Economy
Nigeria’s Inflation Rises to 11.23% in August after 18th Consecutive Decline
By Dipo Olowookere
Inflation rate in Nigeria suffered a slight decline in the month of August 201 after recording an 18th consecutive decline, data from the National Bureau of Statistics (NBS) has revealed.
The inflation numbers released on Friday afternoon by the stats office said the Consumer Price Index (CPI), which measures the average change over time in prices of goods and services consumed by people for day-to-day living (inflation), increased by 0.09 percent to 11.23 percent (year-on-year) in August 2018 from 11.14 percent in July 2018.
This is the first year-on-year rise in headline inflation following 18th consecutive disinflation in headline inflation.
NBS said increases were recorded in all COICOP divisions that yielded the Headline index.
On month-on-month basis, the headline index moderated to 1.05 percent in August 2018, down by 0.08 percent points from the rate recorded in July 2018, 1.13 percent.
The percentage change in the average composite CPI for the twelve months period ending August 2018 over the average of the CPI for the previous twelve months period was 13.55 percent, showing 0.4 percent point from 13.95 percent recorded in July 2018.
The urban inflation rate increased by 11.67 percent (year-on-year) in August 2018 from 11.66 percent recorded in July 2018, while the rural inflation rate increased by 10.84 percent in August 2018 from 10.83 percent in July 2018.
On a month-on-month basis, the urban index rose by 1.00 percent in August 2018, down by 0.23 from 1.23 percent recorded in July, while the rural index also rose by 0.96 percent in August 2018, down by 0.22 percent from the rate recorded in July 2018, 1.18 percent.
The corresponding twelve-month year-on-year average percentage change for the urban index is 13.95 percent in August 2018. This is less than 14.33 percent reported in July 2018, while the corresponding rural inflation rate in August 2018 is 13.21 percent compared to 13.64 percent recorded in July 2018.
A look at the composite food index showed a rise to 13.16 percent in August 2018 from 12.85 percent in July 2018.
This rise in the food index was caused by increases in prices of Bread and cereals, Potatoes, yam and other tubers, Meat, Vegetables, Fish, Fruits and Oils and Fat, the stats office said.
On month-on-month basis, the food sub-index increased to 1.42 percent in August 2018, up by 0.02 percent points from 1.40 percent recorded in July.
The average annual rate of change of the Food sub-index for the twelve-month period ending August 2018 over the previous twelve-month average was 16.50 percent, 0.6 percent points from the average annual rate of change recorded in July, 17.10 percent.
Economy
Dangote Refinery Crude Intake Hits 635,000b/d in April, Receives 21 Cargoes
By Adedapo Adesanya
Nigeria’s 650,000 barrels-per-day Dangote Refinery hit its highest-ever monthly crude intake in April 2026, taking in about 635,000 barrels per day of crude oil, according to Argus tracking data.
Deliveries in the review month rose from 565,000 barrels per day in March, bringing the refinery close to its full installed capacity.
The increase followed the completion of maintenance work on one of the refinery’s crude distillation units earlier this year.
This indicates that the Dangote Refinery is steadily ramping up operations toward full capacity after a gradual start since late 2023.
The refinery received 21 separate crude cargoes in April — a record since operations began.
All supplies came from West Africa, mainly Nigerian crude grades, with one cargo from Cameroon.
Nigerian grades delivered included Bonny Light, Escravos, Qua Iboe, Bonga, Forcados, Brass River, Amenam, and others.
Cameroon’s Ebome crude was supplied to the refinery for the first time.
April receipts comprised 160,000 barrels per day of Bonny Light, 65,000 barrels per day each of Escravos, Qua Iboe and Bonga, 50,000 barrels per day of CJ Blend, then 25,000-35,000 barrels per day each of Nigerian Utapate, EA, Jones Creek, Amenam, Forcados, Brass River, plus 25,000 barrels per day of Cameroon’s Ebome.
The strong rise in local and regional crude supply could also reduce the refinery’s dependence on imported crude grades and strengthen Nigeria’s domestic fuel production capacity.
The Argus report said that no US crude was delivered in April, despite the US West Texas Intermediate (WTI) crude previously being a major feedstock for the plant in 2025.
The refinery relied heavily on Suezmax tankers, with some vessels making multiple shuttle trips between offshore terminals and the refinery.
Average crude receipts in the first four months of 2026 climbed to 495,000 barrels per day, significantly above last year’s average of 375,000 barrels per day.
