The Nigerian Ports Authority (NPA) has confirmed the arrival of eight cargo vessels at major Lagos seaports, including Lekki Port, Tin-Can Island Port, and Apapa Port, where they are currently positioned and awaiting clearance to begin discharge operations. These ships are conveying a range of essential consignments made up of bulk urea, sugar, gypsum, base oil, as well as empty containers, reflecting steady maritime activity across the Lagos port corridor. This disclosure was contained in the most recent Shipping Position Report issued by the Nigerian Ports Authority and released to members of the press in Lagos on Tuesday. The report provides an overview of vessel movements, cargo categories, and operational status across Nigeria’s busiest ports. In addition to the vessels already on ground, the Authority revealed that 28 more ships are expected to berth at the Apapa, Lekki, and Tin-Can Island ports within the period spanning January 27 to February 6. These anticipated arrivals are scheduled to transport a mix of petroleum products, food-related cargo, and other commercial shipments vital to domestic supply chains. According to the Shipping Position data, the incoming vessels will be carrying items such as bulk wheat, gypsum, fresh fish, premium motor spirit (petrol), bulk gas, crude oil, alongside containerised cargo destined for various sectors of the economy. The NPA further disclosed that 22 vessels are presently berthed at the Lagos ports and are actively engaged in offloading operations. The consignments being discharged include containers, crude oil, alkaline materials, base oil, bulk clinker, bulk wheat, bulk gypsum, bulk urea, and empty containers. This sustained flow of vessel traffic underscores the continued operational activity at Nigeria’s key maritime gateways and highlights the role of Lagos ports in facilitating trade, energy supply, and industrial input distribution across the country.
Companies across major sectors of the Nigerian economy are currently contending with extremely high borrowing costs as banks have increased their maximum lending rates to as much as 46 per cent. This challenging credit environment is placing significant strain on businesses’ ability to access affordable financing and expand operations, especially for those considered higher risk. An in‑depth review of deposit and lending rates published by the Central Bank of Nigeria (CBN) highlights a sharp divergence between prime lending and maximum lending charges. Prime lending rates — typically available to low‑risk corporations with strong financial profiles — have largely stayed within a range of about 25 to 32 per cent. However, banks have simultaneously imposed much higher maximum lending rates on riskier borrowers and unsecured facilities, reflecting severe liquidity limitations and heightened risk‑based pricing. Analysis indicates that small and medium‑sized enterprises (SMEs) and capital‑intensive industries such as oil and gas, construction, manufacturing, power and energy, and transport and storage face the steepest costs of credit. In many cases, these sectors have seen maximum lending thresholds climb to between 35 and 46 per cent — a dramatic jump that illustrates the cautious stance of commercial lenders. Wide Variations in Lending Costs by Sector The impact of rising credit costs is not uniform across the banking landscape. The oil and gas sector has recorded some of the highest maximum lending rates, with certain lenders charging up to 46 per cent for borrowers with weaker credit profiles. In construction and real estate, several banks have set maximum rates in the 35 to 40 per cent range, while manufacturing firms have faced peak lending rates of about 38 per cent. Meanwhile, businesses in the power and energy, as well as transportation and storage sectors, have encountered maximum interest charges between 36 and 39 per cent, particularly for long–term and unsecured credit facilities. Deposit Rates Lag Behind Lending Costs Despite the sharp rise in lending rates, banks have not equivalently increased the interest they pay on deposits. Savings account rates have remained relatively low at around 8.1 per cent, and demand deposit rates have stayed under 2 per cent, creating a significant gap between the cost of funds and the returns to customers. Although time deposit rates have improved modestly in some banks — reaching up to 19 per cent — they still fall far short of the levels businesses must pay to borrow. This widening interest rate spread further discourages productive investment, constrains credit access, and ultimately dampens economic growth. Broader Implications of Elevated Lending Costs Economists and industry experts warn that persistently high borrowing rates can suppress business investment and reduce job creation. High cost of credit is widely cited as one of the main constraints on economic activity in Nigeria, alongside structural issues such as infrastructure deficits and security challenges. According to Reuters, the CBN recently cut its key monetary policy rate to 27 per cent to help ease borrowing costs, albeit gradually, as part of broader efforts to support the real economy amid cooling inflation. The divergence between deposit and lending rates, coupled with tight liquidity in the banking system, could push more businesses toward informal financing sources — which often come with even higher costs and greater risk — unless systemic changes are made.
