Business
Refined petroleum, foods lead as imports hit N12tn
Refined petroleum products and agricultural food imports constituted the major items imported by Nigerians into the country in the first quarter of 2024, the National Bureau of Statistics has stated in a new report.
This was as total imports for Q1 2024 stood at N12.64tn representing a 39.65 per cent increase from N9.05tn in Q4 2023 and a 95.53 per cent rise from N6.47tn in Q1 2023.
While the import of raw materials by manufacturers gulped N1.5tn, citizens spent N920.54bn to bring in agricultural goods, the NBS in its Foreign Trade Statistics disclosed on Sunday.
“The share of total imports accounted for 39.75 per cent of total trade in the first quarter of 2024 with the value of imports amounting to N12.64tn in Q1, 2024. This value indicates an increase of 39.65 per cent over the value recorded in Q4 2023 (N9.05tn) and rose by 95.53 per cent compared to the value recorded in Q1 2023 (N6.46tn). The merchandise trade balance for Q1 2024 stood positive at N6.5tn,” the NBS report stated in part.
The NBS said China was Nigeria’s top trading partner on the import side, contributing 23.18 per cent to the total imports. Other significant import partners included India (8.46 per cent), the United States (7.98 per cent), Belgium (7.56 per cent), and the Netherlands (4.68 per cent).
It said agricultural goods imported were valued at N920.54bn, reflecting a 29.45 per cent increase compared to N711.14bn in Q4 2023 and a 95.28 per cent rise compared to N471.39bn in Q1 2023.
Similarly, raw material imports by manufacturers stood at N1.47tn, a 51.78 per cent increase from N966.80bn in Q4 2023 and a 164.18 per cent rise from N555.47bn in Q1 2023.
Key imported commodities included motor spirit ordinary, gas oil, durum wheat, cane sugar meant for sugar refinery, and other liquefied petroleum gases.
The report added, “In the first quarter of 2024, China ranked highest among the top trading partners on the import side, followed by India, United States of America, Belgium, and The Netherlands. The most traded commodities were motor spirit ordinary, gas oil, durum wheat (Not in seeds), cane sugar meant for sugar refinery, and other liquefied petroleum gases and other gaseous hydrocarbons.
“The value of agricultural goods imported in Q1 2024 was N920.54bn, reflecting an increase of 29.45 per cent when compared to N711.14bn in Q4 2023, and a 95.28 per cent rise compared to N471.39bn in Q1 2023.
“In Q1 2024, raw material imports were valued at N1,467.41 billion. This represents a 51.78 per cent increase from N966.80 billion in Q4 2023 and a significant rise of 164.18 per cent from N555.47bn in Q1 2023.
“In the first quarter of 2024, solid mineral imports were valued at N71.38bn. This represents a 21.15 per cent increase from N58.92bn in Q4 2023 and a 59.23 per cent increase from N44.83bn in Q1 2023.”
In the recent past, there have conflicting and contrary views by various stakeholders to open the border for the import of food products as a measure to curb surging inflation.
Although President Bola Tinubu has refuted plans to permit food imports from neighbouring countries, the government has set in motion a plan to suspend the payment of import duties on staple food items, drugs, and other essential items for an initial period of six months as a measure to curb inflation, the Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele informed Journalists last week.
In Nigeria, a food crisis looms large, challenging the nation’s stability. Food prices have surged, with food inflation reaching 40.5 per cent.
Among the hardest-hit commodities is rice, a dietary staple. In the past year alone, rice prices have skyrocketed by 169 per cent, reaching nearly N90,000 per bag in March and April. This sharp increase in food costs is placing immense strain on households across the country, exacerbating an already fragile economy.
It’s estimated that around 31 million Nigerians may face severe food shortages by August this year.
Based on international standard classification, the statistics agency said that the top-ranked group import was “mineral fuels” with N4.436tn representing 35.09 per cent of total imports; this was followed by “machinery and transport equipment” with N3.17tn (25.08 per cent of total imports) and “Chemicals & related products” with N1.786tn (14.13 per cent of total imports).
“On the other hand, total imports of agricultural goods in Q1, 2024 stood at N920.54bn or 7.28 per cent of total imports.
