Economy
Nigeria Grows Total Trade by 14% to N36.2trn in 2019
By Adedapo Adesanya
Nigeria’s total trade rose by 14 percent in 2019 as the country recorded a total of N36.2 trillion in both its import and export for the year.
This was disclosed in the Foreign Trade in Good Statistics for the fourth quarter released on Friday by the National Bureau of Statistics (NBS), where it showed that there were higher exports value than imports in the year despite imports recording a higher rate.
In the year 2019, there was a total of N19.2 trillion in exports while total imports stood at N16.9 trillion, resulting in a trade balance of N2.3 trillion.
According to the country’s statistical authority, imports rose by 28.8 percent in 2019 over 2018 while exports rose by only 3.6 percent and the trade balance was 58.4 percent less than what was published in 2018.
In the fourth quarter of 2019, the value of total trade was N10.1 trillion, or 10.2 percent higher than the value recorded in quarter three, 2019 and 25.9 percent higher than in quarter four, 2018.
According to the NBS report, Nigeria’s merchandise trade grew in Q4 2019 but imports rose faster, exceeding falling exports.
It stated in the report that the increase in imports recorded during the year led the nation to record a first negative trade balance in almost three years.
“The faster increase in imports resulted in a negative trade balance of N579.06 billion during the quarter under review, the first since mid- 2016,” the report said.
It was disclosed that the value of the export component totalling N4.8 trillion, fell by 9.8 percent compared to Q3 2019 but rose by 7.1 percent when compared with Q4 2018.
On the other hand, the import, with a total of N5.3 trillion increased by 37.2 percent in last year’s fourth quarter compared to Q3 2019 and 49.3 percent against the fourth quarter of 2018.
Giving a further break down of imports, the NBS report stated that, “The value of imported agricultural goods decreased by 2.8 percent in quarter four, 2019 compared to quarter three, but rose 6.6 per cent compared to the corresponding quarter in 2018.
“The value of agricultural imports in 2019 was 12.7 percent higher than in 2018.
“Raw material imports were 1.63 percent higher in quarter four, 2019 compared to quarter three and 8.47 percent higher compared to quarter four, 2018.
“Imports of raw materials grew 19.2 percent in 2019 compared to 2018,” it said.
The report also said that solid minerals imports decreased in value by 6.98 percent in quarter four, 2019 relative to quarter three, 2019 but were higher by 5.11 percent relative to quarter four, 2018.
However, the value of solid minerals imports rose by 28.1 percent in 2019 compared to 2018.
The NBS said that the value of imported manufactured goods was 40.74 percent higher in quarter four, 2019 than the level attained in quarter three 2019 and 77.50 percent more than in quarter four, 2018.
The report noted that this was due to the importation of other electrodiagnostic apparatus during the last quarter of the year.
It added that for 2019, the value of imported manufactured goods imports was 60 percent higher than in 2018.
According to the report, the value of energy goods imports decreased by 65.27 percent in quarter four, 2019 compared to quarter three, 2019 and by 75.86 percent compared to quarter four of 2018.
It added that for 2019, the value of energy goods imports fell by 56.2 percent compared to 2018.
On other oil products imports, the NBS said that they were 60.59 percent higher in value in quarter four, 2019 than in quarter three and 2.11 percent higher than quarter four, 2018.
By Adedapo Adesanya
Oil traded lower on Wednesday after US President Donald Trump eased fears of disruptions to Iranian supplies, indicating that killings in Iran’s crackdown on civil unrest were subsiding.
Yesterday, the price of Brent futures declined by 92 cents or 1.41 per cent to $64.55 per barrel while the US West Texas Intermediate (WTI) futures slipped 96 or 1.57 per cent to $60.19 a barrel.
Prices had risen on fears of Iranian supply disruptions due to a potential US attack on Iran and possible retaliation against US regional interests.
President Trump said on Wednesday afternoon he had been told that killings in Iran’s crackdown on nationwide protests were subsiding and he believed there was currently no plan for large-scale executions.
Still, tensions between Iran and the US remained high after Iran had warned US allies in the Middle East it would strike American bases on their soil if the US attacked it. The US began evacuating military personnel from a key Qatar air base on Wednesday.
