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Nigeria exported an estimated 148.9 million barrels of crude oil valued at N20.22 trillion during the first five months of 2026. This financial windfall comes despite persistent domestic challenges in hitting headline production targets. International oil prices surged following a geopolitical conflict in the Middle East that restricted passage through the Strait of Hormuz. High…
Nigeria’s all-commodity group import index rose by a marginal 0.11 per cent in the fourth quarter of 2025. Data released by the National Bureau of Statistics (NBS) on Tuesday attribute the uptick primarily to higher costs for paper-making materials, textiles, and mineral products. Simultaneously, the export price index increased by 0.12 per cent, driven by…
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…
