Economy
LCCI Advises Nigeria to Reconsider Foreign Policy Mix
By Adedapo Adesanya
The Lagos Chamber of Commerce and Industry (LCCI) has suggested a tweak to Nigeria’s foreign policy mix to avoid being left behind in international trade and global affairs.
This advice was given by LCCI President, Mr Gabriel Idahosa, at the LCCI 2025 third quarter news conference on Wednesday in Lagos, stressing that the call is pertinent in the light of recent global trade and geopolitical dynamics.
Mr Idahosa noted that with Nigeria’s recent alignment with BRICS, it must wisely choose its trade partners and global alignments to avoid negative consequences.
BRICS is an intergovernmental organisation comprising 10 countries – Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates (BRICS).
The LCCI president said that in the second quarter of 2025, the global economy was weakened by the United States’ tariffs, trade tensions, geopolitical unrest, and uncertainty.
He said that with the current escalating tariff wars between the United States and the European Union, and the US and BRICS member countries and partners, global trade was expected to reach an all-time low.
“In the face of continued tariff crises and uncertainty, we must pay more attention to seriously supporting non-oil exports to more favourable destinations as we recalibrate our trade partnerships.
“With about 3,000 products now permitted to enter the United Kingdom at very favourable terms in a new policy shift, and just as the U.S. continues to announce more tariffs on Nigerian exports to the USA, it is time to support targeted exporters to increase our foreign earnings,” he said.
Mr Idahosa advised that with President Donald Trump’s extra 10 per cent tariff on Nigeria due to its alignment with BRICS, the country should adopt a multi-pronged policy response that would safeguard its national interest.
He said the approach must also assert the country’s development priorities, while avoiding being caught in great power rivalries.
“We recommend that the government engage in bilateral dialogue with the U.S. to discuss concerns and reaffirm Nigeria’s strategic importance as a West African leader and key partner.
“The negotiation should focus on sector-specific exemptions from the tariff, emphasising non-oil sector exports.
“Nigeria must pursue a non-aligned, interest-driven foreign policy by positioning BRICS membership as a vehicle for economic cooperation and not political alignment.
“Also, emphasis should be on Nigeria’s sovereign right to pursue partnerships that address its development needs, especially in areas like infrastructure, energy transition, and digital inclusion,” he said.
Mr Idahosa projected that the global economic outlook for the quarter showed a range of risks.
He said that further trade fragmentation, including new tariff hikes and retaliatory actions, could intensify the growth slowdown and trigger significant disruptions in cross-border supply chains.
He said in the period under review, global spending on defence was expected to rise to meet contemporary security concerns.
Mr Idahosa added that the outlook for inflation remained vulnerable to external shocks, including spillovers from trade tensions and heightened financial and commodity price volatility.
According to him, central banks will be pressured to slow, pause, or reverse their monetary easing cycles.
He said that near-term budget pressures from debt service costs and military spending would be compounded in the long run by persistent costs associated with climate mitigation, adaptation, and population ageing.
The LCCI president also urged Nigeria to strengthen regional and South-South trade by expanding trade within the Economic Community of West African States (ECOWAS) and the African Continental Free Trade Area (AfCFTA).
This, he said, would reduce overdependence on Western markets.
By Adedapo Adesanya
Sahara Upstream, a Nigeria-focused crude producer, has deployed a new 380,000-barrel tanker to boost exports from the OML 18 block as part of a wider push by domestic operators to invest in infrastructure and lift output and exports for Africa’s biggest oil producer.
The MT D Adesanya, which can hold more than 62,000 cubic metres of crude, will operate alongside the MT D Bayero, receiving crude from shuttle vessels at Bonny Anchorage, one of Nigeria’s main crude export hubs, before transferring it to the FSO Cawthorne storage facility.
Sahara said the tanker would help cut turnaround times, currently about 30 to 48 hours, and support a planned 50 per cent increase in exports from the block’s current level of about 950,000 barrels per month.
The block currently produces about 36,000 barrels per day, according to data from the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), with Sahara targeting output of 60,000 barrels per day.
OML 18 is one of the Niger Delta’s oldest producing assets. It began production in 1970 and contains an estimated 1.5 billion barrels of oil equivalent in reserves.
Shell, Total and Eni sold their combined interests to Eroton in 2015 as part of a broader shift toward domestic ownership in Nigeria’s upstream sector.
This development comes as Sahara Upstream is deepening its exploration and production footprint through Asharami Energy Limited (AEL), its upstream E&P business, which says it is targeting 350,000 barrels of oil per day by 2030 through its subsidiary, Enageed Resources Limited (ERL).
