National Bureau of Statistics (NBS) reports that Nigeria recorded a trade surplus of ₦5.81 trillion in the third quarter (Q3) of 2024.

A trade surplus occurs when a nation’s exports exceed its imports, reflecting a positive trade balance.

In its report titled Foreign Trade in Goods Statistics (Q3 2024), released on Friday, the NBS stated that Nigeria’s exports totalled ₦20.48 trillion, while imports stood at ₦14.67 trillion. The bureau noted that the country’s total merchandise trade increased by 81% from ₦19.38 trillion in Q3 2023 to ₦35.16 trillion in Q3 2024.

“Nigeria’s total merchandise trade stood at ₦35,160.44 billion in Q3, 2024. This represents an increase of 81.35% compared to the value recorded in the corresponding period of 2023 and a rise of 13.26% over the value recorded in the preceding quarter,” the NBS said.

“In the quarter under review, exports accounted for 58.27% of total trade with a value of ₦20,486.39 billion, showing an increase of 98.00% rise over the value recorded in the third quarter of 2023 (₦10,346.60) and 16.76% compared to the value recorded in Q2 2024 (₦17,545.62).”

The report highlighted that exports were predominantly crude oil, valued at ₦13.4 trillion and accounting for 65.44% of total exports. Non-crude oil exports, including gas, amounted to ₦7 trillion, representing 34.56% of total exports. Non-oil products, such as agricultural commodities, contributed ₦2.5 trillion, or 12.21% of total exports.

The NBS also revealed that imports represented 41.73% of total trade in Q3 2024, amounting to ₦14.6 trillion. “This value indicates an increase of 62.30% compared to the value recorded in Q3 2023 (₦9,041.24 billion) and 8.71% over the value recorded in Q2 2024 (₦13,497.90 billion),” the bureau stated.

In terms of export destinations, Spain, the United States, France, The Netherlands, and Italy emerged as the top five trading partners. “The main export destination was Spain with a value of ₦2,267.83 billion or 11.07% of total exports, followed by exports to The United States of America with ₦1,689.48 billion or 8.25% of total exports, France with ₦1,588.30 billion or 7.75% of total export, The Netherlands with ₦1,434.29 billion or 7.00% of total exports, and exports to Italy with goods valued at ₦1,377.37 billion representing 6.72% of total exports,” the bureau said.

“These five countries collectively accounted for 40.79% of the value of total exports in Q3, 2024.”

On the import side, China remained Nigeria’s largest trading partner, accounting for 24.36% (₦3.57 trillion) of imported goods.

Other top import partners included India (₦1.66 trillion or 11.33%), Belgium (₦1.63 trillion or 11.13%), the United States (₦1.02 trillion or 6.98%), and Malta (₦766 billion or 5.23%)

The Federal Government of Nigeria is set to launch a certificate-based digital literacy course across universities nationwide. This initiative aims to enhance students’ proficiency in digital skills, preparing them for the evolving technological landscape.

The program will be implemented in collaboration with the National Information Technology Development Agency (NITDA) and other stakeholders. It aligns with the government’s goal to achieve a 70% digital literacy rate among Nigerians within three years, targeting the training of 30 million Nigerians.

To further promote the Digital4All initiative, Director General Kashifu Inuwa Abdullahi CCIE led a delegation from NITDA to meet with the Executive Secretary of the National Universities Commission (NUC), Chris J. Maiyaki, to discuss collaboration on digital literacy.

The discussion focused on integrating digital literacy and skills as a general course in all universities to accelerate the goal of achieving 70% digital literacy by 2027 and positioning the nation as a global talent exporter. This aligns with the agency’s strategy of fostering digital literacy and cultivating talent in line with President Tinubu’s Renewed Hope Agenda.

During the visit, the Executive Secretary expressed readiness to collaborate with the agency in embedding and streamlining the initiative to further promote the digital economy.

This collaboration underscores the importance of integrating digital literacy into higher education curricula to equip students with essential skills for the digital age. By embedding digital literacy into university programs, Nigeria aims to produce a workforce adept in technology, thereby enhancing the nation’s competitiveness in the global digital economy.

According to Kaspersky’s latest report, artificial intelligence (AI) will become an integral part of daily life, while privacy concerns around biometric data and advanced technologies will take center stage in 2025. These forecasts are part of the annual Kaspersky Security Bulletin series, which provides an outlook on the cybersecurity trends and threats expected to impact consumers in the coming year.

AI becomes an everyday reality

AI is predicted to fully integrate into daily life in 2025, becoming a standard tool rather than a novel technology. With prominent operating systems like iOS and Android rolling out AI-enhanced features, people will increasingly rely on AI for communication, workflows, and creative tasks.

However, this normalisation also brings challenges, particularly as personalised deepfakes become increasingly sophisticated in the absence of reliable detection tools.

Privacy regulations will expand user data ownership

The growing emphasis on privacy is expected to lead to new regulations that strengthen user control over personal data. By 2025, individuals may gain the right to monetise their data, transfer it easily across platforms, and benefit from simplified consent processes.

Global frameworks, such as the EU’s GDPR, California’s CPRA and South Africa’s POPIA, continue to inspire reforms worldwide, while decentralised storage technologies could further strengthen user autonomy over their information.

Fraudsters will continue to exploit premieres and releases

Cybercriminals are expected to target prominent gaming, console, and film launches in 2025. Titles like Mafia: The Old Country, Civilization VII, and Death Stranding 2, as well as the anticipated Nintendo Switch 2, are likely to attract scams involving fake pre-orders, counterfeit rootkits, and malicious downloads.

Similarly, blockbuster films like Superman and Jurassic World Rebirth may trigger phishing campaigns and counterfeit merchandise fraud aimed at enthusiastic fanbases.

Political polarisation will fuel cyberbullying

Increasing political polarisation is expected to exacerbate cyberbullying in 2025. Social media algorithms that amplify divisive content, combined with the widespread availability of AI tools for creating deepfakes and doctored posts, are likely to intensify online harassment. Cross-border cyberbullying could also escalate as global platforms facilitate the targeting of individuals based on their political beliefs.

Rising number of subscription services will fuel fraud risks

As the global economy shifts further towards subscription-based models, a rise in fraud related to fake subscription promotions is expected. Cybercriminals are expected to create counterfeit services that mimic legitimate platforms, aiming to deceive users into providing personal and financial information, resulting in identity theft and financial losses.

Additionally, the growth of unofficial resources that provide discounted or free access to subscription services is expected to become a significant threat vector, exposing users to phishing attacks, malware, and data breaches.

Prohibition of social media for children may lead to broader user restrictions

Australia’s proposed legislation to ban social media access for children under 16 could set a global precedent. If implemented successfully, the restriction could pave the way for broader limitations on access for other demographics.

Platforms like Instagram have already begun adopting AI-powered age-verification systems, signaling a shift toward stricter governance of online spaces.

“As we look to 2025, the most significant impact on consumers is expected to arise from the intersection of innovation and regulation. Advances in AI, privacy protection, and data ownership frameworks will reshape the way people interact with technology and manage their digital lives.

These developments hold immense potential but also demand careful oversight to ensure they serve consumer interests,” said Anna Larkina, Kaspersky privacy expert.