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 Adedapo Adesanya
Brent crude prices fell by $3.05 or 3.37 per cent to $87.33 per barrel on Friday, the lowest level since early March, triggered by expectations of an imminent peace agreement between the United States and Iran.
Also, the US West Texas Intermediate (WTI) crude finished at $84.88 a barrel after it gave up $2.83 or 3.23 per cent. It was its lowest level since April 17.
Reuters reported that a memorandum between the US and Iran to halt the war in the Gulf could be signed as soon as Sunday, citing sources.
The sources indicate that the US would immediately begin releasing billions of Dollars in frozen Iranian assets and waive sanctions on its oil exports, in return for Iran opening the strait.
The proposals also include discussion of possible war reparations for Iran and dropping longstanding US demands for limits on Iran’s missile program, the sources were quoted as saying.
Meanwhile, Iranian Foreign Minister Abbas Araqchi said on Friday that a memorandum of understanding had not yet been signed and could still change.
He also said that management of the Strait of Hormuz would not return to the pre-war era, that sovereignty over the strait belonged to Iran and Oman, and that Iran would secure safe passage for ships through it.
US President Donald Trump called off threatened air strikes against Iran on Thursday, while it was reported that final negotiations on the memorandum would focus on nuclear and economic issues but would exclude discussions about Iran’s missile programme.
On Thursday, Iran announced a complete closure of the Strait of Hormuz, saying it would fire on any ship trying to pass through.
Traffic through the strait, which normally carries a fifth of global oil and liquefied natural gas shipments, has been extremely limited as a result of the war.
The US military, however, said on social media that commercial ships continued to transit the waterway.
Goldman Sachs lowered its 2027 average Brent forecast to $80 a barrel on higher supply and lower demand, but expects prices to exceed the 2025 average on stockpiling of OECD commercial oil stocks and a security premium for disruptions.
The Organisation of the Petroleum Exporting Countries (OPEC) on Thursday lowered its forecast for 2026 world oil demand growth to 970,000 barrels per day from a previous 1.17 million barrels per day, its second straight downward revision.
By Modupe Gbadeyanka
The Lagos-based Dangote Petroleum Refinery has been described by Standard Bank Group as a transformational industrial project with far-reaching implications for Nigeria and Africa.
The company, which is Africa’s largest financial institution, gave this description after a tour of the facility recently.
Standard Bank, the parent company of Stanbic IBTC Holdings, has promised to support the planned listing of the 650,000 barrels per day refinery and expressed readiness to finance future expansion projects across the continent.
The chief executive of the lender, Mr Sim Tshabalala, said, “We are here because the Dangote Group is a large and important global player and a significant force on the African continent.”
“Standard Bank is the largest financial institution in Africa, and we have partnered with Dangote on a variety of initiatives. We are here to lend support, to see this magnificent refinery and to discuss Vision 2030 and how we can continue supporting the Group’s growth ambitions,” he added.
Mr Tshabalala disclosed that Standard Bank intends to play a leading role in the refinery’s planned Initial Public Offering and future growth initiatives.
“As Dangote lists, there is an IPO coming up, and we are a leading player in that process,” he said, adding that, “As the group continues to expand in Nigeria and across Africa, there will be opportunities for financial advisory services and balance sheet support, and we stand ready to provide both.”
He further described the refinery as “a wonder of the world,” noting that its impact is already being felt through stronger foreign exchange earnings, improved balance-of-payments performance and enhanced energy security.
“This is a wonder to behold. It is massive, productive and transformative. It is already making a significant contribution to Nigeria’s economy through its impact on foreign reserves, the balance of payments and the lives of ordinary Nigerians,” he said.
The Group Vice President for Oil and Gas at Dangote Industries Limited, Mr Devakumar Edwin, said the visit represented a significant milestone in a partnership that began during the refinery’s construction phase.
“The bank visited us during construction and understood the scale of what we were building,” Mr Edwin said. “Today, the refinery is fully operational, and they can see what their support has helped to create. It is like nurturing a tree and eventually seeing it bear fruit.”
He added that both organisations are exploring opportunities to deepen collaboration as Dangote expands its industrial footprint across Africa.
