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
Last week on the floor of the Nigerian Exchange (NGX) Limited, 57 equities appreciated, higher than 44 equities in the previous week, while 38 equities shed weight versus 35 equities in the preceding week, with 51 equities closing flat versus the 67 equities recorded a week earlier.
UPDC REIT chalked up 33.33 per cent to trade at N14.20, First Holdco gained 25.59 per cent to finish at N120.50, Unilever Nigeria rose by 19.31 per cent to N147.95, Cadbury Nigeria improved by 18.42 per cent to N67.50, and AXA Mansard expanded by 17.86 per cent to N13.20.
On the flip side, Mecure lost 26.97 per cent to N62.40, Royal Exchange shrank by 12.84 per cent to N1.29, Tripple Gee slumped by 12.34 per cent to N3.41, SUNU Assurances crumbled by 10.00 per cent to N3.60, and BUA Foods dropped 10.00 per cent to close at N845.10.
In the week, the All-Share Index (ASI) went up 1.60 per cent to 247,357.40 points, and the market capitalisation appreciated by 1.61 per cent to N159.588 trillion.
Similarly, all other indices finished higher with the exception of the consumer goods, Lotus II, growth, sovereign bond and commodity indices, which fell by 3.76 per cent, 1.55 per cent, 20.24 per cent, 0.14 per cent, and 1.25 per cent respectively.
As for the trading data, 4.433 billion shares worth N306.143 billion in 255,589 deals were transacted in five days versus the 2.819 billion shares valued at N182.499 billion traded in 226,729 deals in the previous week.
The financial services segment led the activity chart with 3.422 billion shares valued at N207.206 billion traded in 117,545 deals, contributing 77.18 per cent and 67.68 per cent to the total trading volume and value, respectively.
The consumer goods sector traded 201.978 million shares worth N17.171 billion in 28,666 deals, and the ICT industry posted a turnover of 169.481 million shares worth N21.194 billion in 23,107 deals.
First Holdco, Access Holdings, and GTCO accounted for 2.151 billion shares worth N170.793 billion in 44,768 deals, contributing 48.51 per cent and 55.79 per cent to the total trading volume and value, respectively.
By Adedapo Adesanya
Nigeria’s crude oil exports to the United States rebounded strongly in May as shipments rose by nearly 150 per cent month-on-month as American refiners increased purchases of overseas crude.
Latest data from the US Census Bureau showed that crude imports from Nigeria climbed to 2.36 million barrels in May, compared with 946,000 barrels recorded in April.
This indicated renewed demand for Nigeria’s premium light sweet grades amid shifting global patterns and higher international oil prices as the Middle East disruption weighed on trade.
The value of the imports also rose sharply to $279.8 million, up from $85.2 million in the previous month, reflecting both the higher volume of purchases and stronger crude oil prices during the period.
The rebound coincided with a broader increase in crude oil imports by the US.
According to the latest US International Trade in Goods and Services Report, total US crude imports increased by $1.5 billion in May, making crude oil one of the largest contributors to the $12.3 billion rise in overall goods imports during the month.
The report also showed that imports of industrial supplies and materials increased by $3.1 billion, with crude oil accounting for nearly half of the increase.
The recovery marks a significant turnaround after two consecutive months of declining Nigerian crude shipments to the US market. Export volumes had fallen from 4.64 million barrels in February to 1.54 million barrels in March, before dropping further to 946,000 barrels in April.
Despite the fluctuations, cumulative exports between January and May 2026 reached 11.15 million barrels, valued at approximately $926.6 million, reaffirming Nigeria’s strategic position as a key supplier of premium low-sulphur crude grades to the world’s largest economy.
Concerns surrounding crude shipments through the Strait of Hormuz, one of the world’s busiest oil transit routes, are encouraging refiners to increase purchases from Atlantic Basin producers such as Nigeria, whose crude grades offer lower geopolitical shipping risks than some Middle Eastern supplies.
Nigeria’s flagship crude grades, including Bonny Light, Qua Iboe and Escravos, remain highly sought after by US Gulf Coast refiners because of their low sulphur content and high yields of premium petroleum products such as petrol, diesel and aviation fuel.
Although the US has emerged as one of the world’s largest crude oil producers following the shale revolution, many American refineries continue to import light sweet crude to complement domestic production and optimise refining operations.
The rebound in exports also comes as Nigeria gradually restores crude production following improved security operations in the Niger Delta and intensified efforts by government agencies and operators to curb crude oil theft, pipeline vandalism and illegal refining.
By Aduragbemi Omiyale
The Nigerian Exchange (NGX) Group Plc has impressed its shareholders with a sterling performance in the first half of 2026, declaring an interim dividend of N1.30.
This was as the organisation grew its revenue for the period by 118 per cent to N17.60 billion from N8.08 billion in the corresponding period of 2025, driven by strong market activity, operating leverage and increased contribution from investee companies.
Analysis of the financial statements of the firm showed that transaction fees rose by 169 per cent to N13.34 billion from N4.96 billion, listing fees increased by 59 per cent to N2.38 billion, and technology income rose by 19 per cent to N447.86 million.
Further, operating profit increased by 155 per cent to N10.62 billion from N4.16 billion, reflecting strong operating leverage, as growth in income significantly outpaced the increase in operating expenses.
In the first six months of this year, the share of profit from equity-accounted investees soared by 130 per cent to N4.14 billion as a result of the strong performance of Central Securities Clearing System (CSCS) Plc.
Consequently, profit before tax jumped by 170 per cent to N14.76 billion from N5.46 billion in H1 2025, while profit after tax surged by 146 per cent to N10.36 billion from N4.22 billion in the prior-year period.
It was observed that the company’s balance sheet remained robust, with total assets up to N75.87 billion as of June 30, 2026, while shareholders’ equity increased to N60.49 billion from N55.20 billion at the end of 2025.
The chairman of NGX Group, Mr Umaru Kwairanga, while commenting on the results and cash reward, said, “The board’s approval of an interim dividend of N1.30 per share reflects the strength of NGX Group’s first-half performance and our confidence in the group’s long-term prospects.
“We are encouraged by the significant growth recorded across the business and by the increasing contribution of companies within the group’s investment portfolio.
“The board remains committed to balancing attractive returns to shareholders with continued investment in the infrastructure, technology and strategic initiatives required to deepen Nigeria’s capital market and position NGX Group for sustainable growth.”
Also commenting, the chief executive, Mr Temi Popoola, said, “Our first-half results demonstrate the strength and scalability of NGX Group’s business model. Revenue growth was supported by significantly higher transaction activity, increased listing income and stronger contributions from our investee companies, while disciplined execution enabled us to translate this growth into substantially improved profitability.
“We remain focused on sustaining this momentum by deepening market liquidity, expanding investor participation, accelerating the development of technology-enabled products and building a more diversified financial market infrastructure group. The N1.30 interim dividend reflects both the progress made and our confidence in the Group’s capacity to deliver sustainable long-term value.”
