Economy
Nigeria’s Imports Jump 80.7% to $56bn in Six Years—WTO
By Adedapo Adesanya
Nigeria’s import levels increased by 80.7 per cent in six years, rising from $31 billion in 2017 to $56 billion in 2023, according to the latest World Trade Organization (WTO) Trade Policy Review.
This rise, according to the report, was primarily fueled by refined petroleum, which made up 38.3 per cent of the total imports.
The WTO noted that the Nigerian government’s trade and economic policies lacked consistency in the past, affecting the achievement of ambitious government goals.
The report added that some of Nigeria’s restrictive and interventionist policies seemed to counteract broader government strategies to support economic diversification and the integration of more productive manufacturing enterprises into global value chains.
The sixth Trade Policy Review of Nigeria, based on reports by the WTO Secretariat and the Government of Nigeria, emphasises the critical role of trade in Nigeria’s economic development strategy.
According to the WTO, Nigeria, with a nominal GDP of $363 billion, remains one of Africa’s largest economies, largely due to its oil and gas exports, which continue to dominate its portfolio.
“Crude oil alone accounted for 80.6 per cent of goods exports, while gas made up 10.5 per cent. Exports have risen by nearly 50 per cent over the last six years, reaching $65 billion.
“Exports of goods continue to be dominated by crude oil (80.6 per cent) as well as gas (10.5 per cent).
“Between 2017 and 2023, they increased by nearly 50 per cent to $65 billion. Services exports, about 6 per cent of all exports, are dominated by transport and travel (58.2 per cent), as well as increasingly financial services (22.9 per cent, predominantly traded digitally).
“The share of non-oil exports in total exports doubled between 2017 and 2023, consisting primarily of agricultural products, fertilizer, and metals.
“Imports also grew strongly from $31 billion to $56 billion, with refined petroleum accounting for the largest share (38.3 per cent).
“Services imports, which accounted for more than 20 per cent of total imports, are also dominated by transport and travel services (63.7 per cent of services imports), followed by other business services (20.1 per cent, predominantly traded digitally),” the report said.
The review highlights the Nigerian government’s ambitious Agenda 2050, which aims to diversify the economy and reduce reliance on oil by promoting manufacturing, linking domestic raw materials with industries, and expanding the domestic market.
The WTO said that despite these efforts, some restrictive policies seem to counter the goal of economic diversification.
“For example, the share of intermediate goods in non-oil imports fell from 44 per cent to 32 per cent between 2017 and 2023, indicating limited progress in expanding manufacturing’s contribution to the economy.
“Government strategies and policies at times seem to lack consistency and, in the past, did not fully achieve their ambitious objectives.
“Some restrictive and interventionist policies seem to counteract broader government strategies to support economic diversification and the integration of more productive manufacturing enterprises into global value chains.
“Nigeria’s trade in intermediary goods developed little between 2010 and 2021 and the share of intermediate goods in total non-oil imports declined from 44 per cent to 32 per cent between 2017 and 2023.
“FDI has continued its downward trend and virtually ceased in 2022, with few disaggregated figures available,” the report said.
The WTO explains that economic reforms have been underway in Nigeria, including the removal of fuel subsidies and a restructuring of the foreign exchange rate system.
According to the report, in 2023, Nigeria eliminated its complex multi-tiered exchange rate system, which had resulted in significant foreign exchange shortages.
“In 2023, the Government initiated important reforms regarding the foreign exchange rate, fuel subsidies, and fiscal discipline. In June, it eliminated a complex exchange rate system using multiple windows and rates which had led to significant foreign exchange (FX) shortages.
“The largely inaccessible official rate of the naira rapidly aligned with the parallel rate at which most FX transactions had effectively taken place and by March 2024, the official exchange rate had lost around 70 per cent of its value in USD terms.
“In 2023, the Central Bank of Nigeria (CBN) also removed restrictions on the use of FX for the import of 43 groups of commodities, affecting more than 900 tariff lines that had been in place since 2015.
“A price verification system for imports and exports to avoid under- or over-invoicing was in place between August 2023 and June 2024. However, some FX restrictions remain in place, including repatriation requirements,” it said.
The report added that following an earlier failed attempt in 2020, the government also removed costly and inefficient fuel subsidies in mid-2023 but established retail price caps for fuels at the end of 2023, effectively reintroducing some form of support.
“These subsidies accounted for about 15 per cent of government expenditure in 2022.
The Nigerian government also decided to end the practice of financing a significant share of its spending via overdrafts from the Central Bank of Nigeria (CBN), which had contributed to increasing debt as a share of GDP to 30 per cent.
“At below 9 per cent, the revenue-to-GDP ratio in Nigeria remains very low and the Government aims to increase it significantly by 2025.
The official exchange rate, which aligned with the parallel rate by March 2024, saw a rapid devaluation of the naira. In June 2023, Nigeria also removed longstanding foreign exchange restrictions on 43 groups of imports to ease access to foreign currency.
“These reforms were intended to create a more stable economic environment, though some foreign exchange restrictions remain, including repatriation requirements for companies.”