The major agriculture goods imported in Q1, 2024 included ‘Durum wheat (not in seeds)’ from Canada with N130.26bn and Lithuania with N98.63bn. This was followed by ‘Blue whitings (Micromesistius potassium, Micromesistius australis) meat, frozen.’ from the Netherlands valued at N16.67bn.
Meanwhile, Nigeria’s foreign exchange earnings grew in the first three months of 2024 as the foreign trade surplus rose to N6.52tn due to naira devaluation.
According to new data from the National Bureau of Statistics, Nigeria’s total import bill stood at N12.64tn, while total exports amounted to N19.17tn, indicating that the country was able to earn N6.52tn worth of foreign exchange in the process.
This figure is a significant recovery from the N1.41tn trade deficit recorded in the previous quarter (Q4 2023) and the N927.2 billion in the same period (Q1) of 2023.
The first quarter trade surplus marks a historic peak, surpassing previous records dating back to 2009, with the closest figure being N5.74 trillion in Q4 2011.
The record data is also fueled by exchange rate depreciation which means the trade surplus when converted to Naira will be higher than in any other period in history.
The report stated that total exports for Q1 2024 were valued at N19.17tn, representing a 51 per cent increase from the previous quarter’s N12.69tn and a 195.47 per cent rise from N6.49tn recorded in Q1 2023.
France emerged as the leading destination for Nigerian exports, accounting for 11.09 per cent of the total export value, followed by Spain (10.56 per cent), the Netherlands (8.85 per cent), India (8.41 per cent), and the United States (6.84 per cent).
The statistics agency added that major export commodities included crude oil, liquefied natural gas, sesamum seeds, urea, and superior-quality cocoa beans.
Crude oil exports accounted for 80.80 per cent of total exports with a value of N15.49tn, representing a 50.20 per cent increase from N10.31tn in Q4 2023 and a remarkable 200.79 per cent rise from N5.15tn in Q1 2023.
Revenue from agricultural exports also saw significant growth, amounting to N1.04tn, up by 123.08 per cent from N463.97bn in Q4 2023 and by 270.13 per cent from N279.64bn in Q1 2023.
The report read, “Total exports in Q1 2024 we’re valued at N19.17tn, reflecting a 51.00 per cent increase compared to N12.69tn in Q4 2023 and a 195.47 per cent rise compared to N6.49tn in Q1 2023.
“In Q1 2024, the top trading export partners were France, Spain, the Netherlands, India, and the United States of America. The most exported m commodities included crude oil, liquefied natural gas, sesamum seeds, urea (whether or not in aqueous solution), and superior-quality cocoa beans.
“Exports of agricultural goods in Q1 2024 amounted to N1.04tn, a 123.08 per cent increase from N463.97bn in Q4 2023 and a 270.13 per cent rise from N279.64bn in Q1 2023.
“The value of manufactured goods exports in Q1 2024 was N268.70bn, reflecting a 14.36 per cent increase from N234.96bn in Q4 2023 and a 104.88 per cent increase from N131.15bn in Q1 2023.
“Crude oil exports in Q1 2024 were valued at N15.49tn, a rise of 50.20 per cent from N10.31tn in Q4 2023 and by 200.7 per cent from N5.15tn in Q1 2023.”
The FX reform implemented last June as part of the Federal Government’s measures to revive the economy has led to a large devaluation of the naira.
While the naira has continued to depreciate, the West African CFA franc, a legal tender in Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo, has appreciated.
This made some goods produced in Nigeria cheaper than other African countries.
PUNCH
By Chinedu Sabastine
ENUGU – Value Circle Africa (VCA), a marketing outfit dealing in organic food products, has launched operations in Enugu, promising to promote health and wealth creation among millions of Africans.
The company, which markets products including soya bean oil, swallow, fufu and Ganadima mushroom, said it was targeting 20 million Africans through its business model.
Speaking at the unveiling in Enugu, Chairman of VCA, Elder Dennis Ogbonnaya Nwankwo, claimed that participants who purchase products worth N65,000 could earn up to N550,000 over six months under the company’s reward scheme.
Nwankwo said VCA was an offshoot of Nature’s Renaissance International Limited (NRI), founded by High Chief Clinton Brown Odiagbe.
He explained that the initiative was designed to share the company’s profits with customers rather than concentrate its earnings on business expansion.
