Economy
Nigeria-EU Trade Volume Rises 25% to €28.7bn in 2021—Envoy
By Adedapo Adesanya
The trade volume between Nigeria and the European Union (EU) increased to €28.7 billion in 2021, the Ambassador to the EU Delegation to Nigeria and other states in West Africa, Ms Samuela Isopi, has disclosed.
The envoy, while speaking at the Europe Day celebration, which was held at the EU Residence in Abuja to celebrate peace and unity among EU members, stated that the volume of trade last year was 25 per cent higher than 2020 figures.
The theme of the 2022 Europe Day celebration is Peace, Cooperation and Unity. The celebration holds every May 9 after Robert Schuman Declaration which launched the European projects and had a special focus on trade that has been disrupted since Russia declared war on Ukraine.
Ms Isopi said that the EU as a bloc remained Nigeria’s biggest trading partner, accounting for more than 20 per cent of Nigerian trade with the world.
”In 2021 the volume of EU-Nigeria trade stood at €28.7 billion, an increase of more than 25 per cent over 2020, with a trade balance of €6.4 billion in favour of Nigeria,” she said.
According to her, the bloc is Nigeria’s first partner in foreign direct investment, with EU companies contributing, together with their Nigerian business partner, to the country’s economic growth, job creation and wealth generation.
She said the bloc was looking further into strengthening these relations and to help create the necessary condition for the private sector to operate and contribute to developing the country.
Ms Isopi said the bloc would continue to work with the EU Member States, the European Investment Bank and other EU Development Financial Institutions, as ‘Team Europe’ to implement their joint vision.
The envoy also pledged the EU’s determination to continue working with Nigeria to enhance security, development and its vision for the future.
She added that the bloc in bringing back peace in the North-East and that it would support recovery, peacebuilding and the fight against terrorism and violent extremism, through the Multinational Joint Task Force
Ms Isopi said that the bloc would want to work together to strengthen multilateralism, democracy human rights, free and fair trade and sustainable development.
She added that the idea of Schuman worked and also the project to unite the nations was today more relevant than ever.
“To our citizens, but also to the world and to our partners, such as Nigeria, who share the same values that are at the heart of our union.
“And, who want to work together to strengthen multilateralism, democracy human rights, free and fair trade and sustainable development.
“The bloc has seen crises starting from Brexit, COVID-19 pandemic which has profoundly affected European countries and economies and deeply transformed our societies.
“Observers predict that the EU was doomed to fail but with challenges come opportunities.
“The bloc has responded with unparalleled unity and solidarity, taking bold and unprecedented common decisions that have deepened our union,” she said.
She added that the celebration has an important meaning because, since February 24, Europe has seen the return of war on a large scale on its soil.
The envoy said that a war whose impact was felt across the world, but that affects first and foremost Europe and the EU.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed flat on Wednesday, April 16, as the market capitalisation remained unchanged at N1.915 trillion as well as the NASD Unlisted Security Index (NSI) at 3,271.02 points.
At the trading session, there was no price gainer or decliner.
The bourse’s data showed a decrease of 95.0 per cent in the volume of securities transacted to 36,757 units from the 736,215 units recorded in the previous trading day, the value of transactions slid by 83.6 per cent to N1.99 million from N12.1 million transacted on Tuesday, and the number of deals fell by 19.2 per cent to 21 deals from the 26 deals recorded a day earlier.
Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with 533.9 million units worth N520.9 million, trailed by Okitipupa Plc with 153.6 million units sold for N4.9 billion, and Industrial and General Insurance (IGI) Plc with 71.2 million units valued at N24.2 million.
Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units valued at N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with the sale of 14.7 million units worth N568.1 million, and Impresit Bakolori Plc with a turnover of 533.9 million units sold for N520.9 million.
By Adedapo Adesanya
The Naira witnessed a N1.76 or 0.11 per cent depreciation on the US Dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, April 16.
During the trading session, the local currency was exchanged with the greenback at N1,603.16/$1, in contrast to the N1,601.40/$1 it was traded a day earlier, according to data from the Central Bank of Nigeria (CBN).
Also, the Nigerian currency weakened against the British Pound Sterling in the official market yesterday by N6.71 to quote at N2,121.97/£1 compared with the previous day’s value of N2,115.26/£1 and tumbled against the Euro by N9.28 to sell for N1,818.17/€1 versus Tuesday’s exchange rate of N1,808.89/€1.
In the parallel market, the Naira lost N5 against the Dollar to finish at N1,620/$1 compared with the preceding day’s N1,615/$1.
The pressure on the domestic currency came as the central bank sold over $30.00 million at rates between N1,590.00/$ and N1,601.50/$ this week to authorised forex dealers.
At the cryptocurrency market, things turned bullish as the US Federal Reserve Chairman, Mr Jerome Powell, dashed hopes for early rate cuts, citing the need to assess the impact of US tariffs on the global economy.
The Federal Reserve chair also mentioned that the US central bank needed more time to see the effects of tariffs play out in the global economy. The same is likely to be true of the economic effects, which will include higher inflation and slower growth.
Market analysts noted that the remarks disappointed rate cuts optimist by stressing focus on protecting against tariff-driven price hikes from driving a long-term rise in inflation expectations.
Solana (SOL) jumped by 7.2 per cent to trade at $134.28, Cardano (ADA) added 2.8 per cent to close at $0.6209, Dogecoin (DOGE) appreciated by 2.5 per cent to $0.1570, Ethereum (ETH) rose by 2.1 per cent to $1,602.70, Ripple (XRP) gained 1.9 per cent to close at $2.09, Bitcoin (BTC) increased by 1.5 per cent to $84,749.46, and Binance Coin (BNB) went up by 0.7 per cent to $583.08.
But Litecoin (LTC) declined by 0.7 per cent to finish at $75.38, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
By Aduragbemi Omiyale
The further reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, from N865 to N835, effective from Wednesday, April 16, 2025, by Dangote Petroleum Refinery has been applauded by Nigerians.
The price slash was the second by the company in a week and it was in reaction to the decline in the price of crude oil in the global market due to the trade war between the United States and China.
In a statement yesterday by the Group Chief Branding and Communications Officer of Dangote Group, Mr Anthony Chiejina, it was stated that key partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde and Techno Oil, will sell petrol to customers at N890 per litre, down from N920 in Lagos, while in the other South-West states, the price will be N900 per litre versus the previous N930.
In addition, Nigerians living in the North-West and North-Central will get the high-quality Dangote petrol at N910 per litre compared with the former price of N940, and those in the South-East, South-South, and North-East will buy at N920 per litre, down from N950 per litre.
Dangote expressed hopes that this latest reduction in PMS prices would generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season.
It stated that the slash in price reaffirmed its “commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation. In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction.”
Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers.
For example, in February, the refinery reduced prices twice by N125. In addition, products such as diesel and Liquefied Petroleum Gas (LPG) have also experienced significant price reductions due to the refinery’s sustained efforts.
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