Five things to know to start your Wednesday

Nigeria’s imports from Malta reached N766bn

Nigeria’s imports from Malta have reached an unprecedented level, totalling N766.81 billion in the third quarter of 2024. According to the latest foreign trade statistics from the National Bureau of Statistics (NBS), Malta has become Nigeria’s fifth-largest import partner during this period.

The small country represented a staggering 5.23 per cent of Nigeria’s total imports, which were valued at N14.67 trillion.

However, despite the significant volume of imports, the NBS report did not provide details about the specific products imported from Malta.

Remember that Dangote alleged that a blending facility in Malta undermined Nigeria’s oil production potential. Does this make it true? Maybe, maybe not.

South Korea’s police chief arrested

South Korea’s police chief became the latest high-ranking official to be arrested, according to Yonhap news agency. This development comes amid an expanding investigation into President Yoon Suk Yeol’s controversial attempt to impose martial law, which created a national crisis.

The main opposition Democratic Party (DP) has announced plans to hold a parliamentary vote to impeach President Yoon on Saturday. Interestingly, some members of Yoon’s own People Power Party (PPP) have expressed support for the impeachment motion.

DP leader Lee Jae-myung said, “The impeachment train has left the platform. There is going to be no way to stop it,” signalling the party’s determination to proceed with the impeachment.

An earlier impeachment vote last Saturday failed when most PPP members boycotted the parliamentary session.

China gave itself a head start for its looming trade war with the US

China appears to be preparing for a potential trade confrontation with the United States by demonstrating its strategic economic weapons well in advance. The country is showcasing a range of tools it could deploy if Donald Trump follows through on his threats to impose punitive tariffs on the world’s second-largest economy.

The recent tensions escalated after the Biden administration imposed restrictions on China’s access to critical components used in artificial intelligence chips.

Beijing’s response was swift and multifaceted. Within days of these restrictions, President Xi Jinping initiated an investigation into Nvidia Corporation and banned the export of several rare materials with potential military applications. Additionally, China has limited sales of key drone-building components to the United States and Europe.

Read Also: China bans exports of critical minerals used in tech manufacturing to the US

Oil prices edged up as investors expect more demand from China

Oil prices edged up slightly on Wednesday morning, driven by expectations of increased demand from China following Beijing’s announcement of a more relaxed monetary policy aimed at stimulating economic growth.

Brent crude futures increased by 10 cents, or 0.14%, reaching $72.29 a barrel as of 2:30 WAT. Similarly, U.S. West Texas Intermediate crude futures rose by 9 cents, or 0.13%, to $68.68.

On Monday, China revealed plans to adopt an “appropriately loose” monetary policy in 2025, marking the first easing of its financial approach in 14 years. This strategic shift is intended to reinvigorate the country’s economic performance.

Also, Chinese crude oil imports experienced growth for the first time in seven months during November. Imports increased by more than 14% compared to the same period last year.

Trump picks his son’s fiancee as ambassador to Greece

U.S. President-elect Donald Trump announced two diplomatic appointments on Tuesday: Kimberly Guilfoyle as the next ambassador to Greece, and Tom Barrack as the next ambassador to Turkey.

Guilfoyle is a former Fox News host who is now a political fundraiser and is engaged to Trump’s son Donald Trump Jr. (they became engaged on December 31, 2020).

In his statement on Truth Social, Trump said, “For many years, Kimberly has been a close friend and ally.” He also highlighted her suitability for the role, stating that she is “perfectly suited to foster strong bilateral relations with Greece, advancing our interests on issues ranging from defence cooperation to trade and economic innovation.”

This isn’t the first time Trump has appointed individuals with personal connections to key diplomatic positions. In November, he had planned to nominate Charles Kushner (his son-in-law Jared Kushner’s father) as ambassador to France and Massad Boulos (the father-in-law of his daughter Tiffany Trump) as a senior adviser on Arab and Middle East issues.

Tom Barrack, Trump’s pick for ambassador to Turkey, is a longtime friend of the president-elect and previously served as the chair of Trump’s 2016 inaugural committee.