According to him, a participant who purchases products worth N65,000 would receive N50,000 initially, with subsequent monthly payments of N100,000, subject to the company’s stated terms.
He further claimed that an investment of N6.5 million could yield about N55 million within six months.
Nwankwo said the company manufactured its organic products and intended to use the proceeds to improve the financial circumstances and health of its customers.
“Every other company is marketing its products and making its profit. We manufacture our organic products, including soya bean oil, swallow, fufu and Ganadima mushroom.
“But we decided that we should not use the money to establish an airline or acquire more estates. Instead, we decided to share it with people around us,” he said.
He added that the company encouraged participants to reinvest their earnings to build sustainable financial capacity.
“We believe that if we continue to do this, we will also train people not to consume all the money they earn but to reinvest it. That is how we intend to wipe away poverty,” he said.
The VCA chairman urged interested persons to participate in the scheme, claiming that those who borrowed N65,000 to purchase the products could repay their loans from subsequent payments.
He, however, did not provide independently verified financial records to substantiate the returns being promised.
One of the company’s beneficiaries, Pastor David Ime Jesus, said he joined the scheme in June 2026 and had received payments under the arrangement.
“I began to invest in June and have been earning N100,000 every month since the initial N50,000 I earned in July,” he said.
Business
No Bad Blood Over New Cement Factories, But Our Mining Rights Run Till 2045 — Ibeto Tells Ebonyi Govt
ABAKALIKI, EBONYI STATE — Billionaire industrialist and Chairman of Ibeto Group, Dr. Cletus Ibeto, has clarified his position on plans by the Ebonyi State Government to establish a new cement manufacturing plant, saying he has no objection to fresh investment in the state provided his company’s existing mining rights are respected.
Ibeto, who is also a core investor in the Nigerian Cement Company (Nigercem), said the proposed development should not interfere with areas covered by valid mining leases held by his company.
“We are not against the establishment of new cement factories in Ebonyi State. However, such developments must not interfere with or overlap the specific areas where Ibeto Group holds valid Mining Lease Licences issued by the Federal Ministry,” Ibeto stated.
He said the company’s statutory mining leases covering limestone deposits in the Nkalagu axis remain valid until 2045.
Ibeto stressed the need for proper delineation and mapping of mining areas to prevent conflicts between existing title holders and new investors seeking to establish businesses in the state.
Under Nigeria’s legal framework, mineral resources are vested in the Federal Government, with mineral titles administered through the Federal Ministry of Solid Minerals Development and the Mining Cadastre Office.
Nigercem Ready to Resume Operations
Addressing concerns over the future of the historic Nigercem plant, Ibeto said Ibeto Group remains committed to reviving the facility and is ready to commence work once outstanding administrative issues with the state government are resolved.
He said the company’s position should not be interpreted as opposition to new investment in Ebonyi, stressing that his concern was the protection of legally acquired mining rights.
The development could pave the way for both the revival of Nigercem and the entry of new investors into Ebonyi’s cement industry, provided the respective mining areas are clearly mapped out and existing legal titles are respected.
Business
Patience Jonathan Hails Azikel Boss Eruani as ‘Small Boy’ She Mentored Into Billionaire League
She said her guidance was behind his bold entry into big business at a relatively young age.
The former First Lady spoke on Tuesday in a video which went viral on Thursday during an inspection tour of the Azikel Refinery in Obunagha, Bayelsa State, alongside other dignitaries.
She said she personally introduced Eruani to billionaire businessmen, Aliko Dangote and Aminu Dantata, and pushed him to aspire to their level despite being the youngest among them.
“He’s a boy that I brought up. We are always together. Although he’s the little one among us when we are friends — Dangote, Seyi, Dantata, Eruani — among us, he’s the smallest. But I made sure he followed the Dangotes, he followed Dantata.
“Because I’m a woman in their midst, I made sure I told this small boy, ‘Go and follow them, and stop the grammar.’ But when he told me that one day he would be like Dangote, I said, ‘You’re thinking too high.’ I prayed to God to grant him his heart’s desire,” she said.
The former First Lady also recalled how the immediate past APC administration under Muhammadu Buhari initially failed to grant Eruani a refinery licence before eventually approving three.
