Business

Nigeria Records N3trn Negative Foreign Trade Balance In Q3 – NBS

Published

4 years ago

December 6, 2021

National Bureau of Statistics(NBS) has revealed that Nigeria recorded N3 trillion negative foreign trade balance in the Third Quarter(Q3) of 2021 as total import hits N8.2 trillion against N5.1 tillion in the period under review.

The Statistician General of the Federation and Chief Executive Officer of National Bureau of Statistics, Dr. Simon Harry made this disclosure during a press briefing in Abuja on Monday.

He disclosed that Nigerian export trade was mainly dominated by Crude Oil, which amounted to N4 trillion Naira.

Meanwhile, Premium Motor Spirit (PMS) valued at N1.05 trillion topped Nigerian import trade.

According to Dr Harry, “In terms of exports, Nigerian Export trade was mainly dominated by Crude Oil which amounted to N4trillion(78.47%) of total export in the Third Quarter. This was followed by Natural gas, liquefied with 487.49billion(9.50℅), floating of submersible drilling platforms with N163.70billion(3.19%) and Urea, whether or not in aqueous solution with 107.17billion(2.08%).

“On the other hand, imports were mainly motor spirit valued at N1.1trillion(12.91%), Dur wheat valued at 315.17billiom(3.87%), Gas Oil with N225.63billion(2.77%), Used Vehicles N185.41billion(2.27%).

“In terms of trading partners, the top five major trading partners in export trade during the 3rd Quarter, 2021 were India with N758.1billion, Spain with N627.01 billion, Italy with N446.04 billion, France with N363.23 billion and Netherlands with N242.49 billion. Similarly, the top import trading partners in the period under review were China with N2,441.79billion, India with 710.35billion, United States with 599.12billion, Netherlands with N554 billion and Belgium with N434.12 billion”, the statistician general stated.

International trade is an exchange or trade of goods between different nations which cut across imternational borders or territories.

NBS stated that collection of data is majorly from secondary data sources such as the Nigeria Customs Service(NSC), Nigeria National Petroleum Corporation(NNPC), Nigerian Midstream and Downstream Petroleum Regulatory Authority(NPRA), Central Bank of Nigeria(CBN)

Others are Nigerian Export Procession Zone Agency(NEPZA), Nigeria Liquified Natural Gas Limited(NLNG), Nereli Technology Limited, Gojopal Nigeria Limited, Anglia International Limited, Oil and Gas Free Zone Agency(OGFZE), Nigeria Electricity Regulatory Commission(NERC), Federal Airports Authority of Nigeria(FAAN), Nigeria Civil Aviation(NCAA), Nigeria Port Authority, among others

Business

Naira Appreciates At Official Market

Published

3 weeks ago

May 24, 2025

Editor

The Naira, which has seen steady appreciation against the Dollar all week, closed stronger on Friday, trading at ₦1,580.44 in the official forex market.

Data from the Central Bank of Nigeria’s website show the Naira gained ₦4.51k against the Dollar on Friday alone.

This marks a 0.28 per cent appreciation from Thursday’s closing rate of ₦1,584.95 in the official foreign exchange window.

The local currency maintained consistent strength throughout the week, recording gains daily.

On Monday, May 19, it traded at ₦1,598.68; on Tuesday, at ₦1,590.45; and on Wednesday, at ₦1,584.49.

These gains suggest increased investor confidence and improved forex supply, contributing to the naira’s performance.

Meanwhile, the CBN, at its 300th Monetary Policy Committee meeting held Monday and Tuesday, retained the Monetary Policy Rate at 27.5 per cent.

Business

BREAKING: Again, Dangote Refinery Cuts Petrol Price

Published

4 weeks ago

May 22, 2025

Editor

The Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, with new prices now ranging between ₦875 and ₦905 per litre, depending on location.

The ₦15 per litre cut applies across all regions and partner fuel stations, and was confirmed via an official announcement posted on Dangote Refinery’s social media channels on Thursday.

Major marketers participating in the new pricing regime include MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy — partners in the distribution of Dangote-refined products.

Under the previous pricing structure, Lagos residents paid ₦890 per litre, while prices reached ₦920 in the North-East and South-South regions. With the latest adjustment, Lagos now pays ₦875 per litre, while the North-East and South-South will see prices drop to ₦905.

A regional breakdown of the revised prices is as follows: Lagos: ₦875, South-West: ₦885, North-West & Central: ₦895, North-East & South-South: ₦905 and South-East: ₦905.

In its announcement, Dangote Refinery encouraged consumers to purchase fuel only from authorised partner stations and urged the public to report any cases of non-compliance via its official hotlines: +234 707 470 2099 and +234 707 470 2100.

“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company said.

Business

Naira Appreciates Against Dollar At Foreign Exchange Market

Published

4 weeks ago

May 17, 2025

Editor

The Naira ended the trading week on a positive note, recording a bullish close on Friday at the official foreign exchange market.

It appreciated N1,598.72 against the U.S. Dollar, reflecting a modest gain that suggests continued efforts to stabilise the local currency.

According to figures published on the Central Bank of Nigeria’s official website, the Naira strengthened by N0.60k against the Dollar on Friday.

This upward movement represents a 0.03 per cent appreciation compared to the N1,599.32 exchange rate recorded at the close of trading on Thursday.

The local currency had shown some resilience earlier in the week, posting gains on both Tuesday and Wednesday trading sessions.

On Tuesday, the Naira appreciated by 0.02 per cent, followed by a stronger gain of 0.21 per cent on Wednesday.

These improvements were seen as positive indicators of growing investor confidence and increased supply in the foreign exchange market.

However, Thursday’s trading session saw a minor setback, with the Naira slipping by N2.62 against the Dollar.

This loss equated to a 0.16 per cent depreciation, dampening the midweek rally seen in previous sessions.

Market analysts attributed Thursday’s dip to a brief increase in Dollar demand from importers and other market participants.

Despite this, the week still closed on a positive note, with the Naira showing signs of gradual recovery and increased market stability.

Analysts continue to monitor the Central Bank’s policies, especially interventions aimed at improving Dollar liquidity and managing demand pressures.

The Naira’s performance in the coming weeks will likely depend on consistent supply inflows and investor sentiment across the broader economic landscape.