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China supplies 39% of Nigeria’s N28tn imports

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Nigeria imported goods worth N11.01 trillion from China in the first half of 2026, accounting for nearly 40 per cent of the country’s total imports, amid growing concerns by the National Agency for Food and Drug Administration and Control over Chinese-linked counterfeit networks.

An analysis by The PUNCH of the latest Foreign Trade in Goods Statistics reports released by the National Bureau of Statistics showed that imports from China rose from N5.10tn in the first quarter to N5.92tn in the second quarter.

The combined N11.01tn represented 39.27 per cent of Nigeria’s N28.04tn total imports between January and June 2026, indicating that almost N4 out of every N10 spent on imported goods during the period went to products originating from China.

China’s share of Nigeria’s imports also increased considerably from the corresponding period of last year. NBS data showed that Nigeria imported N4.66tn from China in Q1 2025 and N4.96tn in Q2, bringing the first-half figure to N9.62tn.

This means imports from China increased by N1.39tn, or 14.49 per cent, to N11.01tn in H1 2026. The increase occurred despite a contraction in Nigeria’s overall import bill. Total imports fell from N33.14tn in the first half of 2025 to N28.04tn in H1 2026, representing a decline of 15.37 per cent.

Consequently, China’s share of Nigeria’s imports jumped from 29.03 per cent in the first half of 2025 to 39.27 per cent in the corresponding period of 2026, an increase of more than 10 percentage points.

The development reinforces China’s position as Nigeria’s largest source of imported goods. In Q1 2026, Nigeria’s total imports stood at N13.62tn, an 18.17 per cent decline from N16.64tn in the corresponding period of 2025.

China supplied N5.10tn worth of the imports, representing 37.42 per cent of the total. The United States ranked second with N2.81tn, while India followed with N992.87bn.

The concentration deepened in the following three months. Imports from China rose by 16.09 per cent quarter-on-quarter to N5.92tn in Q2, equivalent to 41.02 per cent of Nigeria’s N14.42tn total imports during the period.

The United States, Nigeria’s second-largest source of imports in the quarter, accounted for only N1.01tn or 6.97 per cent, while India supplied N924.46bn or 6.41 per cent. The Netherlands and Germany accounted for N409.81bn and N395.87bn, respectively.

The figures showed that China supplied almost six times as many goods to Nigeria as the United States in Q2. Compared with Q2 2025, imports from China increased by N955.58bn or 19.26 per cent from N4.96tn, even as Nigeria’s total imports fell by 12.55 per cent year-on-year.

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The growing value of Chinese imports comes amid renewed concerns about counterfeit and substandard products in the Nigerian market.

Online discourse surrounding the rise of fake items reached a fever pitch recently. Nigerians, including influencers like Scott Iguma and Aproko Doctor, raised the alarm over the rise of these counterfeit materials. Social media posts have gone viral about fake toothpastes, creams, contaminated bottled water and adulterated yoghurt drinks.

NAFDAC’s Director of Investigation and Enforcement, Martins Iluyomade, earlier told The PUNCH that the agency had uncovered what it described as a new trend involving some Chinese counterfeiters operating within Nigeria.

According to him, investigations indicated that some operators identify popular products in the Nigerian market, arrange for their replication and use logistics networks to distribute the counterfeits.

He said the practice had changed from an earlier model under which Nigerian counterfeiters travelled to China to arrange production.

Iluyomade said, “Before, to fake a product, you needed to go to China to bring it. Now, you don’t need to go. They are here (in Nigeria) with us. They are the ones who will identify the product that will be moving, send it to their country (China), and then come here and distribute it to our people (Nigerians) without having to travel.

Describing it as a “new trend making it (fake goods situation) look this serious,” he noted that NAFDAC discovered the “Chinese people (counterfeiters) own the logistics companies which they used to bring these (fake goods) things.”

The official added that NAFDAC had been closing logistics companies allegedly connected to the distribution networks as part of efforts to disrupt the supply of counterfeit products.

