By Dipo Olowookere

Weakened market activity and bearish investor sentiment were not enough to bind the Nigerian Exchange (NGX) to the Philistines on Wednesday as it rallied by 0.61 per cent.

The sterling performance put up by the major sectors of the bourse ensured that the upward trajectory was maintained, with the news of the removal of Mr Wale Edun as Finance Minister not causing panic among traders, ostensibly because his replacement, Mr Taiwo Oyedele, a tax expert, is known to the capital market.

Business Post reports that the banking segment grew by 2.03 per cent, the insurance counter firmed up by 1.07 per cent, the consumer goods sector appreciated by 0.45 per cent, the industrial goods space improved by 0.15 per cent, and the energy industry expanded by 0.02 per cent.

As a result, the All-Share Index (ASI) surged by 1,336.39 points to 219,586.20 points from 218,249.81 points, and the market capitalisation soared by N861 billion to N141.384 trillion from N140.523 trillion.

The market breadth index remained negative after Customs Street ended with 33 price losers and 28 price gainers, led by the quintet of UAC Nigeria, CAP, Vitafoam Nigeria, Transcorp Hotel, and Trans-Nationwide Express, which gained 10.00 per cent each to sell for N121.00, N110.00, N143.00, N223.30, and N7.92, respectively.

Neimeth ended the session on top of the losers’ chart after it shed 10.00 per cent to quote at N9.00. Abbey Mortgage Bank lost 9.85 per cent to settle at N5.95, Living Trust Mortgage Bank declined by 8.94 per cent to N3.36, ABC Transport crashed by 8.65 per cent to N5.70, and Haldane McCall tumbled by 6.23 per cent to N3.61.

A total of 683.7 million stocks valued at N36.2 billion were traded in 51,694 deals yesterday versus the 842.5 million stocks worth N44.9 billion transacted in 61,617 deals a day earlier, representing a drop in the trading volume, value, and number of deals by 18.85 per cent, 19.38 per cent, and 16.10 per cent, respectively.

The activity chart was led by First Holdco, which transacted 76.6 million shares worth N5.8 billion, UBA exchanged 55.3 million stocks valued at N2.8 billion, Access Holdings traded 52.4 million equities for N1.6 billion, GTCO sold 37.4 million shares worth N4.9 billion, and Japaul exchanged 30.2 million equities valued at N94.4 million.

By Adedapo Adesanya

Nigeria imported about 61.7 million barrels of crude oil from the United States between January 2024 and January 2026, according to data from the US Energy Information Administration (EIA).

This came even as the country continued to export significantly larger volumes within the same period, exposing a growing imbalance in the country’s oil supply chain.

Data from the US agency showed a sharp shift in trade flows, with American crude now flowing steadily into Nigeria after nearly a decade of negligible transactions. Before 2024, the only notable supply came in 2016, when exports averaged just 19,000 barrels per day.

The trend changed in 2024 with the start of operations at the Dangote refinery, which industry players say has increasingly turned to foreign crude to bridge gaps in domestic supply.

Within the first six months of that year alone, Nigeria imported 15.7 million barrels from the US, with June recording the highest inflow at 3.96 million barrels.

Imports accelerated further in 2025, accounting for the bulk of the two-year volume. Between February and December, inflows reached 41.06 million barrels, peaking in June at 305,000 barrels per day, equivalent to 9.15 million barrels in one month.

However, volumes dropped sharply towards the end of the year, reflecting fluctuating supply dynamics.

In January 2026, imports rose again to 159,000 barrels per day, translating to 4.93 million barrels, bringing the total volume over the two-year period to 61.7 million barrels.

The figures stand in contrast to Nigeria’s export profile.

According to data from the Central Bank of Nigeria (CBN), the country exported about 306.7 million barrels of crude between January and October 2025, representing roughly 69 per cent of total production during the period. In the first two months of 2026 alone, exports reached 55.39 million barrels.

Despite producing over 443 million barrels within the first 10 months of 2025, only about 137 million barrels were retained for domestic use, leaving local refineries struggling to secure adequate feedstock.

Operators say the Dangote Refinery requires over 19 million barrels monthly to run at optimal capacity, a demand that local supply has failed to meet consistently. This shortfall has forced the facility to source crude not only from the US but also from Ghana and other African producers.

Imports became necessary to stabilise the 650,000 barrels per day refinery operations amid inconsistent domestic allocations, despite the introduction of the Naira-for-crude arrangement. According to the management of the company, only about four to five cargoes were distributed, but this has since changed.

Alongside Dangote Refinery, other smaller operators were also affected, since the country’s crude allocation is tied to joint ventures with International Oil Companies (IOCs).

The development underscores a persistent structural challenge in Nigeria’s oil sector, exporting large volumes of crude while struggling to supply domestic refineries, raising fresh concerns about policy coordination, upstream allocation, and the long-term viability of local refining.

By Aduragbemi Omiyale

The outgoing Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has thanked President Bola Tinubu for giving him the opportunity to serve in his administration.

In a statement personally signed by him on Tuesday, Mr Edun said it was an honour to be called by the President to help put the Nigerian economy on the path of recovery after facing difficult economic circumstances.

“It has been an honour to contribute to the implementation of the administration’s economic agenda at a pivotal moment in Nigeria’s journey,” a part of the statement made available to Business Post read.

The Minister noted that he was “proud of what we achieved alongside colleagues in the Federal Executive Council (FEC), State Governors, our partners in the public and private sectors, and the many dedicated professionals whose work continues to support the nation’s economic transformation. While much remains to be done, the direction is clear, and the foundations are firmly in place.”

While reaffirming his commitment to the service of the nation and to supporting Mr President, he declared that, “The work of economic reform is, by its nature, a continuous process,” expressing optimism about Nigeria’s trajectory.

“I wish my successor and the entire government the very best as they continue the work of improving the lives of Nigerians,” he stated.

In 2023, Mr Edun first served as the head of the Presidential Transition Committee, and later became the Special Adviser to the President on Monetary Policy, before his appointment as Finance Minister.

During his time as Minister, he worked to advance critical reforms that stabilised the macroeconomic environment, strengthened fiscal sustainability, and laid the foundation for inclusive and long-term growth.

Key results of these efforts included growth improving from a rate of 2 per cent to over 4 per cent, and inflation falling from 35 per cent to 15 per cent.

These outcomes were driven by a shared commitment to restoring public trust and enabling faster and inclusive growth through greater investor confidence and improved economic coordination.