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Nigeria’s trade surplus hits new high of N6.52 trillion in Q1 2024 – NBS

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According  to Nigeria’s National Bureau of Statistics (NBS), the country’s trade surplus rose to a record high of N6.52 trillion in the first quarter of 2024

Here are some key highlights from the NBS report

– Total exports: N19.17 trillion, up 51% from Q4 2023 and 195.47% from Q1 2023

– Total imports: N12.64 trillion, up 39.65% from Q4 2023 and 95.53% from Q1 2023

– Top export destinations: France (11.09%), Spain (10.56%), Netherlands (8.85%), India (8.41%), and United States (6.84%)

– Top import partners: China (23.18%), India (8.46%), United States (7.98%), Belgium (7.56%), and Netherlands (4.68%)

– Major export commodities: Crude oil, liquefied natural gas, sesamum seeds, urea, and superior-quality cocoa beans

– Major import commodities: Motor spirit ordinary, gas oil, durum wheat, cane sugar, and other liquefied petroleum gases.

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Nigeria has more poor people than China, Indonesia, Vietnam combined – Peter Obi

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L-R: Renowned author, Professor Peter Lewis and Peter Obi
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The presidential candidate of the Labour Party in the 2023 general elections, Peter Obi, has attributed Nigeria’s stunted growth and rising poverty levels to the failure of political leadership over the years.

He also lamented that Nigeria has more poor people than China, Indonesia, Vietnam, combined.

Obi made this assertion while delivering a lecture on “Politics and Change in Nigeria” at Johns Hopkins University in the United States on Thursday, at the invitation of Professor Peter Lewis, renowned author of “Growing Apart: Comparing Indonesia and Nigeria.”

Sharing highlights of the lecture via his verified X handle on Friday, Obi emphasised that the fate of a nation is closely tied to the quality of its leadership.

“The failure of a nation depends largely on its Political Leadership. Competent, capable and compassionate political leadership, with integrity, will help nations to achieve sustainable growth and development,” he said.

Obi compared Nigeria’s trajectory over the past 35 years with that of three other developing nations such as China, Indonesia, and Vietnam, and pointed out that, while these countries have moved into higher categories of human development, Nigeria has regressed.

“In 1990, the year the measurement of the Human Development Index (HDI) was started, these 3 comparable nations, including Nigeria, were all classified under the medium category… 35 years later, 3 of these nations have moved up to the High category of HDI while Nigeria has fallen into the low category,” he stated.

On the economic front, Obi highlighted how Nigeria, which once had a higher GDP per capita than China and Vietnam, has now fallen far behind.

“As of 1990, while Nigeria had a GDP per capita of $556, China had $317, Indonesia had $578, and Vietnam had only $99… Today, Nigeria’s per capita is about one-fifth of Indonesia’s ($5000) and Vietnam’s ($4400) GDP per capita and below one-tenth of China’s ($13,000),” he said.

He also raised concern about Nigeria’s alarming poverty figures, noting that the country now has more poor people than China, Indonesia, and Vietnam combined.

“In 1990… China had about 750 million people living in poverty… Today, however, Nigeria has more poor people than these 3 countries combined,” he lamented.

According to Obi, the distinguishing factor in the progress made by these countries lies in their political leadership’s commitment to development-focused policies.

“These comparable nations, and indeed other progressive nations, unlike Nigeria, have competent leadership with character, capacity and compassion, committed to prioritizing investment in critical areas of developmental measures; Education, Health, and pulling people out of poverty,” he explained.

Obi also reaffirmed his optimism about Nigeria’s potential, insisting that meaningful change remains achievable.

“A New Nigeria is POssible,” he declared.

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TRACE denies involvement in death of Ogun motorcyclist

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Ogun State Traffic Compliance and Enforcement Agency, TRACE, has denied its involvement in the road accident that claimed the life of an unidentified private motorcyclist in Abeokuta.

The accident which occurred at about 5pm opposite Federal High Court, Oke-Mosan, Abeokuta, on Wednesday, involved an orange and white articulated vehicle with the inscription A&O.

Ekwutosblog gathered that the vehicle which was alleged to have been chased by TRACE officials ran over the motorcyclist while trying to run.

The deceased who was rushed to Federal Medical Centre by road users, gave up the ghost before getting to the hospital.

However, the TRACE Public Relations Officer, Babatunde Akinbiyi, in a statement made available to newsmen on Thursday, stated that the incident was misrepresentation of fact and issues involved.

Akinbiyi maintained that the officers were not chasing the articulated vehicle and its patrol vehicle was on the usual duty of patrolling the highway within the metropolis to ensure free flow of traffic and check.

He asserted that the truck on sighting the patrol vehicle, made a quick and unplanned right turn with speed towards SUBEB, and in the process ran into an unidentified private motorcycle rider from the back.

Akinbiyi noted that in the process, several charms, devilish objects and soap fell off the motorcycle.

He said, “The regrettable incident in question, because it involves human life, is a misrepresentation of facts and issues involved. TRACE was neither chasing nor running after any articulated vehicle because we don’t apprehend at all cost.

“The TRACE patrol vehicle in question was on its normal and usual duty of patrolling the highway within the metropolis to ensure free flow of traffic and check, as well as see to any safety concern that may lead to gridlock, obstruction and loss of man-hour, if not quickly attended to.

“However, on sighting the TRACE patrol vehicle, which is the usual characteristics of articulated vehicle drivers, particularly those who have skeleton in their cupboards, the articulated vehicle driver under consideration, made a quick and unplanned right turn with speed towards SUBEB, and in the process ran into an unidentified private motorcycle rider from the back, with assorted charms, devilish objects and soap falling off the motorcycle.

“Unfortunately, the unidentified private motorcycle rider died at the Federal Medical Centre, Idi-Aba, where he was rushed to.”

Meanwhile, he disclosed that the driver and the articulated vehicle have been apprehended and impounded at the Motor Traffic Division, Nigeria Police Force, Ibara, Abeokuta, for further investigation and likely prosecution.

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Universal basic income makes people happier

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A German study has found that universal basic income improves people's mental health without having a significant impact on their work ethic
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AGerman study has found that universal basic income improves people’s mental health without having a significant impact on their work ethic.

The pilot study, which was carried out by German association Mein Grundeinkommen and presented in Berlin on Wednesday, surveyed a total of 107 participants aged 21 to 40 living alone and earning a net income between 1,100 and 2,600 euros for three years.

As part of the experiment, they each received 1,200 euros a month for three years.

Universal basic income is a system that sees governments paying every citizen of a country a base salary to cover costs including food and rent, with the guaranteed sum being paid by the state to everyone, regardless of wealth or work status.

Despite common criticism that universal basic income discourages people from working, researchers observed no significant changed in employment.

However, more participants changed jobs during the first 18 months, while several opted to pursue further education or begin university studies, possibly because they felt they had the financial freedom to try new things.

Researchers, who collaborated with the Herman Institute for Economic Research (DIW Berlin),  also found that their overall wellbeing and mental health improved significantly.

This was due to the fact that several participants reported higher levels of satisfaction with their health and a stronger sense of financial security.

Many also reported getting better sleep and having lower stress levels.

The study also found that spending patterns shifted, with Mein Grundeinkommen reporting that at the start of the study, ‘recipients often fulfilled long-held wishes’ but later, ‘many began to save and invest’.

Recipients were also found to be more generous, with many found to have donated more money, while others offered financial support to friends and family.

The study comes as figures as diverse as Jeremy Corbyn, Elon Musk and the Pope have made the case of universal basic income in recent years.

But critics have long maintained that the system is not affordable, but also a strong disincentive to work.

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