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Nigeria recorded a massive 7.55 trillion naira merchandise trade surplus in the first quarter of 2026, despite a mild contraction in total aggregate trade. Data from the National Bureau of Statistics showed that the total value of foreign trade dropped slightly to 34.79 trillion naira from 36.21 trillion naira in the preceding quarter. This positive…
Nigeria’s petrol import bill dropped to $10 billion in 2025, a 28.88 percent decline from the $14.06 billion spent the previous year. Data from the Central Bank of Nigeria’s (CBN) latest balance of payments report attributes this sharp contraction to the commencement of domestic production at the Dangote Refinery. The 650,000-barrel-per-day facility began churning out…
