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Economy

Milk Import: CBN Exempts Friesland, Nestle, 4 Others from Forex Restriction

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Milk

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has exempted FrieslandCampina WAMCO Plc, Nestle Nigeria Plc and four other milk producing companies from the foreign exchange (forex) restriction it earlier placed on them on the importation of the product into the country.

In a circular signed by the CBN Director, Trade and Exchange Department, Mr O.S. Nnaji, to all authorised dealers published on its website on Tuesday, February 11, the apex bank said Friesland Campina WAMCO Nigeria; Chi Limited; TG Arla Dairy Products Limited; Promasidor Nigeria Limited; Nestle Nigeria Plc (MSK only); Integrated Dairies Limited are the only companies exempted from the restriction for now.

According to the statement, the move was as part of the federal government’s plan to boost local production of the dairy product as part of the bank’s backward integration programme.

“As part of efforts to increase local production of milk, its derivatives and dairy products, the Central Bank of Nigeria has engaged with some companies in the industry who have keyed into the bank’s backward integration program to enhance their capacity and improve local milk production,” the statement read in part.

It then directed all authorised dealers that all Forms ‘M’ for the importation of milk and its derivatives shall only be allowed for the exempted six companies.

The bank clarified that, “For the avoidance of doubt, all established Forms ‘M’ for the importation of milk and its derivatives for companies other than the above for which shipment has not taken place should be cancelled immediately.”

The exempted companies began investments in local milk production as part of the central bank’s backward integration plan when the CBN governor, Mr Godwin Emefiele, confirmed that there were plans to restrict forex for milk importation in July 2019, saying the bank was convinced that the product can be manufactured in Nigeria.

In November 2019, FrieslandCampina WAMCO Nigeria Plc and the Niger State Government signed a Memorandum of Understanding (MoU) for 10,000 hectares of land for milk production. The agreement will see the dairy company utilize the Bobi Grazing Reserve in the Northern state for its Dairy Development Programme.

The restriction placed on the importation of the product according to the CBN Governor is expected to see a reduction in over $1.2 billion spent every yearly to import milk into the country.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Economy

Dangote Refinery Crude Intake Hits 635,000b/d in April, Receives 21 Cargoes

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Dangote Refinery Crude Supply to Local Refineries

By Adedapo Adesanya

Nigeria’s 650,000 barrels-per-day Dangote Refinery hit its highest-ever monthly crude intake in April 2026, taking in about 635,000 barrels per day of crude oil, according to Argus tracking data.

Deliveries in the review month rose from 565,000 barrels per day in March, bringing the refinery close to its full installed capacity.

The increase followed the completion of maintenance work on one of the refinery’s crude distillation units earlier this year.

This indicates that the Dangote Refinery is steadily ramping up operations toward full capacity after a gradual start since late 2023.

The refinery received 21 separate crude cargoes in April — a record since operations began.

All supplies came from West Africa, mainly Nigerian crude grades, with one cargo from Cameroon.

Nigerian grades delivered included Bonny Light, Escravos, Qua Iboe, Bonga, Forcados, Brass River, Amenam, and others.

Cameroon’s Ebome crude was supplied to the refinery for the first time.

April receipts comprised 160,000 barrels per day of Bonny Light, 65,000 barrels per day each of Escravos, Qua Iboe and Bonga, 50,000 barrels per day of CJ Blend, then 25,000-35,000 barrels per day each of Nigerian Utapate, EA, Jones Creek, Amenam, Forcados, Brass River, plus 25,000 barrels per day of Cameroon’s Ebome.

The strong rise in local and regional crude supply could also reduce the refinery’s dependence on imported crude grades and strengthen Nigeria’s domestic fuel production capacity.

The Argus report said that no US crude was delivered in April, despite the US West Texas Intermediate (WTI) crude previously being a major feedstock for the plant in 2025.

The refinery relied heavily on Suezmax tankers, with some vessels making multiple shuttle trips between offshore terminals and the refinery.

Average crude receipts in the first four months of 2026 climbed to 495,000 barrels per day, significantly above last year’s average of 375,000 barrels per day.

The data assessed Dangote’s April receipts at a weighted average of 35.1°API and 0.2 per cent sulphur content, compared with 37.2°API and 0.2 per cent sulphur in March. Receipts averaged 37.1°API and 0.15 per cent sulphur in January-April, compared with 36.8°API and 0.2 per cent sulphur across 2025.