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Nigeria is taking a decisive step toward industrial growth and economic diversification with the unveiling of the Nigerian Industrial Policy (NIP). The policy is strategically designed to boost value addition, enhance industrial capacity, create employment opportunities, and elevate the manufacturing sector’s contribution to the nation’s Gross Domestic Product (GDP) to an ambitious 25 percent. According to the National Bureau of Statistics (NBS), Nigeria’s GDP recorded a 3.46% expansion in the third quarter of 2024, highlighting the need for stronger industrialization policies to sustain economic growth. FG Launches Policy to Strengthen Manufacturing At the soft launch of the NIP in Lagos, during the presentation of the Nigerian Economic Summit Group (NESG) Macroeconomic Outlook Report for 2026, Minister of State for Industry, Senator John Enoh, emphasized that the policy is a critical framework for transforming Nigeria’s industrial potential into tangible outcomes. Senator Enoh stated that the policy, approved and validated in 2025, represents a strategic blueprint for achieving industrialization goals that directly benefit Nigerians. “Over the past year, industrialization discussions have gained more visibility. This policy was developed with the industry, not just for the industry, ensuring that every Nigerian has a stake. Implementation is central to our efforts,” Enoh noted. The minister further highlighted that the Nigerian Industrial Policy aligns closely with President Bola Tinubu’s eight-point national agenda, particularly Agenda Seven, which focuses on economic diversification and industrial development. Six Pillars of the Nigerian Industrial Policy The NIP framework is built upon six critical pillars aimed at addressing Nigeria’s structural industrial challenges: “These pillars are designed to tackle long-standing industrial challenges, such as fragmented value chains, high import dependency, and insufficient manufacturing capacity,” said Enoh. “Our goal is to increase manufacturing’s GDP contribution to between 20% and 25% by 2030.” Policy Implementation in Action The minister cited recent initiatives, such as the temporary ban on raw shea nut exports, to illustrate the importance of structured value addition and regulatory clarity in boosting domestic industrial output. “We did not produce this policy just to admire it. A dedicated committee is already working on implementation because strategy only matters when it creates jobs, productivity, and employment,” Enoh emphasized. Next Steps and National Collaboration The formal launch of the Nigerian Industrial Policy is scheduled for next month, with President Bola Tinubu expected to lead the event. The Ministry of Industry, Trade, and Investment will collaborate closely with the NESG to ensure wide stakeholder engagement and effective policy execution. “The question is no longer what the policy entails. The question now is how we deliver it effectively. Nigeria’s industrial future depends on deliberate policy measures, disciplined execution, and collective commitment,” Enoh concluded. This policy marks a major milestone for Nigeria’s industrial agenda, aiming to drive economic diversification, local production, and sustainable employment, thereby enhancing the country’s position as a regional industrial hub.
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Financial markets worldwide are on edge following reports that the European Parliament plans to suspend approval of the US trade deal agreed in July 2025. Sources close to the Parliament’s international trade committee indicate that the formal announcement is expected in Strasbourg, France, this Wednesday. This decision represents a fresh escalation in US–Europe trade tensions, coinciding with former President Donald Trump’s intensified efforts to acquire Greenland. Trump’s latest threats to impose new tariffs over the Greenland issue have heightened concerns over possible retaliation, prompting speculation about a looming trade war. Global Stock Market Reactions Investors responded immediately to the announcement, with shares declining across the Atlantic. European stock markets faced a second consecutive day of losses, while in the US, major indices fell sharply: Meanwhile, Asia-Pacific markets showed a mixed trend on Wednesday. Japan and Hong Kong’s major indexes traded slightly lower, whereas shares in mainland China experienced modest gains. In the commodities sector, gold prices surged above $4,800 per ounce (£3,570) for the first time, signaling growing demand for safe-haven assets amid global uncertainty. Silver prices slightly retreated from Monday’s record above $95 per ounce. On the currency front, the US dollar remained stable against other major currencies, despite experiencing its largest daily decline of 0.5% since early December. Background of the US–EU Trade Deal Tensions between the US and Europe had eased temporarily after the trade deal struck at Trump’s Turnberry golf course in Scotland in July 2025. The agreement reduced US levies on most European goods to 15% from the initially proposed 30% as part of Trump’s “Liberation Day” tariffs in April. In return, the EU pledged to invest in the US and implement reforms expected to increase American exports. However, European Parliament approval is still required to finalize the deal. The situation escalated on Saturday, hours after Trump threatened additional tariffs over Greenland, when influential German MEP Manfred Weber declared, “Approval is not possible at this stage.” Bernd Lange, chair of the European Parliament’s committee on international trade, echoed the sentiment: “By threatening the territorial integrity and sovereignty of an EU member state and using tariffs as coercion, the US undermines the stability and predictability of EU–US trade relations. There is no alternative but to suspend work on the Turnberry legislative proposals until the US returns to a path of cooperation rather than confrontation.” Potential European Responses The suspension raises critical questions about whether the EU will implement retaliatory measures against the US. Last year, the bloc outlined potential levies on €93bn ($109bn, £81bn) worth of American goods in response to