Economy
Underrated National Currencies in Crypto Exchange: Why NGN and VND Are Emerging as Promising Markets
Crypto exchange is no longer limited to familiar pairs involving the US dollar or the euro. When the goal is specific, e.g., buying USDT with a local currency, receiving an international transfer, or cashing out Bitcoin to a bank account, local fiat currencies take centre stage. The Nigerian naira, or NGN, and the Vietnamese dong, or VND, are excellent examples of this trend. Demand for these currencies is driven not by speculation, but by people solving everyday financial needs.
Why Local Currencies Are Becoming More Important in Crypto Exchange
Across developing markets, cryptocurrency adoption is accelerating where traditional financial infrastructure is slow, expensive, or limited. High international transfer fees, volatile exchange rates, and lack of access to foreign currencies have made digital assets an efficient bridge between local and global financial systems.
Between July 2024 and June 2025, the volume of on-chain cryptocurrency transactions in Sub-Saharan Africa exceeded $205 billion, representing approximately 52% year-over-year growth. Transactions below $10,000 accounted for 8% of total volume, compared with roughly 6% globally, indicating that demand extends well beyond stablecoins such as USDT and USDC. In Southeast Asia, meanwhile, crypto adoption is fueled primarily by the digital economy, cross-border commerce, e-commerce, and high retail participation.
NGN: Why Nigeria Has Become One of the World’s Leading Crypto Markets
Following Nigeria’s currency reforms in 2023–2024, the naira depreciated significantly. Access to U.S. dollars remained limited, while the gap between official and market exchange rates widened. As a result, Bitcoin and stablecoins evolved from investment assets into practical tools for payments and savings and drove a demand for USDT to naira exchanges, as well as Bitcoin to naira conversions.
The numbers illustrate the dynamic. In 2023, Nigeria ranked first globally in the peer-to-peer (P2P) cryptocurrency trading sub-index. In 2024, it climbed to second place in the Global Crypto Adoption Index. During the twelve months ending June 2025, Nigeria’s cryptocurrency transaction volume exceeded $92.1 billion—nearly three times that of South Africa.
Demand patterns are equally impressive. Approximately 89% of cryptocurrency transactions in Nigeria involve naira-to-BTC conversions, for which excellent rates can be found on BestChange’s dedicated page with NGN-to-BTC exchange offers. Around 80% of surveyed Nigerians already own stablecoins, while 95% said they would prefer receiving payments in stablecoins rather than in naira. Since 2019, Nigeria has accounted for roughly 60% of all stablecoin inflows into Sub-Saharan Africa. On BestChange, users can also compare offers for exchanging NGN to USDT TRC20, including, as well as the reverse direction, i.e., purchasing naira with crypto, such as BTC to naira or, for example, offers with rates for converting TRX to naira.
International remittances add another major source of demand. In 2024, remittance inflows reached $20.93 billion. While bank transfers cost an average of 15% of the transferred amount, comparable transfers using stablecoins were approximately 60% cheaper.
The legal landscape is also evolving. In 2025, virtual assets were formally brought under Nigeria’s regulatory supervision, while pressure on unregulated platforms increased. As a result, trusted exchange routes and reputable providers are becoming increasingly important in the crypto exchange market.
VND: Why Vietnam Remains Among the Global Leaders in Crypto Adoption
Vietnam paints a different picture. Unlike Nigeria, it faces no major currency instability, yet it has one of the world’s most active retail cryptocurrency markets. In 2025, the country ranked fourth in the Global Crypto Adoption Index, maintaining a top-five position for several consecutive years. Crypto transactions exceeded $200 billion in total during the twelve months ending June 2025.
Two factors consistently drive demand for crypto exchanges with dong: international remittances and Vietnam’s rapidly expanding digital economy. During 2024–2025, annual remittance inflows exceeded $16 billion, creating steady demand for converting foreign assets into Vietnamese dong.
Users looking to cash out can exchange USDT to VND (TRC20 network) or convert crypto from another network, e.g., USDT (ERC20) to Vietnamese dong. The flagship cryptocurrency exchanges are also available in the list of offers for Bitcoin-to-VND conversions. Those moving in the opposite direction can compare offers to convert VND to USDT (TRC20) or dong to USDT (ERC20) on BestChange.
Vietnam’s e-commerce market has also grown to approximately $32 billion, driving additional demand for fast, efficient payment solutions.
Additionally, crypto regulation is gradually becoming more structured. Beginning in January 2026, Vietnamese authorities started accepting license applications from cryptocurrency platform operators, followed by the launch of an accelerated regulatory pilot program later that spring.
How BestChange Helps Find NGN and VND Exchange Offers
In emerging markets, evaluating an exchange route means looking beyond the exchange rate alone. The cryptocurrency, blockchain network, payout method, available reserves, transaction limits, and service reputation all matter.
BestChange allows users to compare these factors before sending funds. For each exchange direction, you can instantly view offers from verified exchange services, including exchange rates, reserves, limits, payout methods, and—perhaps most importantly—reviews from other users.
Before sending cryptocurrency, it is also recommended to check the wallet addresses involved using an AML analyser to reduce compliance risks.