Also speaking, the chief executive of Dangote Petroleum Refinery, Mr David Bird, said the visit highlighted the importance of long-term partnerships in delivering large-scale industrial projects.
“Standard Bank has been one of our strongest supporters throughout the history of the refinery and the broader Dangote Group.
“This visit was an opportunity to demonstrate what that support has enabled. Seeing is believing, and it allows our partners to appreciate the scale of what has been achieved,” Mr Bird stated.
The visit also coincided with a major operational milestone for the refinery, which has now exceeded its original design capacity.
Mr Bird disclosed that the refinery recently completed performance test runs at 700,000 barrels per day, above its nameplate capacity of 650,000 barrels per day.
“We have always believed there was engineering flexibility built into the design,” he said. “Achieving sustained production of 700,000 barrels per day is a testament to the technical capability of our people and the strength of the systems we have built.”
By Adedapo Adesanya
Nigeria produced about 1.530 million barrels of crude oil per day in May 2026, beating its Organisation of Petroleum Exporting Countries (OPEC) quota by 42,000 barrels per day. In the preceding month, the country only produced 1.489 million barrels per day.
In the latest OPEC’s Monthly Oil Market Report (MOMR), it was also revealed that Iraq in April supplied 1.494 million barrels per day while in May, it produced 1.759 million barrels per day, an increase 265,000 barrels per day; Saudi Arabia, 6.879 million barrels per day in April, 7.010 million barrels per day in May, an increase of 131,000 barrels per day; United Arab Emirate (UAE), 2.021 million barrels per day in April and in May 2.111 million barrels per day, an increase of 90,000 barrels per day while Venezuela, 1.136 million barrels per day in April and 1.179 million barrels per day in May, an increase of 43,000 barrels per day.
Using secondary sources, Nigeria’s production decreased from 1.520 million barrels per day in April to 1.519 million barrels per day; Saudi Arabia, 6.755 million barrels per day in April and 6.912 million barrels per day in May; UAE, 2.023 million barrels per day in April, 2.110 million barrels per day in May; and Venezuela, 1.036 million barrels per day in April and 1.072 million barrels per day in May.
Nigerian Upstream Petroleum Regulatory Commission (NUPRC), in a statement by its Head, Media and Corporate Communications, Mr Eniola Akinkuotu, confirmed that Nigeria, in May, met 102 per cent of OPEC quota as production hit an 11-month high.
According to it, Nigeria’s oil production witnessed an upswing in May 2026, averaging 1,530,354 barrels of crude oil and 170,446 barrels of condensates per day, bringing the total combined production to 1, 700, 800 barrels per day and consolidating Nigeria’s position as Africa’s largest oil producer.
It stated that the average crude oil production recorded in May represents 102 per cent of Nigeria’s 1.5mbpd of production quota allocated by OPEC.
It explained that production performance during the review period remained robust, with combined crude oil and condensate output ranging between a low of 1.51 million barrels per day and a peak of 1.86 million barrels per day.
The organisation added that the May 2026 production figures represented the highest recorded by Nigeria since July 2025, when output surged to 1,712,282.
NUPRC said: “In strict crude oil terms (excluding condensates), the 1.53 million barrels recorded in May 2026 represents the highest Nigeria has witnessed since January 2025 when crude oil production hit 1.538 mbpd.”
“On a month-on-month basis, production rose by 2.77 per cent in May 2026 as against 1.48mbpd in April. The broader production trend over the last five months has also remained positive.
“Combined crude oil and condensate output increased from 1.48 mbpd in February to 1.54 mbpd in March, 1.66 mbpd in April, and then 1.7 mbpd in May, underscoring sustained growth in Nigeria’s hydrocarbon production levels.
“Among production streams, Bonny Terminal led the pack with a total blend of 293,870 bpd, closely followed by Forcados Terminal at 289,900 bpd. Qua Iboe ranked third with 173,360 bpd, while Escravos Oil Terminal contributed 135,470 bpd. Odudu (Amenam Blend) completed the top five production streams, accounting for 63,250 bpd during the month under review.”
The commission attributed the rise in production to a sustained positive momentum as operations remained stable throughout the reporting period with no significant pipeline or facility outages recorded.
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