Trump’s “Liberation Day” tariffs. The plan was temporarily suspended while both sides finalized the trade deal. Without an extension or a renewed agreement, these EU levies are scheduled to take effect on 7 February 2026. French President Emmanuel Macron is among those advocating for robust retaliatory measures, including the EU’s anti-coercion instrument, informally referred to as the “trade bazooka.” Macron emphasized at the World Economic Forum in Davos that Washington’s continuous accumulation of tariffs is “fundamentally unacceptable, particularly when used to pressure territorial sovereignty.” The US Perspective US officials have urged Europe to exercise caution. US Treasury Secretary Scott Bessent advised European leaders in Davos to “remain calm and avoid retaliation,” while Commerce Secretary Howard Lutnick and US Trade Representative Jamieson Greer warned that the US would respond to any retaliatory actions. Greer commented, “When countries follow my advice, things tend to go well. When they don’t, unpredictable situations arise.” The US has also expressed growing impatience with the EU’s progress toward trade deal approval, amid ongoing disagreements over technology and metals tariffs. The Broader Global Trade Context The US and the 27-nation European Union are each other’s largest trading partners, exchanging over €1.6tn ($1.9tn, £1.4tn) in goods and services in 2024, nearly one-third of global trade. Trump’s tariff announcements last year triggered threats of retaliation from multiple political leaders, although most European nations opted for negotiation rather than confrontation. Only China and Canada implemented retaliatory tariffs, with Canada later reversing most measures due to economic concerns. Canadian Prime Minister Mark Carney, speaking in Davos, warned that middle powers must unite to resist a “might-makes-right” approach in global trade. He stated: “Bilateral negotiations with a hegemon weaken sovereignty. To negotiate from strength, middle powers must collaborate, rather than compete to be the most accommodating.” Complicating the situation, the US Supreme Court is expected to rule on the legality of several tariffs announced by Trump last year, adding another layer of uncertainty to international trade relations.
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Ogun State Governor, Dapo Abiodun, on Tuesday officially unveiled the Laderin–Professor Wole Soyinka Train Station Road in Abeokuta, the state capital, while also revealing plans to commission 20 additional road projects across different parts of the state. The governor explained that the upcoming road inaugurations are part of activities lined up to commemorate Ogun State’s 50th anniversary, scheduled for February 2026. Ogun State was created on February 13, 1976, during the military administration of the late General Murtala Muhammed, alongside states such as Oyo, Ondo, Benue, Bauchi, Borno, Imo, and Niger. Speaking during the inauguration ceremony, Governor Abiodun disclosed that construction work is advancing steadily on the Sagamu Interchange–Papalanto–Opele Road, describing the project as a 100-kilometre strategic East–West highway designed to enhance connectivity within the state. According to him, the highway is expected to serve as a major alternative route for motorists once completed, reducing traffic pressure on Abeokuta while improving access to other parts of the country. He added that the road would also unlock new economic opportunities by opening up previously underserved corridors for commercial activities. The governor further highlighted the importance of the project, describing it as a key pillar of the state’s ongoing infrastructure renewal efforts. He explained that the road runs from Sagamu Interchange through Papalanto to Opele, covering approximately 100 kilometres in total length. Governor Abiodun revealed that the road had been fully shut to allow for comprehensive reconstruction. He noted that within the Sagamu Interchange to Papalanto axis, which spans about 40 kilometres, nearly 25 kilometres have already been rebuilt using reinforced concrete, a method chosen to ensure durability and long-term performance. He added that once the project is completed, vehicles transporting goods and services from Ota, Ifo, and Ewekoro would no longer need to pass through the Abeokuta–Sagamu Expressway. Instead, they would be able to connect directly to Papalanto and access the expressway, easing congestion and improving logistics efficiency. Governor Abiodun also described the Professor Wole Soyinka Train Station as a significant transportation landmark that links Ogun State to Lagos, Oyo State, and northern Nigeria. He noted that Ogun State hosts five functional train stations, a development that reflects the state’s strategic position in Nigeria’s broader economic and transportation framework. He explained that although access roads were not initially constructed alongside the railway infrastructure, his administration chose to rehabilitate the Laderin road in line with its multimodal transportation policy, aimed at integrating road, rail, and other transport systems. The governor disclosed that between 100,000 and 150,000 passengers, including business investors, travel daily between Ogun, Lagos, and Oyo States, underscoring the importance of efficient access routes to rail facilities. He further stated that the newly unveiled train station road forms part of over 1,600 kilometres of roads constructed across the state. He added that while one lane of the Atan–Lusada–Agbara Road has been completed, construction work has already commenced on the second lane. Earlier, the Commissioner for Works and Infrastructure, Ade Akinsanya, represented by the Permanent Secretary, Lateef Yusuf, explained that the three-kilometre road would provide direct access to the MKO Abiola Trade Fair Complex, as well as Laderin, Lukosi, and surrounding communities. He noted that the road would significantly ease movement while stimulating commercial growth in the area. Also speaking, a former member of the House of Representatives and the Osi of Egbaland, Chief Bode Mustapha, recalled the previously deplorable condition of the road, describing the newly completed project as a major improvement over past challenges.