However, the agency’s allegations do not suggest that the N11.01tn worth of imports from China were counterfeit. The scale of Chinese trade, nevertheless, highlights the size of the supply chain requiring regulatory oversight at Nigeria’s borders and within the domestic market.

Further analysis showed that China’s dominance was even greater within Nigeria’s trade with Asia. Imports from Asia amounted to N7.55tn in Q1 and N8.56tn in Q2, taking the first-half figure to N16.12tn. China’s N11.01tn accounted for 68.34 per cent of the total.

This means more than two-thirds of every naira Nigeria spent on goods imported from Asia during the first six months of 2026 went to China. Asia itself strengthened its position as Nigeria’s dominant import region. It supplied 55.45 per cent of imports in Q1, before its share increased to 59.37 per cent in Q2.

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The products coming from China also showed the country’s importance to several sectors of the Nigerian economy beyond consumer goods. In Q1, one of the leading imports from China was machines for the reception, conversion and transmission of voice, images or data, valued at N254.41bn.

Other major products included seeders, planters and transplanters worth N137.94bn; parts of apparatus for transmitting or receiving voice, images or data valued at N104.53bn; herbicides and related agricultural products worth N103.83bn; and line pipes used for oil and gas pipelines valued at N81.15bn.

The pattern shifted somewhat in Q2, with photovoltaic cells assembled into modules or panels worth N184.02bn ranking among the leading imports from China.

Nigeria also imported N158.73bn worth of machines for receiving, converting and transmitting voice, images or data; N152.56bn of machinery with a 360-degree revolving superstructure; N128.88bn of herbicides and related products; and N126.45bn of machinery for cleaning, sorting or grading seeds and grains.

The figures indicate that Chinese supplies remain significant to Nigeria’s telecommunications, agriculture, construction, renewable energy and industrial sectors. The growing dependence on China also coincided with a rise in Nigeria’s overall manufactured goods imports.

Manufactured goods imports stood at N8.48tn in Q1 2026, up 12.94 per cent from N7.51tn in the corresponding quarter of 2025. The figure increased further to N9.51tn in Q2, representing a 20.65 per cent rise from N7.88tn recorded a year earlier and a 12.10 per cent increase from Q1.

Consequently, Nigeria imported N18tn worth of manufactured goods in the first six months of 2026, equivalent to 64.16 per cent of the country’s total import bill. Beyond the volume of imports, the NBS figures revealed a wide imbalance in Nigeria’s merchandise trade with China.

Nigeria exported N582.20bn worth of goods to China in Q1 and N506.57bn in Q2, bringing exports to the country to N1.09tn in the first half of 2026. With imports standing at N11.01tn, Nigeria consequently recorded an estimated N9.92tn merchandise trade deficit with China during the six-month period.

The figures mean that for every N1 worth of goods Nigeria exported to China, it imported about N10.11 worth of goods from the Asian country. Nigeria’s exports to China represented only about 2.26 per cent of its N48.19tn total exports during the period, further illustrating the imbalance in bilateral merchandise trade.

Meanwhile, NAFDAC has intensified enforcement against counterfeit and substandard products following growing public concerns about the circulation of fake medicines, food products, cosmetics and other regulated goods.

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The agency said it had secured 64 convictions for counterfeiting offences between June 2025 and June 2026, while investigations and enforcement operations had resulted in seizures and destruction of large quantities of unregistered and counterfeit products.

NAFDAC Director-General, Prof Mojisola Adeyeye, also disclosed that the agency had destroyed or seized more than N1.54tn worth of fake and substandard regulated products nationwide since 2023.

In a related development, Organised Private Sector operators said counterfeiting was eroding profits, discouraging investment and pushing legitimate producers out of business.

Speaking earlier with The PUNCH, the Vice Chairman, Lagos Chapter of the National Association of Small-Scale Industrialists, Peter Popoola, said counterfeiting was hurting members of his association in multiple ways.

“Counterfeiting reduces our sales and profits. It also damages the reputation of legitimate brands because the consumer may not know the difference until he uses the product and it turns out bad,” Popoola said.

