Economy

CBN Ready to Boost Nigeria’s Export Trade to $12bn

Published

5 years ago

06/02/2020

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has set a target to boost Nigeria’s export trade to about $12 billion by the year 2024.

This was disclosed by the Principal Manager, Trade and Exchange Department, CBN, Mr Richard Maikai, who noted that the apex bank will through a set of policies diversify the nation’s economy from the oil sector to the non-oil sector.

Speaking at the GTR Trade Conference in Lagos on Tuesday, he noted that to boost investors’ confidence, the apex bank had ensured a level of stability in the exchange rate in the past 36 months.

“Any investor would want to know that when they invest their funds, they could be able to recoup the funds back. Though our reserve is marginally increasing, the CBN is ready to defend the Naira, so investors can have access and no restrictions to withdrawals,” Mr Maikai said.

He added that the country was also working at ensuring that whatever product it was pushing, they were tested and approved for quality, noting that about 30 containers of cassava were recently rejected in China.

To remedy this, Mr Maikai revealed that the CBN was working with the Nigeria National Accreditation System (NiNAS), the regulatory body that oversees all the laboratories, to ensure that all laboratories have the ISO17025 certification without which they would not be accredited.

He assured that once the CBN can upgrade and make sure that every testing laboratory was ISO17025 certified, the county’s export and trade sector won’t record loss again and would be on track to achieving its target of $12 billion by 2024.

Making his remarks, the Head of Financial Institution Coverage and Trade Finance, Rand Merchant Bank (RMB) Nigeria, Mr Sheyi Soetan, said the manufacturing among other sectors should be the key driver of the nation’s economy.

“Funds have to be invested in the real sector, and the fortunate thing is that the CBN has identified the real sector, and manufacturing as key investment areas.

“They are trying to move away from oil and focus more on manufacturing and the real sector. You can see this from the amount of money that is being pumped into the manufacturing sector through various intervention funds and the new rules that say banks must lend to the real sector.”

Speaking on borrowing, he said borrowing is not a bad thing as other countries also borrow, but noted that all borrowing should go into infrastructure, which would, in turn, generate revenue for the government. “The mistake would be to borrow to fund recurrent expenses. That is the precipice for failure,” he added.

Economy

NNPC Announces Crude Oil, Condensates Production at 1.61mb/d

Published

1 hour ago

12/06/2025

Adedapo Adesanya

By Adedapo Adesanya

The Nigerian National Petroleum Company (NNPC) Limited has revealed that Nigeria’s crude total oil and condensate production stood at 1.61.

This was contained in its Monthly Report Summary for April 2025 which contained key operational and financial metrics.

According to the state oil firm, this was 3.2 per cent higher than 1.56 million barrels of oil per day recorded in March.

Giving a breakdown of the monthly production figures, total crude oil and condensate production was out at 1.67 million barrels of oil per day in January, 1.62 million barrels of oil per day in February, 1.56 million barrels per day in March and 1.61 million barrels of oil per day in the month under review.

Meanwhile the country’s natural gas production reached 7.35 billion standard cubic feet per day in April.

A breakdown showed that in January, the production stood at 7.12 billion standard cubic feet, it dropped to 6.62 billion standard cubic feet in February and rose to 6.92 billion standard cubic feet, and 7.35 billion standard cubic feet in April.

The NNPC clarified that all crude oil and gas figures are provisional and based solely on NNPC Limited’s data, adding that the figures excluded production by independent operators as reported by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).

On the financial part, the NNPC generated revenue up to N5.89 trillion with a Profit After Tax of N748 billion.

The national oil company report also showed that statutory payments for the period January to March 2025 totaled N4.23 trillion.

In terms of supply NNPC Retail Limited (NRL) Stations’ petrol availability was at 54 per cent.

Giving updates on the ongoing projects— the NNPC said the OB3 pipeline project has achieved 95 per cent completion, while the Ajaokuta–Kaduna–Kano (AKK) pipeline has reached 70 per cent completion as of the review month.

It added that upstream pipeline availability was recorded at 97 per cent.

On its upcoming Final Investment Decisions (FIDs) in 2025, the NNPC disclosed that the Nkori Development (OML 102), crude oil production expansion project (OML 29), gas development projects (OMLs 40, 42) and Brass Fertilizer (Financial Close) will all be done in the fourth quarter of the year.

Economy

NASD Exchange Records First Loss in Five Straight Sessions, Down 0.33%

Published

2 hours ago

12/06/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded its first loss in five consecutive sessions, declining by 0.33 per cent on Wednesday, June 11.

