader revenue and tax reforms.

    Analysis/Echotitbits take: Cross-border tax cooperation can improve enforcement against profit shifting and illicit flows, but trust and transparency are essential. Watch for publication of key MoU terms, parliamentary oversight, and how FIRS explains safeguards on taxpayer data and jurisdiction.

    Source: Business Insider Africa — December 2025

    Business Insider Africa https://africa.businessinsider.com/local/lifestyle/nigeria-signs-tax-data-mou-with-france-raising-sovereignty-concerns/db2qdg7 December 2025

  • Tinubu urges tougher ECOWAS collective action as coups and insecurity spread

    Tinubu urges tougher ECOWAS collective action as coups and insecurity spread

    2025-12-15 08:00:00

    According to The Punch, President Bola Tinubu called on ECOWAS leaders to strengthen unity and collective responses to military coups and regional instability at the bloc’s 68th ordinary session in Abuja.

    Punch reports discussions referenced recent attempted and successful power grabs and the need to operationalise stronger preventive measures, including coordination on intelligence and border management.

    The report situates the push within wider debates about how ECOWAS balances sanctions, diplomacy and security deployments.

    Analysis/Echotitbits take: ECOWAS credibility now hinges on consistent enforcement and funding for its security architecture. Watch for concrete decisions on standby-force financing, timelines for deployments, and how the bloc handles Guinea‑Bissau and other flashpoints.

    Source: The Punch — December 14, 2025

    The Punch https://punchng.com/tinubu-urges-ecowas-unity-to-resist-coups-ensure-regional-stability/ December 14, 2025

  • Car imports climb back above ₦1tn as FX stability returns

    Car imports climb back above ₦1tn as FX stability returns

    2025-12-15 00:30:00

    According to The Punch, Nigeria’s passenger vehicle imports rose to about ₦1.01 trillion in the first nine months of 2025, with the strongest rebound coming in Q3 as FX conditions steadied.

    The report, citing National Bureau of Statistics foreign trade data, notes that the first half of the year was softer, but the July–September quarter more than offset earlier declines.

    Analysts quoted linked the swing to improved FX liquidity and a narrower trading band for the naira, which helped importers plan and price inventory more predictably.

    Analysis/Echotitbits take: Vehicle import volumes are a useful “thermometer” for FX confidence and consumer demand. Watch Q4 numbers for whether FX stability holds, and whether duty/valuation changes keep landing costs from spiking again.

    Source: The Punch — December 15, 2025 — https://punchng.com/car-imports-rebound-hit-n1tn-in-nine-months/

    Photo credit: The Punch

    The Punch https://punchng.com/car-imports-rebound-hit-n1tn-in-nine-months/ December 15, 2025

  • NiDCOM says diaspora portal passes 100,000 registrations as data mapping expands

    NiDCOM says diaspora portal passes 100,000 registrations as data mapping expands

    Photo Credit: The NIDCOM Boss, Abike Dabiri–Erewa – The New Nigerian
    2025-12-14

    According to The Punch, the Nigerians in Diaspora Commission (NiDCOM) says more than 100,000 Nigerians have registered on its diaspora data-mapping portal, as it seeks more reliable population and skills data on citizens abroad.

    NiDCOM acknowledged the broader challenge of capturing accurate figures for a diaspora community estimated to be far larger than current registrations, and said the portal is designed to improve planning and engagement.

    A government-backed report on the portal’s launch said NiDCOM created the Data Mapping and Registry Portal to enhance realistic data capture for Nigerians living abroad.

    NiDCOM’s portal documentation describes the platform as a structured registry with country-specific mapping pages for diaspora communities.

    Analysis/Echotitbits take: Quality diaspora data can strengthen policy design—investment channels, diaspora bonds, consular support and targeted skills programmes. The key risk is trust: privacy protections and clear benefits for registration. Watch for incentives, data governance assurances, and evidence that registration improves services.

    Source: The Punch — 14 Dec 2025 (https://punchng.com/nidcom-registers-over-100000-nigerians-abroad/)

     

  • Ukraine says Russian drone hit Turkish vessel carrying sunflower oil to Egypt

    Ukraine says Russian drone hit Turkish vessel carrying sunflower oil to Egypt

    Photo Credit: Explosion from the Turkish ship allegedly attacked by Russian drone – CNN
    2025-12-14

    According to The Punch, Ukraine accused Russia of striking a Turkish vessel with a drone in the Black Sea, saying the ship was on a civilian voyage carrying sunflower oil to Egypt.

    The report said Ukrainian officials framed the incident as an attack on civilian shipping, potentially raising risks for maritime trade in the region.

    Reuters reported Ukraine’s navy said Russia attacked a civilian Turkish ship and that it was carrying sunflower oil to Egypt.

    Al Arabiya also reported Ukraine’s account and quoted claims that Russia delivered a targeted strike using a drone.

    Analysis/Echotitbits take: This allegation keeps Black Sea shipping risk elevated, affecting insurance, routing and commodity price expectations. Watch for Turkey’s official response, any maritime advisories, and whether commercial operators adjust schedules or require enhanced protections.