He explained that small businesses lacked the financial muscle to protect their products from imitators. “The cost of protecting our products and taking possible legal action is high. SMEs’ finances are generally limited; we cannot afford it. It slows down our growth and leads to job losses,” he stated.

Popoola described counterfeiting as “evil” and destructive to lives, property and investment. He blamed the recurring cycle of counterfeiting on weak political will, corruption and widespread poverty, noting that many consumers deliberately sought cheaper, fake alternatives despite knowing the risks. “When the original wire sells for N2,000 and the fake sells for N1,000, people go for the fake one. In a month, the wire cuts,” the NASSI executive said.

He called for government-backed grants and low-interest credit facilities to help genuine small manufacturers scale up production, alongside consumer credit schemes that would make quality products more affordable.

Meanwhile, the Chief Executive Officer of Spectra Industries Limited, Duro Kuteyi, said dwindling household incomes were driving Nigerians toward counterfeit products. “There is not much money in the pocket, so everybody is looking for cheap items, and that is where counterfeiters gain access to the market,” Kuteyi said.

The renowned manufacturer urged consumers to watch for tell-tale signs of fake goods, from poorly positioned labels to soft drinks without gas.

Source: punchng.com

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Tinubu launches N52,500 minimum pension for 173,209 retirees

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President Bola Tinubu on Tuesday launched a N52,500 monthly minimum pension guarantee for 173,209 eligible retirees under the Contributory Pension Scheme, ending a 22-year delay in implementing the provision of the Pension Reform Act.

The President also inaugurated the Pension Industry Healthcare Plan for Retirees, known as PenCare, to provide free essential healthcare services to low-income pensioners.

Tinubu, who was represented by Senate President Godswill Akpabio, announced the initiatives during the Presidential Pension Security Initiatives ceremony at the State House Banquet Hall, Abuja.

Declaring the minimum pension guarantee operational, he said, “By the authority vested in me as President, Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria, I hereby declare the Minimum Pension Guarantee Scheme commenced.”

The President explained that the guarantee, first provided for under the Pension Reform Act of 2004 and retained in the 2014 legislation, had remained unimplemented despite successive administrations.

“From this day, there is a floor beneath the Nigerian retiree. No one who contributed under the Contributory Pension Scheme will ever be allowed to fall below,” he said.

Tinubu urged future administrations to maintain the guarantee, declaring, “Raise it. But never remove the floor.”

On healthcare, he said the PenCare initiative would protect vulnerable retirees from medical expenses capable of exhausting their pension savings.

“PenCare gives our low-income retirees access to essential health care without charge,” he said, adding that beneficiaries would begin receiving healthcare access cards in the coming months.

The President also disclosed that his administration had issued a N758bn bond to address longstanding pension arrears and approved a N32,000 monthly consequential adjustment for affected federal pensioners.

He said states had spent over N1tn settling pension obligations, attributing their improved financial capacity partly to subsidy removal.

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Citing a World Bank report, Tinubu said states’ revenues increased by about 93 per cent in real terms between 2023 and 2025, while the share of their budgets devoted to capital projects rose from 46 to 61 per cent.

He also disclosed that government-backed credit initiatives had unlocked over N64bn for 174,000 borrowers, while more than 350,000 Nigerians had accessed approximately N53bn in consumer credit.

In her opening remarks, the Director-General of the National Pension Commission, Omolola Oloworaran, announced that the guaranteed minimum pension had been fixed at N52,500 monthly.

“The minimum pensions in the Federal Republic of Nigeria is 52,500 naira every month,” she said.

According to her, 173,209 retirees qualify for the guarantee, comprising 34 per cent from federal service, 12 per cent from state employment and 54 per cent from the private sector.

She explained that the amount had been actuarially validated and would be subject to periodic review.

“The figure was not plucked from the air. It has been validated by an actuary, and it is subject to review,” Oloworaran noted.

She disclosed that more than N400bn was available in the Pension Protection Fund to finance the guarantee, while more than 65 per cent of private-sector retirees currently earned below the new threshold.