At the close of trading activities, the market capitalisation of the bourse declined by N6.45 billion to finish at N1.954 trillion compared with the preceding day’s N1.960 trillion and the NASD Unlisted Security Index (NSI) decreased by 11.01 points to settle at 3,337.24 points, in contrast to Tuesday’s closing value of 3,348.25 points.

Share prices of three companies on the trading platform recorded movements at midweek, according to data obtained byBusiness Post.

Geo-Fluids Plc was up by 31 Kobo to end at N3.50 per unit versus the preceding day’s N3.19 per unit, and Central Securities Clearing System (CSCS) Plc expanded by 13 Kobo to end at N28.13 per share compared with the previous day’s N28.00 per share.

On the flip side, FrieslandCampina Wamco Nigeria Plc further depreciated by N4.31 yesterday to quote at N74.37 per unit versus the preceding day’s N78.68 per unit.

Yesterday, the volume of securities surged by 1,232.6 per cent to 3.3 million units from the 248,882 units recorded a day earlier, the value of securities went up by 31.8 per cent to N12.9 million from N9.8 million, and the number of deals increased by 46.7 per cent to 44 deals from the 30 deals posted in the preceding trading session.

At the close of business, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 536.9 million units worth N524.8 million, trailed by Air Liquide Plc with 507.2 million valued at N4.2 billion, and Geo-Fluids Plc with 268.4 million units sold for N475.6 million.

Also, Okitipupa Plc maintained its position as the most active stock by value on a year-to-date basis with 153.7 million units traded for N4.9 billion, followed by Air Liquide Plc with 507.2 million units worth N4.2 billion, and FrieslandCampina Wamco Nigeria Plc with 38.9 million units valued at N1.6 billion.

Economy

Nigeria’s Q1 2025 Trade Surplus up 52% to N5.17bn as Total Trades Hit N36trn

Published

3 hours ago

12/06/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

Between January 2025 and March 2025, Nigeria improved its trade surplus by about 52 per cent to N5.17 trillion from the N3.4 trillion recorded between October 2024 and December 2024.

This information was made known to the public by the National Bureau of Statistics (NBS) in its Foreign Trade in Goods Statistics Report for Q1’25 released on Wednesday.

The agency disclosed that on a year-on-year basis, trade surplus expanded by 17.5 per cent from the N4.4 trillion achieved in the first quarter of last year.

According to the NBS, the total merchandise trade posted by Nigeria in Q1 of 2025 was N36.024 trillion, higher than the N33.92 trillion recorded in the corresponding period of 2024 by 6.19 per cent, but lower than the N36.6 trillion reported in the preceding quarter by 1.58 per cent.

It stated that the value of total imports stood at N15.42 trillion in the first quarter of this year, 4.59 per cent higher than the N14.75 trillion posted in the same period of 2024 and 7.02 per cent lower than the N16.59 trillion recorded in the last quarter of 2024.

Also, the value of exports achieved in the first quarter of 2025 was N20.59 trillion, higher than the N19.17 trillion posted in the same period of last year by 7.42 per cent, and 2.92 per cent higher than the N20.00 trillion recorded in the previous quarter, with India, the Netherlands, the United States, France, and Spain as the top five trading export partners of the country.

“The merchandise trade balance for Q1 2025 remained positive at N5.17 trillion indicating an increase of 52 percent compared to the value recorded in the preceding quarter,” it said.

“Further analysis shows that Nigeria’s exports trade continued to be dominated by crude oil in the first quarter of 2025 valued at N12.95 trillion representing 62.89 per cent of total exports while the value of non-crude oil exports stood at N7.64 trillion accounting for 37.11 per cent of total exports; of which non-oil products contributed N3.16 trillion or 15.38 percent of total exports,” the stats office said.

It disclosed that, “China remains Nigeria’s highest trading partner on the import side in the first quarter of 2025, followed by India, United States of America, the Netherlands, and the United Arab Emirate.

“The most traded commodities imported during the quarter were, Gas oil, Motor spirit ordinary, Petroleum oils and oils obtained from bituminous minerals, crude, Cane sugar meant for sugar refinery, and Durum wheat (Not in seeds).”

It was further revealed that the most exported commodities included crude oil, liquefied natural gas, other petroleum gases in a gaseous state, Urea, whether or not in aqueous solution, and Standard quality Cocoa beans.