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Lagos State Governor, Mr. Babajide Sanwo-Olu, on Monday received the Director-General of the Annual Investment Meeting (AIM) Congress, Mr. Walid Farghal, at the Lagos House in Marina. The meeting, according to the governor, was a constructive engagement centered on areas where Lagos State is actively seeking increased inflows of foreign investment. He explained that the discussion provided an opportunity to highlight the state’s economic priorities and investment readiness. Governor Sanwo-Olu pointed out that technology, infrastructure development, and the creative economy remain major sectors with strong capacity to attract high-value global investments. He noted that these sectors have continued to demonstrate resilience, growth potential, and the ability to deliver long-term economic impact. While speaking on the purpose of the engagement, the governor emphasized that the Lagos State Government remains focused on creating an enabling environment that supports investors and encourages sustainable business growth. According to him, the administration is committed to positioning Lagos in a way that allows the state to benefit meaningfully from international capital movements and strategic global partnerships. The interaction further reflects the state government’s continuous effort to strengthen international cooperation and project Lagos as a leading destination for investment across Africa. The Annual Investment Meeting (AIM) Congress, which is held every year in Dubai, serves as a global investment platform that convenes governments, investors, policymakers, and business leaders. The forum is designed to promote cross-border investment flows and facilitate economic collaboration among participating countries. Governor Sanwo-Olu expressed optimism about the potential outcomes of the engagement, stating that it is always reassuring to work with partners who acknowledge the opportunities, energy, and economic promise that Lagos consistently demonstrates.
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Nigeria’s importation of crude oil from the United States recorded a sharp increase within the first ten months of 2025, reaching more than 42 million barrels, according to newly released industry data. Statistics published by the United States Energy Information Administration (EIA) show that between January and October 2025, Nigeria imported approximately 42.13 million barrels of U.S. crude oil. This figure represents a substantial rise when compared to the 15.79 million barrels imported during the same period in 2024. The data indicate a year-on-year growth of about 167 percent, highlighting a major shift in Nigeria’s crude sourcing pattern. Analysts attribute this significant increase primarily to the expanding operational needs of the Dangote Petroleum Refinery, which has intensified crude intake to sustain refining capacity. In contrast, crude oil imports from the United States in 2024 remained relatively low and inconsistent. Total imports for that year did not surpass four million barrels, while volumes declined sharply to 1.04 million barrels in June, reflecting supply instability and subdued refinery demand at the time. A breakdown of 2025 monthly figures shows that Nigeria recorded no crude oil imports from the U.S. in January. However, imports resumed in February, reaching 3.11 million barrels, although this was slightly lower than the 3.61 million barrels imported in February 2024. The upward trend became more pronounced in March 2025, when imports climbed to 5.25 million barrels, significantly exceeding the 1.83 million barrels recorded in March of the previous year. This increase signaled a gradual recovery and scaling of refinery feedstock procurement. According to the EIA, Nigeria imported 3.79 million barrels in May 2025, representing an increase of approximately 1.71 million barrels compared to May 2024. The most notable surge occurred in June, with imports jumping to 9.16 million barrels, marking the highest monthly intake during the period under review. The momentum continued into the third quarter of the year. Imports reached 4.17 million barrels in July, marginally higher than July 2024 figures. This was followed by 6.24 million barrels in August, while both September and October recorded steady volumes of 4.19 million barrels each, reflecting a stabilising import pattern. Industry analysts cited by Petroleumprice.ng explained that the rising import volumes are linked to Nigeria’s increasing reliance on foreign crude to meet refinery feedstock requirements. This trend has become more evident as privately owned refineries, particularly large-scale facilities, expand their processing operations. The publication noted that with 42.13 million barrels imported within ten months, Nigeria’s intake of U.S. crude oil has nearly tripled on a year-on-year basis. If the existing trend continues, full-year import volumes could climb even further before the end of 2025. The data also suggest a progressive ramp-up in crude intake at the Dangote Petroleum Refinery, where U.S. light sweet crude has increasingly become the preferred feedstock. Analysts point to its compatibility with advanced refining systems and its efficiency in producing high-value petroleum products. Speaking in an interview with Vanguard, Petroleum Economist Professor Wumi Iledare described the development as a major structural shift with far-reaching implications for Nigeria’s economy and energy sector. He stated that the surge in crude oil imports from the United States—exceeding 42 million barrels within the first ten months of 2025—signals important macroeconomic