Echotitbits – Nigeria News

Tag: international trade

  • London Set to Host Tinubu for Historic State Visit in March

    London Set to Host Tinubu for Historic State Visit in March

    According to international diplomatic dispatches cited by The Nation, President Bola Ahmed Tinubu is scheduled to undertake a significant state visit to the United Kingdom from March 18 to 19, 2026. The Nigerian leader and First Lady Oluremi Tinubu will be hosted at Windsor Castle by King Charles III and Queen Camilla, marking the first formal state visit by a Nigerian president to Britain in nearly four decades.

    The visit is expected to focus on the strategic partnership established between London and Abuja in late 2024, targeting enhanced cooperation in security, migration, and economic growth. Analysts suggest that the timing is critical as Nigeria seeks deeper defense ties to combat rising jihadist threats in its central and northwestern regions.

    Economic data indicates that trade between the two nations has flourished, reaching approximately £8.1 billion in the year ending September 2025. This 11.4 percent year-on-year increase underscores Nigeria’s position as a vital trade partner for the UK within the Commonwealth.

    This development has been corroborated by The Guardian and Daily Post, with the former noting that “the visit underscores the deepening ties between the UK’s Labour government and the Tinubu administration,” while the latter quoted a palace spokesperson stating, “Their Majesties look forward to welcoming the President and Mrs. Tinubu to Windsor.”

    Echotitbits take: This visit represents a major diplomatic win for the Tinubu administration, signaling Western confidence despite domestic security hurdles. Watch for specific announcements regarding defense hardware and tech-sector investment during the Windsor summits.

    Source: Channels TV – https://www.channelstv.com/2026/02/08/tinubu-to-meet-king-charles-pay-state-visit-to-uk/, February 8, 2026

    Photo credit: Channels TV

  • Benin Republic Shifts Trade Strategy Toward Nigeria Amid Sahel Instability

    Benin Republic Shifts Trade Strategy Toward Nigeria Amid Sahel Instability

    In a report published by Premium Times, the CEO of the Benin Republic Investment and Export Promotion Agency (APIEx) has indicated a strategic pivot toward the Nigerian market. With traditional trade routes in the Sahel region disrupted by coups and regional upheaval, Benin is increasingly looking to its eastern neighbor as its primary economic anchor. The move signifies a deepening of bilateral ties and a recognition of Nigeria’s dominance in the West African trade corridor.

    The shift is expected to increase the volume of transit goods through the Cotonou-Lagos axis, potentially boosting customs revenue for both nations. Analysts suggest that this forced realignment could lead to a more formalized trade relationship, reducing the reliance on smuggling that has historically characterized the border. Benin’s authorities are reportedly seeking joint infrastructure projects to facilitate smoother cross-border logistics.

    The trade shift was also covered by The Punch and ThisDay. The Punch noted that “Benin’s refocus on Nigeria is a survival strategy,” while ThisDay cited a West African trade expert who remarked, “The Sahel crisis is reshaping ECOWAS trade maps in favor of the Lagos-Abidjan corridor.”

    Echotitbits take: This is a golden opportunity for Nigeria to exert more economic influence over Benin and finally resolve the perennial border disputes. If Nigeria can improve the efficiency of the Seme border, it could become the undisputed transit hub for the entire sub-region.

    Source: The Guardian – https://guardian.ng/politics/foiled-benin-coup-how-nigerias-intervention-secured-key-trade-route-regional-supply-chain/, February 3, 2026

    Photo credit: The Guardian

  • Nigeria and Türkiye Partner to Commercialize Scientific Research

    Nigeria and Türkiye Partner to Commercialize Scientific Research

    According to The Punch, high-level discussions between Nigeria and Türkiye have culminated in a new agreement focused on the commercialization of scientific research. The partnership aims to turn laboratory discoveries into viable commercial products, specifically targeting sectors like agriculture, defense, and manufacturing. The initiative is expected to boost Nigeria’s industrial growth by adopting Turkish technological frameworks and manufacturing processes to scale local innovations.

    The agreement includes exchange programs for researchers and the establishment of “innovation hubs” in major Nigerian cities. Officials from both countries noted that the goal is to reduce Nigeria’s reliance on imported finished goods while creating a robust pipeline for “Made in Nigeria” products destined for the international market. This bilateral cooperation is seen as a key component of the federal government’s 2026 economic expansion agenda.

    This development was also highlighted by Leadership and Tribune. Leadership reported that “the partnership will prioritize tech transfer in the defense sector,” while Tribune mentioned that “funding for the first phase of the hubs has already been secured.”

    Echotitbits take:

    Türkiye has become a strategic middle-power partner for Nigeria, especially in tech and defense. This move toward “commercializing research” suggests Nigeria is moving away from purely academic science toward an industrial-military complex model. Watch for the first “Nigeria-Türkiye” joint venture products in the agricultural machinery space.

    Source: The Punch – https://punchng.com/nigeria-advances-research-commercialisation-talks-with-turkiye/, January 31, 2026

    Photo credit: The Punch

  • Nigeria Braces for 40% Tariff Wall Under New U.S. Economic Directives

    Nigeria Braces for 40% Tariff Wall Under New U.S. Economic Directives

    Reporting citing SBM Intelligence and additional coverage indicates Nigeria’s export outlook could face new headwinds following an announced U.S. policy directive imposing an immediate 25% tariff on countries that maintain significant commercial ties with Iran. Analysts warned that, in combination with existing barriers, the measure could amount to a de facto “40% tariff wall” for affected trade flows.

    The directive—communicated via the U.S. President’s social media platform—was presented as an enforcement mechanism for sanctions policy against Tehran. For Nigeria, the concern is that any exposure through bilateral engagements or energy-linked consultations could trigger trade penalties that undermine foreign exchange earnings and export diversification efforts.

