Nigeria’s trade surplus hit N5 trillion
Nigeria had a trade surplus of N5.81 trillion in the third quarter of 2024, demonstrating a substantial increase in export earnings, according to the National Bureau of Statistics (NBS).
While impressive, this surplus was slightly lower than the N6.95 trillion recorded in the previous quarter. The NBS report revealed that Nigeria’s total merchandise trade for the quarter reached N35.16 trillion, representing an impressive 81.35% increase compared to the same period in 2023 and a 13.26% rise from the previous quarter.
Exports were particularly strong, surging by 98% to 20.49 trillion Naira, up from 10.35 trillion Naira in the third quarter of 2023. This also represents a 16.76% increase from the second quarter of 2024, which saw exports at 17.55 trillion Naira.
South Korea’s President Yoon apologised, but won’t resign
South Korean President Yoon Suk Yeol apologised on Saturday for his recent attempt to impose martial law but refused to resign, despite facing strong pressure from various political factions, including members of his own party. The apology came just hours before a planned impeachment vote.
In his address, Yoon acknowledged his controversial decision and stated he would not try to escape the legal and political consequences of declaring martial law—a move not seen in South Korea since 1980. He described his actions as a result of extreme desperation.
This was Yoon’s first public appearance since he withdrew the martial law order early Wednesday, just six hours after initially implementing it. His declaration was effectively nullified when parliament, despite being surrounded by military and police, voted against the decree.
During a televised national address, Yoon bowed and said, “I am very sorry and would like to sincerely apologise to the people who were shocked.” He also indicated that he would leave decisions about his political future to his party.
Following the speech, Han Dong-hoon, leader of Yoon’s People Power Party (PPP), said that the president was no longer capable of performing his public duties and that his resignation was now inevitable.
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China has resumed buying gold
In November, China’s central bank resumed buying gold after a six-month break, coinciding with gold prices reaching an all-time high.
According to official data released on Saturday, the People’s Bank of China (PBOC) increased its gold reserves by 160,000 fine troy ounces, bringing its total holdings to 72.96 million fine troy ounces.
Before this pause, the bank had been consistently adding to its gold stockpile for 18 consecutive months, a trend that had helped support gold prices in the market.
Iran is evacuating top commanders from Syria
Iran has begun withdrawing its military commanders and personnel from Syria following the capture of two major cities, Homs and Deir al-Zour, by rebel forces, according to a New York Times report.
The withdrawal includes top commanders from Iran’s Quds Forces, which is the international operations branch of the Revolutionary Guards Corps. The evacuation involves not only military personnel but also Iranian diplomatic staff and civilians. Some are being transported by air directly to Tehran, while others are leaving by land routes through neighbouring countries like Lebanon, Iraq and via the Syrian port of Latakia.
Ghana is holding its elections today
Ghana is holding its presidential and parliamentary elections today, with citizens hoping the vote will pave the way for economic recovery after experiencing the country’s most severe financial crisis in recent decades. This crisis culminated in a major national debt default.
President Nana Akufo-Addo will step down next month after completing his constitutionally limited two terms. Ghana, known globally as the world’s second-largest cocoa producer and a significant gold producer, is now choosing his successor.
Twelve candidates are competing in the election, but the race is primarily seen as a contest between two key contenders: Vice President Mahamudu Bawumia, who is the chosen successor of Akufo-Addo’s New Patriotic Party (NPP), and former President John Dramani Mahama of the National Democratic Congress (NDC).