The PenCom boss also revealed that states inherited over N2tn in pension liabilities, of which N1.07tn had been settled.

Source: punchng.com

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NERC okays N30bn to meter Band A customers, read details

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The Nigerian Electricity Regulatory Commission (NERC) has approved N30bn for the third phase of the Meter Acquisition Fund to accelerate the installation of electricity meters for unmetered Band A customers and expand coverage among Band B consumers.

The regulator has also directed electricity distribution companies to complete all meter installations under the programme by 31 May, 2027, warning that customers must not be charged for meters provided through the initiative.

The commission disclosed this in Order No. NERC/2026/121 on the operationalisation of Tranche C of the Meter Acquisition Fund, effective 2 November, 2026. It announced the order in a post on its official X handle on Tuesday.

The post read, “The Nigerian Electricity Regulatory Commission (NERC or the Commission) hereby informs electricity consumers and stakeholders of the issuance of Order No. NERC/2026/121 on the Operationalisation of Tranche C of the Meter Acquisition Fund, effective 2 November 2026.

“The Commission has approved N30 billion for Tranche C, to be allocated among the eleven Distribution Companies (DisCos) in proportion to their respective contributions to the Fund. The funding is intended to meter all remaining unmetered Band A customers and accelerate the metering of Band B customers, with equitable distribution across states within the respective DisCo franchise areas.”

The latest funding is part of the Federal Government’s Presidential Metering Initiative, which seeks to close the country’s persistent electricity metering gap, protect consumers from estimated billing and improve accountability in the power distribution system.

According to the order, the approved N30bn will be shared among the 11 electricity distribution companies in proportion to their respective contributions to the Meter Acquisition Fund.

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The funds will be used to provide meters for all remaining unmetered Band A customers while accelerating installations for Band B consumers. The commission also directed that the distribution should be equitable across states within each DisCo’s franchise area.

Under the arrangement, the distribution companies are required to conduct transparent procurement exercises involving eligible Local Meter Manufacturers and Assemblers and Meter Asset Providers with verified meter stocks.

NERC said it had prescribed maximum procurement prices based on the median national bid prices submitted by Meter Asset Providers during the September 2026 bidding cycle.

The commission also introduced a two-stage payment arrangement to strengthen accountability and ensure that providers deliver the meters before receiving full payment.

Under the arrangement, 70 per cent of the contract payment will be released after verification of delivered meter stocks, while the remaining 30 per cent will be paid after the complete installation of the meters has been confirmed.

The regulator reiterated that all meters supplied and installed under the fund must be provided free of charge to electricity consumers, warning against attempts by distribution companies or their agents to sell them.

It further directed that every meter supplied under the programme must prominently display the name of the relevant distribution company, the applicable tranche of the Meter Acquisition Fund and the inscription, “NOT FOR SALE”.

“The Commission reiterates that all meters supplied and installed under the MAF programme shall be provided FREE OF CHARGE to customers. Every meter must prominently display the relevant DisCo’s name, the applicable MAF tranche and the inscription “NOT FOR SALE.

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“Where a DisCo initiates the relocation of an existing customer’s connection point for revenue protection purposes, the cost shall be borne by the DisCo. The Order also provides sanctions where DisCo defaults impede meter installation,” the report added.

The order also addressed situations where distribution companies relocate customers’ existing connection points for revenue protection purposes.

According to NERC, where a DisCo initiates such relocation, it must bear the associated cost rather than transfer the financial burden to the affected customer.

The commission also provided for sanctions where defaults by distribution companies obstruct or delay meter installations, reinforcing the responsibility of operators to ensure that the programme is implemented within the stipulated period.

To prevent diversion of funds and ensure proper implementation, the regulator prescribed monitoring, reporting and evaluation requirements for the Fund Manager, distribution companies and participating meter providers.

It also directed that all supply and installation contracts executed under Tranche C must be submitted to the commission.

Source: punchng.com

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NDIC laments debtors’ refusal to repay failed bank loans

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The Nigeria Deposit Insurance Corporation has expressed concern over the refusal of some debtors of failed banks to repay outstanding loans, accusing them of deliberately frustrating recovery efforts through asset concealment, legal delays and intimidation.