“During the Buhari administration, he and others came to me and told me they were going to apply for a refinery. I told him, ‘Eruani, your brother, the President, did not give you a refinery.
“Is it the APC government that will give you one?’ I prayed it would happen. But later, they came back and told me they had been given three refineries,” she said.
The 25,000 barrels-per-day plant is a private hydro-skimming refinery designed to process condensate into petrol, diesel, aviation fuel, kerosene and other products.
It is set to become Nigeria’s second-largest full-slate refinery and the first major privately owned refinery in the Niger Delta.
The Managing Director/Chief Executive Officer of the Niger Delta Development Commission, Samuel Ogbuku, who joined the inspection tour, commended Eruani for his perseverance, noting that he had attended the project’s groundbreaking ceremony eight years ago.
Ogbuku described the refinery as an inspiration and a potential catalyst for investment, job creation and economic growth in Bayelsa State, and urged residents, particularly youths, to key into the opportunities it would create.
He also praised the Bayelsa State Government for improving road infrastructure leading to the refinery site and called for continued support for the project.
Governor Douye Diri, who was represented at the inspection by his deputy, Peter Akpe, has consistently backed the project, which is expected to employ hundreds of workers and drive industrialisation in the state.
Other dignitaries at the event included the Chairman of the Bayelsa State Council of Traditional Rulers, King Bubaraye Dakolo; Vice President of Azikel Group, Presley Asemota; and Isaac Yalah, among others.
A market check on Tuesday showed that NNPCL outlets in Abuja and nearby areas adjusted their petrol price from N1,155 per litre to N1,270 per litre.
The latest adjustment represents an increase of N115 per litre by the state-owned oil company.
The new price change follows recent increases by depot owners and petroleum marketers, who have adjusted their rates twice within a week.
The latest development also comes days after Dangote Refinery resumed the sale of refined petroleum products in dollars, a move that has raised concerns among industry players over the direction of fuel pricing in the country.
The Federal Government has disclosed that 13 of the 50 oil and gas blocks offered in the 2025 Licensing Round will be returned to the licensing basket after failing to attract bids from prospective investors.
The Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Oritsemeyiwa Eyesan, disclosed this on Tuesday at the 2025 Commercial Bid Conference in Abuja.
Eyesan said that although 50 blocks were initially put up for bidding, prospective investors showed interest in only 37.
“At the end of the exercise, we had 50 blocks on offer, but we only had representation for 37 of those 50 blocks. Thirteen of those blocks will be returning back to the basket,” she said.
She further disclosed that 143 companies participated in the commercial bid process, submitting about 200 bids for the available oil and gas assets.
“We have a total of 143 companies showing interest for 200 bids. That, for us, was remarkable, and I must say thank you,” Eyesan stated.
According to her, nearly 300 companies initially expressed interest in the licensing round, which she described as a sign of renewed investor confidence in Nigeria’s upstream petroleum sector.
“When we started the journey, we got interest from almost 300 companies. I repeat, almost 300 companies. That, in my view, was an indication that the tide has turned for Nigeria,” she said.
She explained that the number of interested companies was reduced to 196 following the prequalification stage, before the process moved to the technical and commercial evaluation phases.
“From the almost 300 interests that we got, we moved to the pre-qualification stage, and that number was pruned down to 196,” she added.
The 2025 Licensing Round was launched on November 11, 2025, in accordance with the Petroleum Industry Act 2021, with 50 oil and gas blocks put up for bidding across seven sedimentary basins.
The assets comprise 16 Niger Delta onshore blocks, 18 shallow-water blocks, one deep offshore block, three blocks in the Benin Basin, four in the Anambra Basin, four in the Chad Basin and four in the Benue Trough.
The bid portal opened on December 1, 2025, while a pre-bid conference was held in Lagos on January 14, 2026, to provide prospective investors with guidance on the bidding requirements.
Registration and prequalification submissions closed on February 27, 2026, with the prequalification process completed on March 16.
The NUPRC said winning bids are being determined through a weighted evaluation that considers signature bonus commitments, proposed work programmes and performance security. The process combines technical and commercial scores rather than relying solely on financial offers.
The framework is aimed at ensuring that Nigeria’s petroleum assets are awarded to investors with the financial capacity, technical expertise and operational strength required to accelerate exploration and production in the country’s upstream sector.
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