    The Guardian and ThisDay also reported on potential fallout and official reactions, including indications that Nigeria’s Ministry of Foreign Affairs is reviewing the directive and engaging U.S. counterparts to protect legitimate trade interests.

    Echotitbits take: If applied strictly, this policy forces Nigeria into a difficult trade-off between strategic diplomacy and market access. Watch for accelerated diplomatic engagement in Washington, and for Nigeria to seek carve-outs by emphasizing its strategic role in regional security and energy stability.
    Source : BusinessDay — https://businessday.ng/maritime/article/nigeria-faces-40-us-tariff-hit-over-iran-trade-ties/ 2026-01-24

    Photo Credit: BusinessDay

  • Stalled Uranium Shipments in Niamey Highlight Regional Trade Tensions

    Stalled Uranium Shipments in Niamey Highlight Regional Trade Tensions

    Stalled Uranium Shipments in Niamey Highlight Regional Trade Tensions

    According to Channels TV reporting, a shipment of more than 1,000 tonnes of uranium is reportedly stranded at the Niamey airport in Niger, underscoring the logistical and diplomatic constraints facing the ruling junta. The cargo—intended for sale as the country pivots away from its traditional partner France—cannot easily move through usual routes due to closed borders with Benin and elevated security risks in Burkina Faso.

    The situation highlights how political instability and regional tensions can choke trade corridors. Niger’s relations with neighbors, including Nigeria, remain strained, complicating land-based export options for “yellowcake” concentrate. Reports indicate the junta is cautious about alternative routes, including via Togo, amid concerns about jihadist attacks along transit corridors.

    Premium Times validated the report, noting the deadlock is costing Niger millions in potential revenue. The Punch cited analysts describing the episode as an example of how instability constrains economic sovereignty.

    Echotitbits take: This is consequential for regional energy geopolitics. If Niger cannot export via conventional channels, it may pursue unconventional buyers and deepen reliance on external security/logistics partners—potentially shifting balances across West Africa.

    Source: Enca — https://www.enca.com/business/niger-faces-dilemma-over-uranium-shipment-stuck-airport (2026-01-23)

    Photo Credit: Enca 2026-01-23

  • EU Formally Removes Nigeria from High-Risk Financial Jurisdictions

    EU Formally Removes Nigeria from High-Risk Financial Jurisdictions

    The European Union has delisted Nigeria from its list of high-risk third countries for anti-money laundering (AML) and countering the financing of terrorism (CFT), following regulatory reforms and enhanced supervisory measures.

    The delisting is expected to reduce “enhanced due diligence” friction for Nigeria–EU financial flows, with potential benefits for trade finance access and cross-border transaction efficiency.

    Echotitbits take: This is a material ease-of-doing-business tailwind. Over time, it should lower transaction costs for importers and improve the attractiveness of Nigeria-facing corridors for European banks and investors.

    Source: Finance – https://finance.gov.ng/nigeria-welcomes-european-commissions-removal-of-the-country-from-eu-aml-cft-high-risk-list/ (January 17, 2026)

    Photo Credit: Finance

  • Nigeria Posts ₦12 Trillion Trade Surplus as Non-Oil Exports Jump

    Nigeria Posts ₦12 Trillion Trade Surplus as Non-Oil Exports Jump

    Data released by Vanguard indicates Nigeria recorded a historic ₦12 trillion trade surplus in 2025, driven in part by a reported 21% rise in non-oil exports.

    Officials attributed the improvement to stronger performance in agriculture, processed solid minerals and select manufactured goods, positioning the outcome as a milestone for diversification.

    The stronger trade position is also expected to ease some FX pressure, though the broader macro outlook still depends on inflation and investment flows.

    **Echotitbits take:** The surplus is encouraging, but the public will measure success by jobs and cheaper goods. Watch for export incentives, port efficiency reforms and logistics upgrades that can keep non-oil growth durable.
    Source: Vanguard — https://www.google.com/amp/s/www.vanguardngr.com/2026/01/nigeria-records-n12trn-trade-surplus-21-non-oil-export-growth-in-h1-2025-trade-ministry/amp/ 2026-01-08

    Photo Credit: Vanguard

  • US tariff shock: Nigeria’s export earnings take a hit as trade gap risks widen

    US tariff shock: Nigeria’s export earnings take a hit as trade gap risks widen

    Photo credit: The Punch

    2025-12-22 09:00:00

    Figures cited by *The Punch* show Nigeria’s exports to the United States have taken a major hit in the wake of higher US tariffs, with the report estimating a roughly ₦1tn-scale export loss and a sharper trade imbalance.

    The data-driven argument is that once tariffs rise, marginal cargoes—especially non-oil shipments—lose competitiveness quickly, while buyers switch to alternative suppliers.

    Economists warn that tariff pressure can ripple beyond customs: export earnings affect FX inflows, port activity, manufacturing orders, and jobs tied to the export chain.

    The story also revives an old weakness—Nigeria’s narrow export basket—where shocks to market access translate fast into national revenue and FX volatility.

    BusinessDay reported that “Nigerian exports to the United States will now attract a 15 percent tariff,” while Nigeria Info FM similarly reported exports “will now face a 15% tariff” following an executive order—supporting the tariff-change backbone of the Punch analysis.

    **Echotitbits take:** The policy response can’t be vibes: Nigeria must diversify export destinations, improve standards compliance, and negotiate carve-outs where possible. Watch for whether Abuja pursues targeted trade diplomacy—or quietly absorbs the loss and shifts focus to other markets.

    Source: The Punch — December 22, 2025 (https://punchng.com/nigeria-suffers-nearly-n1tn-export-loss-after-trump-tariff/)

  • 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/)

  • 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/)