NGN and VND are no longer niche markets. They support real-world financial needs, including international transfers, everyday payments, and holding part of one’s savings in stablecoins.
By Adedapo Adesanya
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has warned that member filling stations will stop selling petrol if the federal government tries to enforce a planned price control.
Speaking to Punch Newspapers, the National Publicity Secretary of the fuel marketers, Mr Chinedu Ukadike, said the warning was in response to comments by the Minister of State for Petroleum Resources (Oil), Mr Heineken Lokpobiri, that the government would not tolerate profiteering and other practices that exploit fuel consumers.
Mr Lokpobiri, speaking in Abuja at the opening ceremony of the 2026 General Counsel and Legal Advisers Forum organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), reiterated that although the era of government-fixed petrol prices was over, deregulation did not mean regulators should abdicate their responsibility to protect consumers.
In response, the IPMAN mouthpiece denied allegations of profiteering, saying many marketers are running into losses with the series of reductions carried out lately by the Dangote refinery.
Mr Ukadike said the federal government should first investigate the root cause of the current high petrol prices and boost competition by making sure its refineries work, stressing that marketers will sell what they buy.
“Marketers will shut down if they try somehow to enforce price control. We are going to shut down our stations nationwide. You can’t be regulating a deregulated market. You can’t tell me how much to sell my product without trying to know how much I bought it,” he told the newspaper.
He also said independent marketers are losing money.
“We bought petrol at a particular rate a few days ago; on our way to our filling stations, there was a reduction. We have been struggling with the price. We have been struggling against financial losses. We are also struggling against stagnation due to low patronage of our products. Because those marketers who are purchasing now are purchasing at a lower price, and they are selling cheaper.
“If you don’t bring down your price, you cannot see buyers. This is the beauty of deregulation. If you cannot compete, you will not survive in the market. And because most of us are trading on bank loans, the bank does not know when the price goes up or goes down. Their interest rate is fixed; their return on investment is fixed. So, you must pay them. This is the situation we find ourselves in.”
He also called for increased competition and questioned the current arrangement.
“It is not about going to filling stations to check who is selling at higher prices. Do you know how much I bought the fuel for? Can you have a regulated market in a deregulated economy? You can’t be blowing hot and cold at the same time. The PIA must be followed to the letter. If they try to enforce price control, we will shut down,” he said in parts of the interview.
Crude prices have dropped from a high of $120 during the US-Iran war to as low as $73 a barrel, but this has not translated to a reprieve in the price of petrol at the pump.
By Adedapo Adesanya
Nigeria Employers’ Consultative Association (NECA) has inaugurated the country’s first Environmental, Social and Governance (ESG) Implementation Guide for Micro, Small and Medium Enterprises (MSMEs) to strengthen business sustainability.
The guide was inaugurated on Tuesday during the 2026 Nigeria Employers’ Summit in Abuja in collaboration with the International Labour Organisation (ILO).
Chairman of the NECA ESG Advisory Board, Mr Femi Jaiyeola, described the guide as a milestone for strengthening the competitiveness and sustainability of Nigerian MSMEs.
He said MSMEs remained the backbone of Nigeria’s economy and required practical tools to compete in an increasingly sustainability-driven global business environment.
Mr Jaiyeola said ESG had evolved beyond regulatory compliance into a strategic business tool for attracting investment, improving competitiveness and enhancing long-term enterprise value.
He said ESG also presented significant opportunities for MSMEs and Nigeria’s economy beyond meeting regulatory obligations.
According to him, the guide comes as regulators, financial institutions and global markets increasingly demand sustainable business practices from enterprises of all sizes.
The official said ESG reporting was expected to become mandatory in Nigeria by 2030, urging MSMEs to begin preparations immediately.
He said the guide provided a practical roadmap to help MSMEs adopt ESG principles progressively while delivering measurable business value and organisational resilience.
According to him, ESG adoption will improve access to finance, strengthen business reputation and expand opportunities in international value chains.
He described the guide as a practical tool that would enable Nigerian MSMEs to compete, grow and thrive in a sustainability-driven economy.
Mr Jaiyeola commended ILO consultants and members of the NECA ESG Advisory Board for supporting the development of the implementation guide.
He recalled that NECA, with ILO support, launched an ESG assessment on Dec. 4, 2025, to strengthen sustainability practices across Nigerian businesses.
According to him, the assessment highlighted the need to integrate MSMEs into Nigeria’s ESG framework because of their contributions to economic growth and employment.
Mr Jaiyeola said the implementation guide was the first designed specifically for MSMEs in Nigeria and, to NECA’s knowledge, across Africa.
He expressed confidence that the guide would help MSMEs understand ESG principles and improve competitiveness in local and international markets.
Mr Jaiyeola disclosed that six NECA officials were undergoing specialised ESG training for SMEs at the ILO International Training Centre in Turin, Italy.
He said the officials would train MSMEs across Nigeria’s six geopolitical zones after completing the programme. According to him, the initiative demonstrates NECA’s commitment to building business capacity for sustainability and global competitiveness.
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