The report also added receipts for May appear good as the refinery should get a cargo each of Qua Iboe and Odudu this week.

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Economy

Customs Area 11 Command Seizes N2bn Containers of Illicit Items

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Aliyu Mohammed Alkali Onne Port

By Bon Peters

About 17 containers containing illicit items worth over N2 billion have been seized by the Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Port Harcourt, Rivers State, between January and April 2026.

In the period under review, the agency generated about N258 billion as revenue, a statement signed by the command’s acting spokesman, Mr Paul Istifanus Gimba, an Assistant Superintendent of Customs 1, disclosed on Thursday.

The Customs Area Controller for the Command, Comptroller Aliyu Mohammed Alkali, said last month, more than N77 billion was generated, noting that this reflects the command’s unwavering commitment to revenue generation, trade facilitation, and the enforcement of extant government fiscal policies.

He stated that in the second month of this month, his men intercepted an attempt to smuggle one 40-foot container declared to contain plumbing materials, with a Duty Paid Value (DPV) of N185.2 million.

According to him, upon examination, it was discovered that the perpetrators had concealed the original container number and replaced it with a fake one in an attempt to unlawfully remove the container from the port without payment of duty.

Furthermore, he hinted that in April 2026, the command intercepted six 20-foot containers carrying a total of 1,100 jerricans of Super Delicieux Vegetable Oil with a DPV of N494.0 million, in contravention of section 55 of the Nigeria Customs Service Act, 2023, which prohibited the importation of refined vegetable oils and fats in order to protect and promote local industries, particularly domestic vegetable oil producers and agro-allied businesses.

The senior customs officer highlighted other items seized by his men during the period under review, including cartons of chilli cutters, ceiling fans, and food packs.

The Comptroller reminded all mischievous importers and their agents that the command remained unwavering in its resolve to combat smuggling and all forms of illegal trade practices at the port, even as he strongly encouraged all law-abiding traders to remain compliant and resist the temptation to engage in activities that contravene the law.

Mr Alkali praised the professionalism of the officers and men of the command as well as their vigilance and dedication to duty.

He also thanked members of the press for their continued partnership and commitment to disseminating accurate and reliable information about the activities of the agency to the public.

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Economy

Indonesia Buys Nigerian Crude Oil to Reduce Exposure to Hormuz Disruptions

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crude oil in gongola

By Adedapo Adesanya

Indonesia has imported crude oil from Nigeria as Southeast Asia’s largest economy moves to reduce its dependence on Middle Eastern supplies amid rising geopolitical tensions involving the United States, Israel, and Iran.

Indonesia’s Ministry of Energy and Mineral Resources confirmed that Nigerian crude cargoes have already arrived in the country as part of efforts to diversify supply routes away from the volatile Strait of Hormuz, a key global oil transit chokepoint that handles about 20 per cent of world oil shipments.

The development positions Nigeria as an increasingly strategic alternative supplier in the global energy market as buyers seek more stable and flexible crude sources outside the Middle East.

Nigeria, which is Africa’s largest crude producer, has always sold some of its crude grades via joint ventures with international oil companies as well as to Dangote Refinery, to boost domestic production.

Indonesia’s Director General of Oil and Gas, Mr Laode Sulaeman, said the country was prioritising crude imports from suppliers whose shipping routes do not pass through the Strait of Hormuz, which has faced heightened security concerns following the ongoing conflict involving Iran, Israel, and the United States.

Apart from Nigeria, Indonesia is also considering crude supplies from Russia and the US.

The move could strengthen Nigeria’s crude export market at a time the country is seeking to boost production levels and attract new long-term buyers for its oil grades.

Speaking in March, the chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, said that Nigeria could increase oil production by about 100,000 barrels per day ‌over the next few months to realistically help the global shortfall.

Before the latest geopolitical tensions, around 20 per cent of Indonesia’s crude imports came from the Middle East. However, the country has now accelerated plans to diversify supply sources, naming Nigeria among key replacement suppliers alongside Angola, Brazil, Russia, and the US.

The development comes as Nigeria continues to gain attention in global oil markets, with its crude grades increasingly sought after because of their relatively low sulphur content and suitability for modern refineries.

Indonesia also recently opened talks with Russia for long-term crude and liquefied petroleum gas supplies, including a proposed purchase of 150 million barrels of Russian crude scheduled for delivery from late 2026.

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