The corporation warned that such practices undermine efforts to recover funds belonging to depositors and delay the payment of outstanding claims to customers of liquidated financial institutions.

The Director of the Asset Management Department of the NDIC, Ogungbemi Theophilus, raised the concerns on Monday during the Stakeholders’ Seminar and Public Relations Workshop held at Exclusive Serene Hotels and Suites, Wuye, Abuja.

Speaking on the challenges confronting the corporation in recovering assets of failed banks, Theophilus said, “Some debtors of failed banks believe that because a bank’s licence is revoked, he is not obliged to fulfil his responsibilities anymore. They hide assets. They frustrate service. Employ delay tactics in court. Sometimes, they try to intimidate. But we have to always do our job and professionally too.”

He explained that recovering outstanding loans remained one of the most difficult aspects of bank liquidation, particularly when borrowers failed to honour their obligations before the affected institutions lost their operating licences.

“A loan that was not repaid when the bank was alive does not become easier to recover when the bank is dead,” he noted.

The director noted that delays in recovering loans and disposing of physical assets could significantly reduce their value, ultimately affecting the amount available for distribution to depositors.

According to him, buildings left unoccupied for extended periods depreciate, while equipment deteriorates and outstanding loans become increasingly difficult to recover.

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“Every delay slows payment to depositors,” he warned.

Theophilus explained that the Asset Management Department was responsible for managing the loans, physical assets and investments of closed deposit money banks, primary mortgage banks and microfinance banks.

He said the department was mandated to recover outstanding loans, dispose of properties and investments, and convert recovered assets into cash to settle uninsured depositors.

He stressed that the corporation’s ability to compensate depositors whose balances exceeded the insured limits depended largely on the success of these recovery efforts.

The director explained that depositors of deposit money banks, non-interest banks and mobile money operators were insured up to N5m per depositor per bank, while those of microfinance banks, primary mortgage banks and payment service banks were covered up to N2m.

He said the existing coverage fully protected approximately 99 per cent of depositors, but customers with balances above the insured limits depended on liquidation dividends for the recovery of their outstanding funds.

“For them, the insured payment is only the first instalment. The balance — the uninsured deposit — can only be paid as liquidation dividend, from the proceeds of the assets we are able to realise and the loans we are able to recover,” he explained.

Theophilus disclosed that the corporation conducted public auctions through competitive sealed bidding on November 3 and 4, 2026, to dispose of physical assets belonging to three banks in liquidation.

He identified the institutions as Union Homes Savings and Loans, Heritage Bank, and Resort Savings and Loans, adding that the auctions took place in Lagos, Taraba and Adamawa states.

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He said the exercises were coordinated by the Asset Management Department and executed by appointed auctioneers.

The director also cautioned against excessive recovery costs, stressing that expenses incurred in recovering debts must not outweigh the value of recovered assets.

“If it costs us N10m to recover N8m, the depositor has lost. We must be disciplined about costs, timelines and reporting,” he said.

He further warned professionals engaged in asset recovery against insider dealing, deliberate undervaluation, collusion with buyers and diversion of proceeds.

“The Corporation has zero tolerance for insider dealing, under-valuation, collusion with buyers, diversion of proceeds, or any conduct that short-changes depositors,” he declared.

Theophilus announced that the NDIC was developing a comprehensive Asset Management Policy to strengthen asset identification, documentation, valuation, disposal procedures and accountability in recoveries.

He said the corporation would also deepen collaboration with auctioneers, valuers, sales agents, surveyors and other professionals to improve loan recoveries and accelerate the settlement of depositors’ claims.

The director explained that the Abuja workshop formed part of three stakeholder seminars scheduled for Abuja, Enugu and Lagos, aimed at identifying operational challenges, strengthening professional relationships and improving asset recovery outcomes.

He maintained that successful collaboration would ultimately benefit depositors awaiting payment following the collapse of their banks.

Source: punchng.com

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