and sector-wide consequences. According to him, the overall impact on the economy will depend largely on exchange rate movements, the effectiveness of domestic crude allocation, and refinery utilisation levels. Professor Iledare explained that crude oil imports affect petroleum product pricing and inflation mainly through the exchange rate channel. He noted that if macroeconomic stability is maintained and refinery operations remain efficient, the outcome could be positive in terms of economic output, income growth, and employment generation. However, he warned that failure to resolve persistent issues surrounding domestic crude supply allocation and pricing could deepen Nigeria’s reliance on imported feedstock. Such an outcome, he argued, would contradict national energy security objectives and undermine long-term industrial optimisation goals.
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Nigeria’s engagement with cryptocurrency has always been layered with complexity, yet its importance has never been in doubt. As digital finance accelerates globally and local economies adjust to new financial realities, the decision to formally integrate digital assets into Nigeria’s taxation system represents one of the most impactful policy shifts within the country’s fintech landscape. Although digital assets have featured in regulatory discussions over the years, their treatment often lacked fiscal clarity. The introduction of the Nigeria Tax Administration Act (NTAA) 2025 stands out as one of the most direct and structured efforts to situate cryptocurrency within a defined tax framework. The NTAA 2025 clearly outlines how digital assets are treated under Nigeria’s tax system. Earnings derived from crypto-related activities—including trading, asset transfers, mining, staking, airdrops, and receiving digital assets as payment or compensation—are now officially subject to taxation. With this clarification, cryptocurrency activity is no longer peripheral or informal; it is formally acknowledged as part of Nigeria’s taxable economic activity and accepted within the mainstream financial structure. This development is not the creation of a standalone or niche cryptocurrency tax policy. Instead, it serves as a broader declaration that digital assets matter within Nigeria’s evolving financial ecosystem. The reform aligns contemporary financial practices with long-established tax principles, reinforcing the idea that taxation, in this context, is a form of recognition. It signals that digital assets are no longer viewed merely as speculative tools, but as legitimate economic instruments with real financial weight. Such recognition naturally introduces responsibility, but it also brings stability, institutional confidence, and long-term credibility. When properly implemented, this framework creates a stronger foundation for a resilient and sustainable digital economy. The Challenge of Implementation and Compliance Despite its significance, the policy shift is not without concern. Regulation is only effective when its execution is practical and inclusive. A central worry expressed by industry participants is not the existence of taxation itself, but the potential for excessive complexity. When compliance processes become difficult to interpret, fragmented across multiple authorities, or inconsistently enforced, they risk discouraging participation rather than promoting accountability. For small-scale traders, emerging startups, and everyday crypto users, even policies designed with good intentions can feel restrictive if they are difficult to navigate. Complicated reporting requirements and unclear compliance pathways can unintentionally turn participation into a burden instead of a collaborative obligation. This is where collective responsibility becomes essential. Stakeholders across business, regulatory institutions, and the broader crypto community must collaborate to simplify compliance procedures, improve reporting infrastructure, and prioritize user education. A tax system that is understandable, accessible, and efficient naturally encourages voluntary compliance and fosters trust between users and regulators. Accessibility, Trust, and Public Value Nigerians do not resist responsibility; rather, they resist systems that feel disconnected or inaccessible. For taxation to be accepted, it must be clearly linked to visible value—transparency, efficiency, accountability, and public service delivery. When citizens understand how compliance translates into broader economic benefit, taxation becomes a logical choice rather than an emotional or financial strain. When applied thoughtfully, the NTAA does not suppress innovation. Instead, it provides stability. It shifts cryptocurrency from the realm of uncertainty toward institutional legitimacy, replacing speculation with structured growth. More importantly, it establishes a foundation of trust, the most critical asset for any sustainable financial market. Nigeria’s digital asset economy already holds global relevance through adoption, innovation, and participation. The opportunity now lies in ensuring that growth occurs not in opposition to regulation, but through it—supported by confidence, accountability, and sustainable integration into the broader financial system. This moment does not mark the end of Nigeria’s crypto evolution. Rather, it represents a checkpoint—an opportunity to align ambition with structure and creativity with responsibility. The manner in which this transition is managed will determine whether Nigeria remains merely a high-adoption market or emerges as a continental leader in sustainable digital finance across Africa and beyond.
