Connect with us

News

NBS says Nigeria Records N495Bn Drop in Merchandise Trade

Published

on

Dr Yemi kale, Statistician-General of the Federation
Kindly share this post

The National Bureau of Statistics (NBS) has said the country recorded a decrease of N495.3bn in total external merchandise trade from N5.658tn in the third quarter of 2013 to N5.162tn in the fourth quarter.

In the trade report released on Wednesday and signed by Dr. Yemi Kale, statistician general of the Federation/chief executive, NBS, said the N495.3bn represents a decrease of 8.8 per cent over what was recorded in the third quarter.

The report attributed the change to a decline in the value of imports and exports by 19.1 per cent and 2.7 per cent respectively from the previous quarter.

For instance, it said while the value of imports declined from N2.084tn in the third quarter to N1.686tn  in the fourth; the value of exports also dropped from N3.573tn to N3.476tn over the same period.

The resulting trade balance of N1.790tn according to the report,  represented an increase of N302.2bn or 20.3 per cent  from the preceding quarter.

On a year-on-year comparison, the report said that total trade was N21.261tn for the 2013 calendar year, indicating a decrease of 24.3 per cent or N6.810tn  lower than N28,071tn recorded for 2012.

The report blamed the drop to a 36.5 per cent decline in exports.

The crude oil component of total exports, according to the report, stood at N2.981tn for the fourth quarter, while the non-crude oil accounted for N495.2bn.

When classified by sections, the report revealed that boilers, machinery and appliances accounted for the largest share of imports, with N355.9bn or 21.1 per cent of total imports.

Other significant imports to Nigeria during the period under review included vehicles, aircrafts and parts with N293.6bn or 17.4 per cent, and mineral products with N230.3bn or 13.7 per cent of the total import bill.

Summarising imports by region, the report stated that the greatest value of imports to Nigeria in the fourth quarter of 2013 came from Asia, with N746.9bn or 44.3 per cent of total imports.

This was followed by Europe with N554.6bn or 32.9 per cent, the Americas with N267.3bn (15.9 per cent), Africa with N102.8bn (6.1 per cent) and Oceania with N14.4bn (0.9 per cent).

The report added that “ECOWAS contributed N48.0bn, or 46.7 per cent of the total imports from the Africa region.

“The individual countries with the five greatest import values are China, United States, South Korea, Netherlands and India, with Nigeria consuming N374.1bn, N185.1bn, N122.5bn, N95.7bn and N90.7bn of goods respectively.”

In terms of exports,  the report revealed that “Mineral products dominate Nigerian exports, contributing N3.167tn or 91.1 per cent of the total.

“This is followed by prepared foodstuff, beverages, spirit and vinegar, tobacco with N100.9bn or 2.9 per cent and vegetable products with N 51.641bn or 1.5 per cent of total exports of the quarter.”

It explained that the continent with the largest consumption of Nigerian export   was Europe, which received N1.416tn  or 40.8 per cent of the total exports.

This is followed by Asia with N881.7bn or 25.4 per cent of exports, Africa with N439.8bn or 12.7 per cent, and The Americas with N435.5bn or 12.5 per cent of exports.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

News

Francis Okafor Stuns China, Emerges Second-Place Winner @ Tencent OpenClaw Hackathon

Published

on

Kindly share this post

In a striking moment of global recognition for African talent in artificial intelligence, Shenzhen-based Nigerian technologist, Francis Okafor has emerged as the second-place winner at the 2026 Tencent OpenClaw Hackathon, a fiercely contested competition hosted by Chinese tech giant Tencent.

The achievement places the Nigerian engineer among the top innovators in one of the world’s most competitive technology hubs, Shenzhen, often described as China’s Silicon Valley.

Okafor’s journey to the podium was anything but scripted. Walking into Tencent’s facility on the day of the contest, he found a room already buzzing with elite programmers deep in preparation.

“Laptops open. Heads down. Some people setting up their system before the challenges even dropped,” he recalled, contrasting the scene with his own uncertainty at that moment. “And then there is me — a Nigerian looking around like, okay Francis, what exactly are you doing here?”

Rather than confidence, his first reaction was raw nerves. “I won’t lie, I had goose bumps. Not the inspirational kind,” he admitted, describing a quiet internal debate about whether he had wandered into territory far beyond his league. Yet that hesitation quickly gave way to experimentation, a hallmark of the hackathon spirit.

Earlier that same week, Tencent had rolled out OpenClaw integration into WeChat (known domestically as Weixin), exposing its massive user base to AI agent capabilities.

Okafor, a senior technology lead, artificial intelligence advocate, and global community organiser, had already been stress-testing the system and decided, on the spot, to build his entry around it. “I had been pushing it hard all week just to see what it could do… so when the challenges dropped I thought, you know what, let me use this thing as my weapon.”

That decision proved decisive. Competing against some of the most accomplished engineers in China’s hyper-competitive tech ecosystem, Okafor’s solution stood out for both ingenuity and execution. “It went far enough apparently,” he said with understated pride after securing second place.

Remarkably, he had entered without a grand plan. “I didn’t go in with a strategy. I went in for the thrill of it… Honestly I thought I would learn a few things and go home with a good story.” Instead, he left with a trophy, and a narrative that has resonated far beyond the competition hall.

Beyond personal triumph, Okafor emphasized the broader technological significance of the moment. Tencent released the WeChat OpenClaw plugin on the very morning of the event, effectively putting advanced AI agent tools into the hands of an estimated 1.4 billion users.