While markets may have cooled somewhat on the back of President Trump’s comments, protests in Iran have persisted, and there remains plenty of uncertainty over what might come next.
Market analysts noted that continued protests in Iran risk tightening global oil balances through near-term supply losses, but mainly through rising geopolitical risk premium.
However, this remains somewhat minimal as the protests had not spread to the main Iranian oil-producing areas, which had limited the effect on actual supply.
Also supporting oil prices, Federal Reserve Bank of Minneapolis President Neel Kashkari said on Wednesday he was optimistic about the economic outlook and expected inflation to ease.
It is also looking increasingly likely that Venezuela’s oil supply is set to return to markets, with the US completing its first sale of Venezuelan oil on Wednesday.
Two supertankers departed Venezuelan waters on Monday with about 1.8 million barrels each of crude in what may be the first shipments of a 50 million-barrel supply deal between Venezuela and the US to get exports moving again following the capture of Venezuelan President Nicolas Maduro.
Crude oil inventories in the US increased by 3.4 million barrels during the week ending January 14, according to new data from the US Energy Information Administration (EIA) released on Wednesday.
The EIA’s data release follows figures by the American Petroleum Institute (API) that were released a day earlier, which suggested that crude oil inventories grew by 5.27 million barrels.
By Adedapo Adesanya
TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the divestment of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
The Renaissance JV, formerly known as the SPDC JV, is an unincorporated joint venture between Nigerian National Petroleum Company Limited (55 per cent), Renaissance Africa Energy Company Ltd (30 per cent, operator), TotalEnergies EP Nigeria (10 per cent) and Agip Energy and Natural Resources Nigeria (5 per cent), which holds 18 licences in the Niger Delta.
In a statement by TotalEnergies on Wednesday, it was stated that under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil.
Production from these licences, it was said, represented approximately 16,000 barrels equivalent per day in company’s share in 2025.
The agreement also stated that TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the three other licences of Renaissance JV which are producing mainly gas, namely OML 23, OML 28 and OML 77, while TotalEnergies will retain full economic interest in these licences, which currently account for 50 per cent of Nigeria LNG gas supply.
Business Post reports that the conclusion of the deal is subject to customary conditions, including regulatory approvals.
“TotalEnergies EP Nigeria has signed a Sale and Purchase Agreement with Vaaris for the sale of its 10 per cent non-operated interest in the Renaissance JV licences in Nigeria.
“Under the agreement signed with Vaaris, TotalEnergies EP Nigeria will sell to Vaaris its 10 per cent participating interest and all its rights and obligations in 15 licences of Renaissance JV, which are producing mainly oil. Production from these licences represented approximately 16,000 barrels equivalent per day in the company’s share in 2025.
“TotalEnergies EP Nigeria will also transfer to Vaaris its 10 per cent participating interest in the 3 other licenses of Renaissance JV, which are producing mainly gas (OML 23, OML 28 and OML 77), while TotalEnergies will retain full economic interest in these licenses, which currently account for 50 per cent of Nigeria LNG gas supply. Closing is subject to customary conditions, including regulatory approvals,” the statement reads in part.
The development is part of TotalEnergies’ strategies to dump more assets to lighten its books and debt.
By Aduragbemi Omiyale
The trading licence of Monument Securities and Finance Limited has been revoked by the regulatory arm of the Nigerian Exchange (NGX) Group Plc.
Known as NGX Regulations Limited (NGX Regco), the regulator said it took back the operating licence of the organisation after it shut down its operations.
The revocation of the licence was approved by Regulation and New Business Committee (RNBC) at its meeting held on September 24, 2025, a notice from the signed by the Head of Market Regulations at the agency, Chinedu Akamaka, said.
“This is to formally notify all trading license holders that the board of NGX Regulation Limited (NGX RegCo) has approved the decision of the Regulation and New Business Committee (RNBC)” in respect of Monument Securities and Finance Limited, a part of the disclosure stated.
Monument Securities and Finance Limited was earlier licensed to assist clients with the trading of stocks in the Nigerian capital market.
However, with the latest development, the firm is no longer authorised to perform this function.
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