    Source: The Punch — 14 Dec 2025 (https://punchng.com/ukraine-accuses-russia-of-drone-strike-on-turkish-ship/)

  • Two killed in U.S. Ivy League campus shooting as manhunt continues

    Two killed in U.S. Ivy League campus shooting as manhunt continues

    Photo credit: Law enforcement at the Scene of the incident – LA Times
    2025-12-14

    According to The Punch, a gunman opened fire at a U.S. Ivy League campus, killing two people and injuring others as authorities launched a wide search and issued emergency warnings.

    The report said the incident prompted a campus-wide lockdown while multiple agencies joined the hunt for the suspect.

    Reuters reported an unidentified gunman was still at large after the attack and said the incident triggered a lockdown as authorities expanded the search.

    The Associated Press also reported the shooting occurred during final exams and said police were searching for the suspect after multiple casualties.

    Analysis/Echotitbits take: Beyond the immediate tragedy, such incidents often trigger review of campus access controls, alert systems, and police coordination during high-traffic periods like exams. Watch for suspect identification, motive clues, and any university policy changes around security presence and building access.

    Image of suspect in a mass shooting at Brown University captured from a video – Providence Journal/The Providence Police Department

    Source: The Punch — 14 Dec 2025 (https://punchng.com/gunman-kills-two-injures-eight-at-us-ivy-league-school/)

  • United flight to Tokyo returns to Dulles after reported engine issue

    United flight to Tokyo returns to Dulles after reported engine issue

    Photo Credit : Image of a United Airline Aircraft – Indian Times/AFP
    2025-12-14

    According to The Punch, a United Airlines flight bound for Tokyo returned to Washington Dulles after a technical problem shortly after departure, with the aircraft landing safely and no injuries reported.

    The Punch report said aviation authorities opened an inquiry as crews followed standard procedures to return and secure the plane.

    Reuters also reported the aircraft experienced a power loss in one engine and said the U.S. Federal Aviation Administration (FAA) is investigating.

    The Associated Press similarly reported the plane experienced an engine problem and later landed safely back at Dulles.

    Analysis/Echotitbits take: Aviation incidents like this often lead to rapid technical review of maintenance history and any component failures—especially if they involve power loss or engine-related warnings. Watch for the FAA’s preliminary findings, any airline maintenance updates, and whether follow-up inspections extend beyond the specific aircraft.

    Source: The Punch — 14 Dec 2025 (https://punchng.com/tokyo-bound-united-plane-returns-to-washington-after-engine-fails/)

  • Nigeria’s U.S. crude imports jump sharply as Dangote reshapes supply routes

    Nigeria’s U.S. crude imports jump sharply as Dangote reshapes supply routes

    EIA logo image used by Punch
    2025-12-14

    According to The Punch, Nigeria’s imports of crude oil from the United States surged by 153% in 2025 (February–September), reflecting changing supply economics and refinery demand.

    Punch cited U.S. Energy Information Administration (EIA) trade data showing Nigeria imported 39.99 million barrels over the period, up from 15.79 million barrels in the same window of 2024, with shipments rising month by month.

    Reuters earlier reported that the U.S. became a net exporter of crude to Nigeria for the first time in February and March 2025, a shift linked to changing refinery runs and demand signals connected to the Dangote refinery’s operations.

    TheCable also referenced EIA figures, noting the scale of Nigeria’s U.S. crude inflows and how the pattern departs from Nigeria’s typical position as a crude exporter rather than an importer.

    Analysis/Echotitbits take: The bigger story is market efficiency colliding with domestic supply constraints: if local refineries keep buying competitively priced imported crude, Nigeria’s long-standing “crude exporter, product importer” paradox could morph into a new paradox: importing crude for local refining. Watch for tighter enforcement (or redesign) of domestic crude supply frameworks, and whether lower logistics/contracting frictions can make local crude more reliable for local refineries.

    Source: The Punch — 14 Dec 2025 (https://punchng.com/us-crude-exports-to-nigeria-surge-153/)

  • Burkina Faso detention row: Nigeria says detained soldiers safe as talks continue

    Burkina Faso detention row: Nigeria says detained soldiers safe as talks continue

    According to The Punch, Nigerian soldiers detained in Burkina Faso after a Nigerian Air Force C‑130 made a precautionary landing remained in custody days later, with Abuja pursuing diplomatic engagement to resolve the dispute.

    Punch reported that the aircraft was on an overseas mission and landed due to a technical concern, while Burkina Faso’s authorities and the Alliance of Sahel States (AES) framed the incident as an unauthorised entry into their airspace.

    Premium Times quoted the Nigerian Air Force saying the landing was “in accordance with standard safety procedures and international aviation protocols,” underscoring Abuja’s argument that the diversion was legitimate and safety-driven.

    The Guardian’s international coverage noted the AES described the episode as an “unfriendly act,” reflecting the heightened regional tensions between ECOWAS states and the Sahel alliance.

    Analysis/Echotitbits take: This is as much about regional politics as it is about aviation procedures. The AES–ECOWAS rift has created a trust deficit where even routine incidents can be interpreted as hostile moves. Watch for: the final terms of release/transfer, any formal diplomatic note exchanged, and whether Nigeria adjusts flight-clearance protocols when transiting AES-controlled airspace.

    Source: The Punch — 14 Dec 2025 (https://punchng.com/nigerian-soldiers-spend-sixth-day-in-burkina-faso-detention/)

     

    Photo Credit: Nigeria Troops — Crisis Group