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Nigeria recorded a significant rise in crude oil imports from the United States in 2025, with total purchases reaching 42.13 million barrels within the first ten months of the year. This data was released by the United States Energy Information Administration (EIA) and highlights a notable shift in Nigeria’s crude oil sourcing strategy. When compared with the same period in 2024, the increase is substantial. Nigeria imported 15.79 million barrels of US crude oil between January and October 2024, meaning the 2025 figure reflects an additional 26.34 million barrels year-on-year. In percentage terms, Nigeria’s crude oil imports from the United States expanded by approximately 167 percent, indicating that the country has more than doubled its reliance on US-sourced crude oil within a single year. This sharp rise points to changing dynamics in Nigeria’s energy supply chain, driven by growing demand and ongoing structural challenges in domestic crude production and distribution. The contrast between both years is especially visible when monthly import patterns are examined. During 2024, Nigeria’s crude oil imports from the US were relatively inconsistent and remained modest throughout the year. Monthly volumes largely stayed below four million barrels, with a particularly sharp decline recorded in June 2024, when imports fell to just 1.04 million barrels. This weaker performance in 2024 stands in clear contrast to the stronger and more sustained import activity seen in 2025. A closer look at the month-by-month data for 2025 shows how Nigeria’s crude oil imports from the US steadily gained momentum as the year progressed. According to available records, no imports were registered in January for either year. In February 2025, Nigeria imported 3.11 million barrels, slightly below the 3.61 million barrels recorded in February 2024. While this indicated a slow start, the trend quickly reversed in the following months. By March 2025, imports climbed sharply to 5.25 million barrels, exceeding March 2024 figures by nearly 1.83 million barrels. This increase marked a clear departure from the previous year’s pattern and signaled rising demand. Imports moderated in April 2025, falling to 2.04 million barrels, yet still remained higher than the 1.54 million barrels recorded in April 2024. In May, Nigeria imported 3.79 million barrels, representing an increase of about 1.71 million barrels compared to May of the previous year. The most dramatic shift occurred in June 2025, when imports surged to 9.16 million barrels. This volume was nearly nine times higher than the amount imported in June 2024 and accounted for more than 20 percent of Nigeria’s total US crude purchases for the year so far. The June spike marked a decisive turning point, highlighting a rapid acceleration in demand. Crude oil imports remained elevated in the following months. In July 2025, Nigeria imported 4.17 million barrels, slightly higher than the 4.10 million barrels recorded in July 2024. August followed with another strong performance, as imports rose to 6.24 million barrels, making it one of the highest monthly figures for the year. The upward trend continued into September and October 2025, with each month recording 4.19 million barrels. This consistency toward the end of the period suggests sustained demand and a continued reliance on US crude oil supplies as Nigeria navigates ongoing challenges within its domestic oil sector.
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The Nigerian Ports Authority (NPA) has officially disclosed that a total of 14 vessels have arrived at Lagos ports, where they are presently positioned and awaiting clearance to berth and offload their cargo. According to details contained in the Shipping Position bulletin issued by the authority on Friday, the vessels are distributed across key maritime hubs in Lagos, including Apapa Port, Tin Can Island Port, and Lekki Deep Sea Port. These ports remain central to Nigeria’s import and export operations, handling a wide range of cargo essential to the nation’s economy. The NPA explained that 11 of the vessels are scheduled to discharge various categories of non-liquid cargo. These include general merchandise, containerised consignments, bulk salt, empty containers, bulk wheat, bulk urea, as well as fresh fish. These goods play a vital role in supporting food supply chains, agricultural production, manufacturing activities, and commercial distribution across the country. In addition, the authority confirmed that the remaining three vessels are petroleum tankers. These tankers are expected to berth with petroleum products such as petrol (PMS), diesel (AGO), and crude oil. The arrival of these tankers is considered significant, especially in light of ongoing efforts to stabilise fuel availability and maintain energy supply nationwide. The NPA noted that the steady flow of vessels into Lagos ports reflects continued maritime activity and underscores the importance of efficient port operations. Timely berthing and discharge of these vessels are expected to support economic activities, ease supply constraints, and ensure the smooth movement of essential goods across Nigeria.
