Business

Nigeria Failed To Increase Export Diversification Overtime –IMF

Published

4 years ago

March 4, 2022

The International Monetary Fund says Nigeria has failed to diversify exports at an “extensive margin.”

The IMF said this in its ‘Nigeria: Selected Issues Paper’ report, which was prepared by a staff team of the Fund as background documentation for its periodic consultation with Nigeria.

According to the report, the country has not implemented much export diversification over the years.

It reads in part, “Nigeria has achieved little export diversification over the past decades. Diversification can be attained by including new commodities in the export portfolio (extensive margin) and changing the share of existing commodities (intensive margin).

“Over the past decades, Nigeria failed to diversify exports at the extensive margin, nor did it add new sub-products within the oil and the few commodities that it exports to achieve a more balanced mix of exports.”

It added that Nigeria added only 47 new products to the export portfolio between 1990 and 2020, unlike many other countries.

“Between 1990 and 2020, only 47 new products were added to Nigeria’s exports compared with an average increase of twice as many (95 products) for countries like Bangladesh, Cameroon, Pakistan, and Tanzania.

“In 2020, the total number of export products was 205, compared with an average of 258 for Sub Saharan Africa. More broadly, the export diversification index remained flat as of the 1970s after it collapsed from the high levels in the previous decade,” the report read.

The IMF further said that if the country can diversify its range of goods, there would be more intraregional trade and growth.

The report read, “Diversifying the range of goods produced creates greater possibilities for intraregional trade and opportunities for growth.”

It added, “In countries like Indonesia, Malaysia, and India where export diversification increased over time, real GDP per capita rose markedly more than it did in Nigeria.”

The PUNCH had reported that Nigeria recorded a negative trade balance of N8.9tn, between January and September 2021, according to data from the National Bureau of Statistics.

Within this period, total foreign trade stood at N35.09tn, comprising N22tn imports and N13.1tn exports, leading to N8.9tn trade deficit.

PUNCH.

Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

2 days ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

Business

NNPCL Reduces Fuel Price Again

Published

3 days ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 week ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.