Economy
Nigeria’s Regional Trade in Africa Less Than 15%—NEXIM Bank
By Adedapo Adesanya
The Nigerian Export-Import Bank (NEXIM Bank) has advised the federal government to make effort to boost Nigeria’s trade in the West African bloc and the larger African continent.
Mr Abba Bello, Managing Director of NEXIM Bank, gave the advice in Abuja at the ongoing Nigeria @ 60 Exhibition of Made in Nigeria Products and Cultural Display organised by the Inter-Ministerial Committee on Nigeria @60, in collaboration with Business Visa and Trainings Co. Ltd.
According to Mr Bello, Nigeria’s regional trade is low at less than 12 per cent and 15 per cent for ECOWAS and the African continent, respectively.
This is in spite of Nigeria’s ranking as the biggest economy in Africa with a Gross Domestic Product (GDP) of about $477 billion and contributing over 60 per cent of GDP in West Africa.
Mr Bello, while speaking on the Fundamentals of Branding and Financing Made in Nigeria Products for Export highlighted key issues that must be addressed for the country to increase export and boost regional trade.
He said that Nigeria had the best chance to promote rapid industrialisation and boost manufactured exports in the regional market, where it had a comparative advantage.
On developing services export, he noted that services contributed over 50 per cent of Nigeria’s GDP, yet the country did not have a significant footprint in services export and that this called for urgent attention.
“Currently, Nigeria’s Nollywood industry is ranked among the most prolific in the world.
“Empirical evidence also indicates that Nigeria can compete favourably in such areas as ICT and other professional services,” he said.
Mr Bello said that Branding for Export was important to export, as it could affect product perception, which may create customer loyalty or lead to product rejection, as the case may be.
“It has been said that poor branding is one of the reasons why Nigerian products, particularly value-added products, have not performed optimally in the international market.
“An exporter should therefore see himself/herself as an ambassador, as his activities/products will not only impact his brand but could impact the bigger brand, that is, the image of our country Nigeria.
“Product packaging and labelling, as well as the availability of well-equipped testing labs, are quite critical to ensuring product quality, which impacts on the exporter and Nigeria’s brand.
“Equally important is the activities of regulatory agencies like the Standards Organisation of Nigeria (SON), National Agency for Food and Drug Administration and Control (NAFDAC), and the Nigerian Agricultural Quarantine Services,” he said.
According to the NEXIM MD, the dearth of quality labs/ quality packaging provides investment opportunities for entrepreneurs, while helping to promote export.
He said that Nigeria’s export, currently dominated by raw/semi-processed, mainly agricultural commodities, usually attracts low export prices.
“There is a need to increasingly add value to our products to boost export revenues and create more jobs,” Mr Bello said.
He said it was instructive to enhance credit flow to the non-oil export sector, especially with regard to supporting capital investments in productive assets.
This, according to him, is necessary for the realisation of the key objectives of economic diversification.
By Adedapo Adesanya
Dangote Petroleum Refinery imported a total of $3.74 billion) worth of crude oil in 2025, to make up for shortfalls that threatened the plant’s 650,000-barrel-a-day operational capacity.
The data disclosed in the Central Bank of Nigeria’s Balance of Payments report noted that “Crude oil imports of $3.74 billion by Dangote Refinery” contributed to movements in the country’s current account position, as Nigeria imported crude oil worth N5.734 trillion between January and December 2025.
Last year, as the Nigerian National Petroleum Company (NNPC), which is the refinery’s main trade partner and minority stakeholder, faced its challenges, the company had to forge alternative supply links. This led to the importation of crude from Brazil, Equatorial Guinea, Angola, Algeria, and the US, among others.
For instance, in March 2025, the company said it now counts Brazil and Equatorial Guinea among its global oil suppliers, receiving up to 1 million barrels of the medium-sweet grade Tupi crude at the refinery on March 26 from Brazil’s Petrobras.
Meanwhile, crude oil exports dropped from $36.85 billion in 2024 to $31.54 billion in 2025, representing a 14.41 per cent decline, further shaping the external balance.
The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”
Specifically, refined petroleum product imports fell sharply to $10.00 billion in 2025 from $14.06 billion in 2024, representing a 28.9 per cent decline, while total oil-related imports also eased.
However, this was offset by a rise in non-oil imports, which increased from $25.74 billion to $29.24 billion, up 13.6 per cent year-on-year, reflecting sustained demand for foreign goods.
At the same time, the goods account remained in surplus at $14.51 billion in 2025, rising from $13.17 billion in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.
The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.
Nigeria posted a current account surplus of $14.04 billion in 2025, lower than the $19.03 billion recorded in 2024 but significantly higher than $6.42 billion in 2023. The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining, according to the report.
Pressure on the current account came from higher external payments. Net outflows for services rose from $13.36 billion in 2024 to $14.58 billion in 2025, driven by increased spending on transport, travel, insurance, and other services.
Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09 billion, largely due to higher dividend and interest payments to foreign investors.
In contrast, secondary income inflows declined slightly from $24.88 billion in 2024 to $23.20 billion in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow, as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.
This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.
By Aduragbemi Omiyale
An application has been submitted by Sovereign Trust Insurance Plc for its proposed N5.0 billion rights issue.
The application was sent to the Nigerian Exchange (NGX) Limited, and it is for approval to list shares from the exercise when issued to qualifying shareholders.
A notice signed by the Head of Issuer Regulation Department of the exchange, Mr Godstime Iwenekhai, disclosed that the request was filed on behalf of the underwriting firm by its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities.
The company intends to raise about N5.022 billion from the rights issue to boost its capital base, as demanded by the National Insurance Commission (NAICOM) for insurers in the country.
Sovereign Trust Insurance plans to issue 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026.
“Trading license holders are hereby notified that Sovereign Trust Insurance has through its stockbrokers, Cordros Securities Limited, Dynamic Portfolio Limited and Cedar of Lebanon Securities, submitted an application to Nigerian Exchange Limited for the approval and listing of a rights issue of 2,510,848,144 ordinary shares of 50 Kobo each at N2.00 per share on the basis of three new ordinary shares for every 17 existing ordinary shares held as of the close of business on Tuesday, March 17, 2026,” the notification read.
By Adedapo Adesanya
Food Concepts Plc, the parent company of fast food brands like Chicken Republic and PieXpress, has disclosed plans to pay 10 Kobo in interim dividend to new and existing shareholders for the 2026 financial year.
This was disclosed by the company in a notice to the NASD Over-the-Counter (OTC) Securities Exchange, where it trades its securities.
The notice indicated that the proposed interim dividend, which comes with no bonus, will be paid to those who hold the stocks of the company as of the qualification date for the dividend, which was Tuesday, March 24.
This means only those who hold the company’s shares as of the closing session will be eligible to receive the stipulated dividend payment.
The shareholders of the company will be credited with the 10 Kobo dividend on Tuesday, March 31.
The notice noted that the closure of the company’s register will be on Wednesday, March 25, through Friday, March 27, 2026, both days inclusive.
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