The data assessed Dangote’s April receipts at a weighted average of 35.1°API and 0.2 per cent sulphur content, compared with 37.2°API and 0.2 per cent sulphur in March. Receipts averaged 37.1°API and 0.15 per cent sulphur in January-April, compared with 36.8°API and 0.2 per cent sulphur across 2025.
The report also added receipts for May appear good as the refinery should get a cargo each of Qua Iboe and Odudu this week.
Economy
Customs Area 11 Command Seizes N2bn Containers of Illicit Items
By Bon Peters
About 17 containers containing illicit items worth over N2 billion have been seized by the Area 11 Command of the Nigeria Customs Service (NCS) in Onne, Port Harcourt, Rivers State, between January and April 2026.
In the period under review, the agency generated about N258 billion as revenue, a statement signed by the command’s acting spokesman, Mr Paul Istifanus Gimba, an Assistant Superintendent of Customs 1, disclosed on Thursday.
The Customs Area Controller for the Command, Comptroller Aliyu Mohammed Alkali, said last month, more than N77 billion was generated, noting that this reflects the command’s unwavering commitment to revenue generation, trade facilitation, and the enforcement of extant government fiscal policies.
He stated that in the second month of this month, his men intercepted an attempt to smuggle one 40-foot container declared to contain plumbing materials, with a Duty Paid Value (DPV) of N185.2 million.
According to him, upon examination, it was discovered that the perpetrators had concealed the original container number and replaced it with a fake one in an attempt to unlawfully remove the container from the port without payment of duty.
Furthermore, he hinted that in April 2026, the command intercepted six 20-foot containers carrying a total of 1,100 jerricans of Super Delicieux Vegetable Oil with a DPV of N494.0 million, in contravention of section 55 of the Nigeria Customs Service Act, 2023, which prohibited the importation of refined vegetable oils and fats in order to protect and promote local industries, particularly domestic vegetable oil producers and agro-allied businesses.
The senior customs officer highlighted other items seized by his men during the period under review, including cartons of chilli cutters, ceiling fans, and food packs.
The Comptroller reminded all mischievous importers and their agents that the command remained unwavering in its resolve to combat smuggling and all forms of illegal trade practices at the port, even as he strongly encouraged all law-abiding traders to remain compliant and resist the temptation to engage in activities that contravene the law.
Mr Alkali praised the professionalism of the officers and men of the command as well as their vigilance and dedication to duty.
He also thanked members of the press for their continued partnership and commitment to disseminating accurate and reliable information about the activities of the agency to the public.
Economy
Indonesia Buys Nigerian Crude Oil to Reduce Exposure to Hormuz Disruptions
By Adedapo Adesanya
Indonesia has imported crude oil from Nigeria as Southeast Asia’s largest economy moves to reduce its dependence on Middle Eastern supplies amid rising geopolitical tensions involving the United States, Israel, and Iran.
Indonesia’s Ministry of Energy and Mineral Resources confirmed that Nigerian crude cargoes have already arrived in the country as part of efforts to diversify supply routes away from the volatile Strait of Hormuz, a key global oil transit chokepoint that handles about 20 per cent of world oil shipments.
The development positions Nigeria as an increasingly strategic alternative supplier in the global energy market as buyers seek more stable and flexible crude sources outside the Middle East.
Nigeria, which is Africa’s largest crude producer, has always sold some of its crude grades via joint ventures with international oil companies as well as to Dangote Refinery, to boost domestic production.
Indonesia’s Director General of Oil and Gas, Mr Laode Sulaeman, said the country was prioritising crude imports from suppliers whose shipping routes do not pass through the Strait of Hormuz, which has faced heightened security concerns following the ongoing conflict involving Iran, Israel, and the United States.
Apart from Nigeria, Indonesia is also considering crude supplies from Russia and the US.
The move could strengthen Nigeria’s crude export market at a time the country is seeking to boost production levels and attract new long-term buyers for its oil grades.
Speaking in March, the chief executive of the Nigerian National Petroleum Company (NNPC) Limited, Mr Bayo Ojulari, said that Nigeria could increase oil production by about 100,000 barrels per day over the next few months to realistically help the global shortfall.
Before the latest geopolitical tensions, around 20 per cent of Indonesia’s crude imports came from the Middle East. However, the country has now accelerated plans to diversify supply sources, naming Nigeria among key replacement suppliers alongside Angola, Brazil, Russia, and the US.
The development comes as Nigeria continues to gain attention in global oil markets, with its crude grades increasingly sought after because of their relatively low sulphur content and suitability for modern refineries.
Indonesia also recently opened talks with Russia for long-term crude and liquefied petroleum gas supplies, including a proposed purchase of 150 million barrels of Russian crude scheduled for delivery from late 2026.
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