Economy
Nigeria Launches First AfCFTA Export to Cameroon, Kenya, Others
By Adedapo Adesanya
Nigeria on Tuesday launched the first shipment of Nigerian exports to five African countries – Cameroon, Kenya, Algeria, Uganda and Egypt – under the Guided Trade Initiative (GTI).
This happened five years after the inauguration of the Nigeria Coordination Office of the Africa Continental Free Trade Agreement (AfCFTA).
Speaking at the ceremony, President Bola Tinubu said that the agreement would ignite the flame of opportunity, foster economic ties and pave the way for progress and shared prosperity for our great nation, in the entire African continent.
According to the President, the AfCFTA is not just an agreement but a trade agreement bound to build Africa’s industrialization and prosperity for Africans.
“Today, we embark on a journey that would ignite the flame of opportunity, foster economic ties and pave the way for progress and shared prosperity for our great nation, in the entire African continent. We gather here in Lagos, seeking that this being at the forefront of Africa’s economic and trade acceleration, is a testament to Nigeria’s enduring leadership in regional and continental integration.
‘‘From the Lagos action plan of 1980 to the Abuja treaty of 1991, the meeting has never wavered. This historical lineage is the foundation upon which the organization stands today. This is not just a trade agreement, it is a bond built for Africa’s industrialisation and the prosperity of our people.
“We have encountered challenges and tackled them headlong in the interest of our people, as a collective survival. Commitment to this agreement is unwavering because we understand that the making of wealth is not an option, it is a necessity. It would not be easy, but we are ready to confront these challenges head-on, with common determination.
“We would create an environment that supports businesses, and innovations and fosters collectiveness. With our partners, we would ensure that the benefits of the organization are equally distributed and no one is left behind. Companies that are pioneering this have been known to believe in the potential of products made in Nigeria, and the immense opportunities that the organization presents.
“These businesses have made history in taking this bold step to set precedence for others to follow. Their journey is our journey. In this new age of tightened competitiveness, complacency is not an option. It is inherently competitive for requiring innovation, efficiency and a relentless drive to excel. Nigeria is ready to compete and win.
“The entrepreneurial spirit would help leverage opportunities presented by the organization. The renewed agenda strategy centres on providing opportunities for our people. Taking advantage of AfCFTA is a critical component and strategy.
“We are committed to ensuring that every Nigerian business, from small and medium-sized enterprises, to large corporations can benefit from this agreement. It will continue to provide every necessary support to facilitate the effective implementation of “After”, for domestic, regional and continental values,” he said.
He added, “It would open new markets for products, ensure competitiveness, and create jobs for people. Together, we can build a prosperous Africa where every nation has a fair share in its growth and development.
“An Africa where every citizen has access to opportunities to unlock his full potential. We can make this happen in our lifetime. It is our duty to make this happen.”
Similarly, the National Coordinator of Nigeria’s AfCFTA Office, Mr Olusegun Awolowo, said that trade was the only and most sustainable path to prosperity.
According to him, the first set of exports from Nigeria has been consigned to Cameroon, Kenya, Algeria, Uganda and Egypt with exports like bags, ceramics textiles, cables, smart cards Clinkers Black soap, Native starch and Shea butter.
Mr Awolowo also said Nigeria has fully fulfilled all the requirements for accession to the Guided Trade Initiative, GTI, adding that the stakeholders stand as witnesses to the official flag-off of trade under the preferential trading arrangement with this symbolic shipment of some containers from Apapa ports.
“In view of this, we must seize this opportunity by growing Nigeria’s production and productivity, building an army of exporters to be unleashed into the AfCFTA.
“As we embark on this journey, let us remain resolute in our collective effort to make AfCFTA a success. Today’s launch is just the beginning. We are committed to building a robust framework that supports trade, fosters innovation, and drives economic prosperity across Nigeria and Africa at large.
“I assure you, we will harness the potential of AfCFTA to create a prosperous and integrated Africa. As I often say, Everything Africa needs for Africa is in Africa,” he noted.
On his part, the Comptroller General of the Nigeria Customs Service, Mr Adewale Adeniyi said that the agency was fully equipped to fulfil its role as Designated Competent Authority DCA through the training of its officers in collaboration with the World Customs Organization (WCO)
‘‘We firmly believe that Nigeria’s participation in the AfCFA will open new opportunities for businesses and economic growth while reshaping intra-African relations,” he said.
By Dipo Olowookere
The upward trajectory seen at the Nigerian Exchange (NGX) Limited in the past sessions was halted on Thursday as a result of profit-taking in Aradel Holdings, MTN Nigeria, GTCO, and others.
Nigerian stocks were down by 0.43 per cent because of the selling pressure. It was the first loss in 2026 and also the first in 23 trading session. The last time Customs Street ended in red was December 10, 2025.
The decision of investors to trim their exposure to equities contracted the All-Share Index (ASI) by 714.66 points during the session to 166,057.29 points from 166,771.95 points and brought down the market capitalisation by N458 billion to N106.323 trillion from N106.781 trillion.
A look at the sectorial performance indicated that the energy, commodity, and insurance indices were down by 2.21 per cent, 1.14 per cent, and 0.24 per cent, respectively, while the banking, consumer goods, and industrial goods sectors were up by 0.78 per cent, 0.33 per cent, and 0.01 per cent apiece.
Yesterday, investor sentiment was weak after the bourse ended with 26 price gainers and 41 price losers, showing a negative market breadth index.