The growth target comes as AEL also marks a major safety milestone, achieving 6 million Lost Time Injury (LTI)-free man-hours in its OML-148 operations — reinforcing the company’s commitment to operational excellence and safety leadership.
According to Asharami Energy, the milestone reflects its ability to execute complex operations safely, in line with Sahara’s Beyond XXX vision, which builds on the group’s 30-year legacy of responsible enterprise while marking its next chapter of impact, innovation, and sustainable growth.
The developments position Sahara Upstream and its subsidiaries among the domestic operators driving increased investment in Nigeria’s oil and gas infrastructure, as the group works to scale up production and exports for Africa’s biggest oil producer.
By Aduragbemi Omiyale
One of the leading energy firms in Nigeria, Aradel Holdings Plc, has expressed its desire to optimise its enlarged portfolio and improve operational efficiency in the second half of 2026.
The company is planning to build on the success it recorded in the first half of the year, where it grew its revenue by 577 per cent to N2.5 trillion from N368.1 billion in H1 2025.
The significant rise in earnings was driven by higher production volumes together with stronger realised crude oil and gas prices, with the average at $90.4/bbl and $2.08/mmscf, respectively.
In the period under review, the Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased by 688 per cent to N1.4 trillion from N176.4 billion in the corresponding period of last year, while the operating profit surged by 789 per cent to N1.1 trillion from N118.6 billion due to higher revenue and crude handling income at N149.8 billion, partly offset by underlift cost and general and administrative costs.
The net cash generated from operations was N975.6 billion between January and June 2026 versus N140.8 billion in the same period of 2025, reflecting the cash generation of the enlarged organisation.
The net debt contracted by 70 per cent on a year-to-date basis to N46.5 billion from N475.1 billion as of December 31, 2025.
Aradel, in the period under consideration, improved its post-tax profit by 30 per cent to N191.0 billion from N146.4 billion, a development that impressed its chief executive, Mr Adegbite Falade, who said, “A firmer price environment supported performance, generating net cash from operating activities of N975.6 billion and a closing cash balance of N1.7 trillion.”
“Our enlarged portfolio provides more opportunities to generate stronger cash flow and returns for shareholders and unlocking that potential is our main focus.
“We reaffirm our full year production guidance of 110 – 140 kboepd and remain committed to operating responsibly in a changing energy landscape and to delivering lasting value for our stakeholders,” he stated.
By Dipo Olowookere
Investors on the Nigerian Exchange (NGX) Limited bought and sold 5.119 billion shares worth N404.762 billion in 285,223 deals last week. This was significantly higher than the 4.433 billion shares valued at N306.143 billion traded in 255,589 deals in the preceding week.
This surge in activity level was driven by First Holdco, AVA Capital, and Access Holdings, which accounted for 2.308 billion units sold for N224.773 billion in 27,359 deals, contributing 45.09 per cent and 55.53 per cent to the total trading volume and value, respectively.
Data showed that financial equities led the activity chart with 3.918 billion units valued at N271.428 billion in 123,514 deals, contributing 76.55 per cent and 67.06 per cent to the total trading volume and value, respectively.
Services stocks followed with 203.203 million units worth N3.061 billion in 18,333 deals, and consumer goods shares closed with a turnover of 191.283 million units valued at N13.203 billion in 30,730 deals.
In the five-day trading week, 33 equities appreciated versus 57 equities a week earlier, 56 equities depreciated versus 38 equities in the previous week, and 58 equities remained unchanged versus 51 equities in the preceding week.
The best-performing equity last week was CMFC, which chalked up 22.78 per cent to trade at N3.88, Thomas Wyatt gained 20.66 per cent to close at N4.38, Consolidated Hallmark grew by 19.60 per cent to N8.36, Lasaco Assurance rose by 18.68 per cent to N2.16, and VFD Group increased by 12.21 per cent to N11.95.
On the flip side, the worst-performing equity was ABC Transport, which decreased by 18.44 per cent to N5.75. Fortis Global Insurance shrank by 16.13 per cent to N2.34, Tripple Gee slipped by 15.54 per cent to N2.88, Veritas Kapital slumped by 15.38 per cent to N1.43, and International Breweries crashed by 13.87 per cent to N11.80.
At the close of business for the week, the All-Share Index (ASI) succumbed to selling pressure, as it shed 0.84 per cent to settle at 245,283.68 points, while the market capitalisation retreated by 0.79 per cent to N158.326 trillion.
Similarly, all other indices finished lower apart from the premium, insurance and sovereign bond indices, which appreciated by 0.02 per cent, 1.72 per cent and 0.27 per cent, respectively.