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Dangote Cement Plc has once again demonstrated its commitment to strengthening partnerships across its distribution network by rewarding its top-performing distributors and loyal customers with incentives valued at ₦15 billion. The recognition was announced during the 2026 Dangote Cement Distributors’ Awards Night, which took place in Lagos. The event brought together key distributors from across the country to celebrate excellence, consistency, and resilience in the face of evolving market conditions. The ceremony was held under the theme “Partner for Growth,” reflecting the company’s focus on long-term collaboration and shared success. At the awards ceremony, outstanding distributors were presented with a wide range of rewards. These included substantial cash prizes, consignments of cement, luxury sport utility vehicles, and Compressed Natural Gas (CNG)-powered trucks, all collectively valued at ₦15 billion. The incentives were designed not only to appreciate performance but also to support distributors’ operational capacity and sustainability. Speaking at the event, President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, described the distributors as a critical pillar of the organisation’s success. He acknowledged their unwavering commitment to ensuring Dangote products reach consumers across different regions of Nigeria. According to him, the distributors’ daily engagement with customers and their dedication in the field are key factors that translate the company’s strategic plans into real economic outcomes. He noted that the awards night was not just a celebration of past achievements but also a signal that the company’s growth drive for 2026 is already underway. The business mogul also used the platform to reiterate the company’s Vision 2030 strategy, which is aimed at transforming the Dangote Group into a $100 billion enterprise by the year 2030. He explained that the strategy is anchored on industrial expansion, increased cross-border investments, and strengthening Africa’s capacity in critical sectors such as energy, manufacturing, and infrastructure development. Further highlighting the group’s long-term plans, Dangote disclosed that Dangote Cement Group is targeting an expansion of its cement production capacity to about 90 million tonnes by 2030. He stressed that the group’s objectives extend beyond constructing factories, as the broader focus is on empowering Africa to sustain its own growth, industrial output, and economic independence. He also outlined other major expansion plans under the Vision 2030 agenda. These include increasing the capacity of the petroleum refinery from 650,000 barrels per day to 1.4 million barrels per day, expanding the fertiliser plant to 12 million metric tonnes annually, and boosting production at the polypropylene plant. According to him, achieving a cement production target of 90 million tonnes would place the group’s output at about 50 percent higher than the total cement production of Saudi Arabia. Dangote described Vision 2030 as a core part of the company’s Africa First initiative, which is built on the belief that the continent’s future development will be driven by Africans who are determined to challenge limitations, pursue ambitious goals, and remain committed to sustainable industrialisation.
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Canada and China are embarking on a significant strategic partnership that could deliver “historic” economic and political advantages for both nations, Canadian Prime Minister Mark Carney announced during his meeting with Chinese President Xi Jinping on Friday. Carney is the first Canadian leader to visit China since 2017, and his trip is seen as a pivotal step in repairing ties with Canada’s second-largest trading partner after the United States. The visit follows months of diplomatic negotiations aimed at resolving previous tensions between Ottawa and Beijing. “It is crucial to begin this new strategic partnership at a moment of global division,” Carney told Xi, emphasizing collaboration in areas such as agriculture, agri-food, energy, and finance. “These are the sectors where I believe we can achieve both immediate and sustained progress.” Strengthening Ties Amid Global Trade Pressures This initiative comes amid ongoing trade challenges, particularly the tariffs imposed by former U.S. President Donald Trump. Canada’s efforts to strengthen its economic ties with China reflect a broader strategy to diversify partnerships beyond Washington while maintaining its alliance with the United States. China, which has also been affected by U.S. tariffs, is eager to collaborate with a major G7 nation in areas traditionally influenced by American economic and political power. “I look forward to continuing our work together, with a sense of responsibility toward history, our peoples, and the world, to advance China-Canada relations,” Xi told Carney. Analysts suggest this rapprochement may subtly shift the geopolitical and economic landscape amid Sino-U.S. competition, although Canada is unlikely to dramatically change its strategic alignment with Washington. Sun Chenghao, a fellow at Tsinghua University’s Centre for International Security and Strategy, noted, “Canada remains a core U.S. ally, deeply integrated within American security and intelligence frameworks. A strategic pivot away from Washington is therefore improbable.” However, if Canada adopts a more pragmatic and independent economic approach toward China, Beijing could view it as a sign that U.S.