McNichols declined by 9.99 per cent to trade at N6.58, Caverton crashed by 9.47 per cent to N7.65, Ikeja Hotel collapsed by 9.43 per cent to N35.05, FTN Cocoa dropped 9.38 per cent to sell for N7.05, and Neimeth went down by 8.91 per cent to N9.20.
On the flip side, Nestle Nigeria gained 10.00 per cent to quote at N2,153.80, NCR Nigeria appreciated by 9.97 per cent to N116.90, Jaiz Bank improved by 9.92 per cent to N8.20, Morison Industries rose by 9.90 per cent to N5.66, and Mecure Industries grew by 9.84 per cent to N97.70.
During the session, market participants traded 1.0 billion stocks worth N31.6 billion in 51,227 deals compared with the 761.9 million stocks valued at N29.9 billion transacted in 55,751 deals at midweek, representing a drop in the number of deals by 8.12 per cent, and a surge in the trading volume and value by 31.25 per cent, and 5.69 per cent, respectively.
Sovereign Trust Insurance returned on top of the activity chart with 245.2 million units sold for N798.5 million, Access Holdings traded 78.4 million units worth N1.8 billion, Zenith Bank transacted 72.4 million units for N5.0 billion, Jaiz Bank exchanged 53.7 million units valued at N433.9 million, and Lasaco Assurance traded 53.4 million units worth N135.1 million.
By Adedapo Adesanya
Crude oil was down by around 4 per cent on Thursday after the United States President, Mr Donald Trump, said the crackdown on protesters in Iran was easing, calming concerns over potential military action against the Middle-East country and oil supply disruptions.
Brent crude futures depreciated by $2.76 or 4.15 per cent to $63.76 a barrel and the US West Texas Intermediate (WTI) crude futures fell by $2.83 or 4.56 per cent, to $59.19 a barrel.
President Trump said he had been told that killings during Iran’s crackdown on protests were easing and he believed there was no current plan for large-scale executions, though he warned that the US was still weighing military action against the oil producer, which is a member of the Organisation of the Petroleum Countries (OPEC).
Thousands of people are reported to have been killed in the weeks-long protests, and the American president has vowed to support demonstrators, saying help was “on its way.”
Iran has threatened the US with reprisals were it to be attacked, alongside conciliatory signals, including the suspension of a protester’s execution.
The New York Times reported that many of the US Gulf allies, including several of Iran’s own rivals, have also pushed against a US military intervention, warning that the ripple effects would undermine regional security and damage their reputations as havens for foreign capital.
Regardless, the US withdrew some personnel from military bases in the Middle East, after a senior Iranian official said Iran had told neighbours it would hit American bases if America strikes.
Venezuela has begun reversing oil production cuts made under a US embargo, with crude exports also resuming. The OPEC member’s oil exports fell close to zero in the weeks after the US imposed a blockade on oil shipments in December, with only Chevron exporting crude from its joint ventures with PDVSA under US license.
The embargo left millions of barrels stuck in onshore tanks and vessels. As storage filled, PDVSA was forced to shut wells and order oil production cuts at joint ventures in the country.
With this development, the Venezuelan state oil company is now instructing the joint ventures to resume output from well clusters that were shut.
On the demand side, OPEC said on Wednesday that 2027 oil demand was likely to rise at a similar pace to this year and published data indicating a near balance between supply and demand in 2026, contrasting with other forecasts of a glut.
By Adedapo Adesanya
Nigeria’s crude oil production slipped slightly to 1.422 million barrels per day in December 2025 from 1.436 million barrels per day in November, according to data from the Organisation of Petroleum Exporting Countries (OPEC).
OPEC in its Monthly Oil Market Report (MOMR), quoting primary sources, noted that the oil output was below the 1.5 million barrels per day quota for the nation.
The OPEC data indicate that Nigeria last met its production quota in July 2025, with output remaining below target from August through December.
Quarterly figures reveal a consistent decline across 2025; Q1: 1.468 million barrels per day, Q2: 1.481 million barrels per day, Q3: 1.444 million barrels per day, and 1.42 million barrels per day in Q4.
However, the cartel acknowledged that despite the gradual decrease in oil production, Nigeria’s non-oil sector grew in the second half of last year.
The organisation noted that “Nigeria’s economy showed resilience in 2H25, posting sound growth despite global challenges, as strength in the non-oil economy partly offset slower growth in the oil sector.”
According to the report, cooling inflation, a stronger Naira, lower refined fuel imports, and stronger remittance inflows are improving domestic and external conditions.
“A stronger naira, easing food prices due to the harvest, and a cooling in core inflation also point to gradually fading underlying pressures”, the report noted.
It forecast inflation to decelerate further on the back of past monetary tightening, currency strength, and seasonal harvest effects, though it noted that monetary policy remains restrictive.
“Seasonally adjusted real GDP growth at market prices moderated to stand at 3.9%, y-o-y, in 3Q25, down from 4.2% in 2Q25. Nonetheless, this is still a healthy and robust growth level, supported by strengthening non-oil activity, with growth in that segment rising by 0.3 percentage points to 3.9%, y-o-y. Inflation continued to decelerate in November, with headline CPI falling for an eighth straight month to 14.5%, y-o-y, following 16.1%, y-o-y, in October”.
OPEC, however, stated that while preserving recent disinflation gains is important, the persistently high policy rate – implying real interest rates of around 12% – risks weighing on aggregate demand in the near term.
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