In his view, this signals a profound shift in how artificial intelligence will reach the public. The company, he observed, is “not just making AI accessible to developers… they are bridging it to everyone,” while using hackathons to identify innovators capable of pushing the technology forward, regardless of origin.

Okafor was acutely aware of his uniqueness in the room. “I was definitely the only African there and for sure stood out,” he noted. Yet what mattered was not nationality but capability. “Nobody cared about where I was from. They cared about what I built.”

His message to aspiring technologists, particularly those from underrepresented regions, is both simple and powerful: show up. “Enter things you think you have no business entering,” he urged. “The worst case is you learn something. The best case is you shock yourself.”

In an industry often defined by geography, capital, and institutional advantage, Okafor’s victory offers a compelling counter-narrative. Talent, preparation, and courage can still disrupt expectations, even in rooms that seem designed for someone else.

As he concluded in a line that has since captured widespread attention: Black excellence, he said, “doesn’t need a geography.”


Kindly share this post
Continue Reading

News

CBN Pledges Deeper Synergy with EFCC in Enugu Operations

Published

on

Kindly share this post

Economic and Financial Crimes Commission (EFCC) has urged the Central Bank of Nigeria (CBN) to deepen collaboration and provide faster operational support in Enugu State.

EFCC Seeks Stronger Ties with CBN in Enugu for Anti-Graft War

Zonal Director of the EFCC Enugu Zonal Directorate, Commander Daniel Isei, made the call during a courtesy visit to the CBN Branch Controller in Enugu, Mr Otutubuike Justice Agbaeze, on Tuesday.

The engagement forms part of ongoing efforts to boost inter-agency ties, enhance financial sector accountability, and fortify anti-money laundering initiatives nationwide.

Isei described the CBN as “our most critical partner in the fight against economic and financial crimes,” highlighting years of joint operations and the bank’s role in securing recovered assets.

“The CBN naturally stands out as one of our most critical partners… it serves as a secure repository for valuables recovered by the EFCC and it has greatly enhanced our operations,” he stated.

While commending past cooperation, Isei appealed for quicker responses to the EFCC’s frequent investigative requests from its Enugu office.

“We understand that these requests may be demanding, but timely responses are crucial, as time is of the essence in financial investigations. We therefore seek your continued indulgence in ensuring that our letters receive expeditious attention,” he added.

In response, Agbaeze reaffirmed CBN’s dedication to the partnership, pledging expert support and improved synergy “in the interest of financial system stability and national development.”


Kindly share this post
Continue Reading

News

Firm Shares Tips for Updating Your Digital Habits for an AI-driven World

Published

on

Kindly share this post

As smart devices with artificial intelligence (AI) tools, and always-on services become part of everyday life, the cybersecurity habits many people formed a few years ago may no longer be enough.

From AI-powered scams to social media trends that encourage users to upload personal details, the way people interact online is changing quickly. Ensuring that you stay secure now requires small, deliberate actions in your daily digital behaviour. Experts from Kaspersky, a global cybersecurity and digital privacy company, share the below advice to stay safe online.

  1. Be cautious with verification requests. Many scams now mimic legitimate verification processes, asking users to confirm accounts, update payment details, or approve login attempts. Because people are used to frequent security prompts, it is easy to respond automatically. Pause before sharing verification codes or personal information and independently verify requests through official websites or by contacting service providers directly.
  2. Cultivate healthy AI usage habits. AI agents, chatbots and multimedia-generating apps can be convenient and entertaining, but uploading high-resolution photos or personal information carries privacy implications. Facial images can function as biometric identifiers, and once shared with an online service, be it AI or a social network, control over how that data is stored or reused may be limited. Before using AI tools, review privacy policies, minimise the personal information they provide, and avoid uploading sensitive documents or confidential content.
  3. Do your homework on AI. For parents, the rise of AI assistants introduces another dimension. While AI tools can help in making education interactive and gamified, children may turn to AI tools for homework support or entertainment without fully understanding how their data is used or how to evaluate responses critically.

Open conversations about responsible AI use, privacy awareness, and the importance of not oversharing personal information can help children build safe digital habits from an early age.

  1. Audit your online subscriptions. Reducing digital exposure is another simple but often overlooked step. Over time, unused subscriptions, dormant accounts, and forgotten apps accumulate personal data and payment details. Regularly reviewing subscriptions, deleting unused accounts, and checking which apps have access to personal information can significantly reduce risks of this data being leaked.
  1. Secure your devices and home. Device longevity and smart home security also play an important role. Older devices that no longer receive security updates may contain unpatched vulnerabilities.

Ensure that smartphones, laptops, routers, and smart home devices are running the latest firmware and are protected with strong passwords and multi-factor authentication. Changing default passwords on connected devices and securing home Wi-Fi networks are essential steps in protecting both personal data and physical spaces.

As technology and AI becomes more integrated into daily life, security is less about dramatic measures and more about consistent, informed habits.

“Technology evolves quickly, and our online behaviour should keep pace,” says Brandon Muller, Technical Expert for the Middle East and Africa region at Kaspersky. “Take time to review privacy settings, app permissions, and connected third-party services, removing anything that is no longer needed. By being more deliberate about what we share, how we verify requests, and how we manage our devices, we can significantly reduce exposure to modern cyber risks while enjoying all the benefits of new technologies.”


Kindly share this post
Continue Reading

Trending