-led decoupling may not be universally embraced by America’s closest allies. Existing Trade Challenges and Tariff Disputes Despite the promising partnership, certain trade and economic hurdles remain. In 2024, the Canadian government under former Prime Minister Justin Trudeau imposed tariffs on Chinese electric vehicles, citing unfair market advantages granted to Chinese manufacturers through state subsidies. These measures were intended to protect Canada’s domestic automotive industry. In response, China retaliated with tariffs exceeding $2.6 billion on Canadian farm and food products, including canola oil and meal, followed by additional tariffs on canola seeds in August. These actions contributed to a 10.4% decline in China’s imports of Canadian goods in 2025. Tariff negotiations are still ongoing, with Canada’s industry minister confirming discussions in Beijing last Thursday. Resolution of these issues is expected to play a critical role in shaping the long-term success of the Canada-China strategic partnership. Implications for Global Trade and Economy Experts say that a strengthened Canada-China relationship could have wider implications for global trade dynamics. By fostering collaboration in agriculture, energy, and finance, both nations can potentially unlock new markets and investment opportunities. Furthermore, Ottawa’s measured approach may serve as a model for other U.S. allies seeking balanced engagement with China, highlighting the complexities of modern international trade and diplomacy. As Canada positions itself to benefit from this renewed partnership, both nations appear committed to leveraging their economic strengths while navigating the challenges posed by ongoing tariffs and global market pressures.
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The International Labour Organisation (ILO) has issued a strong warning that global employment recovery remains fragile, as an estimated 186 million people worldwide may still be without jobs by 2026, despite signs of economic resilience. In its Employment and Social Trends 2026 report released recently, the ILO explained that while global employment figures appear stable on the surface, meaningful progress toward decent and secure work has slowed significantly. The organisation projects that the global unemployment rate will remain unchanged at 4.9 percent in 2026, signalling a worrying stagnation rather than improvement. According to the report, young people continue to face severe challenges, with limited job opportunities and rising uncertainty. At the same time, emerging risks linked to artificial intelligence (AI), automation, and unpredictable trade policies are expected to place additional strain on labour markets across regions. The report provides a detailed assessment of the global workforce, revealing that although employment numbers have not collapsed, job quality is deteriorating and inequality is widening. It analysed how productivity levels, demographic shifts, and ongoing economic pressures are shaping the future of work and slowing progress toward inclusive growth. One of the most troubling findings highlighted by the ILO is the persistence of working poverty. Nearly 300 million workers worldwide still live in extreme poverty, earning less than $3 per day, even while being employed. In addition, the report noted a continued rise in informal employment, with an estimated 2.1 billion workers expected to be in informal jobs by 2026, lacking social protection and job security. ILO Director-General Gilbert Houngbo cautioned that steady growth figures and stable unemployment rates should not create a false sense of success. He emphasized that hundreds of millions of workers remain trapped in poverty, informal work, and social exclusion, particularly in low-income countries. Houngbo pointed out that the slow pace of progress in poorer economies is deepening inequality, pushing those with the weakest employment conditions even further behind. He stressed that without deliberate intervention, these regions risk being left out as global supply chains expand and digital trade accelerates. To address these challenges, the ILO called for stronger institutions and coordinated global action aimed at promoting decent work and social justice. Houngbo recommended productivity-boosting strategies, including increased investment in skills development, education, and infrastructure, as key tools for improving job outcomes. The report also underscored the importance of closing gender and youth employment gaps by removing participation barriers and ensuring that technological advancements are adopted responsibly. It stressed that technology should enhance work opportunities rather than deepen inequality. Additionally, the ILO urged governments to strengthen trade systems and ensure that decent work standards are integrated into global trade flows, so that all regions can benefit fairly. The organisation warned that rising debt levels, AI disruption, and trade uncertainty could further weaken job markets unless addressed through coordinated domestic and international policies. Focusing on young people, the report revealed that youth unemployment rose to 12.4 percent in 2025, with approximately 260 million young individuals classified as NEET—not in education, employment, or training. In low-income countries, the situation is even more severe, with NEET rates reaching 27.9 percent. The ILO further warned that artificial intelligence and automation could intensify these challenges. Educated young people in high-income countries may face increasing difficulty securing their first jobs, particularly in high-skill roles that are rapidly being reshaped by AI-driven technologies. Overall, the report paints a clear picture: without urgent and inclusive policy action, global labour markets risk entering a prolonged period of stagnation, where economic growth fails to translate into secure, decent employment for millions
