Nigeria is losing an estimated $21 million daily as crude oil production remains below its 1.5 million barrels-per-day target set by the Organization of the Petroleum Exporting Countries (OPEC). Averaging 1.42–1.45 million barrels per day, the shortfall is straining the national budget and foreign exchange reserves despite crude prices above $100 per barrel.
Thursday, March 19, 2026
Nigeria loses $21 million daily as oil output falls below OPEC target
Nigeria is losing an estimated $21 million daily as crude oil production remains below its 1.5 million barrels-per-day target set by the Organization of the Petroleum Exporting Countries (OPEC). Averaging 1.42–1.45 million barrels per day, the shortfall is straining the national budget and foreign exchange reserves despite crude prices above $100 per barrel.
Nigeria strengthens security after Maiduguri bombings
Nigeria is on high alert after suicide bombings in Maiduguri killed at least 23 people and injured more than 100 on Monday evening. Authorities have deployed additional troops, with Boko Haram insurgents suspected to have carried out the attack, though no group has claimed responsibility.
Related story: Nigeria suicide attacks kill 23, wound more than 100
Africa’s largest refinery drives $3.74 billion crude imports into Nigeria
Nigeria's oil trade dynamics shifted dramatically in 2025, with crude imports related to the Dangote Refinery reaching $3.74 billion, an unexpected event for a country famed for its crude exports.
This data was contained in the latest Balance of Payments report of the West African country’s central bank, which cited the refinery's crude oil acquisitions as a significant factor influencing the nation's current account.
Per the report, Nigeria's current account surplus was $14.04 billion in 2025.
While this represents a drop from the $19.03 billion posted in 2024, it remains a substantial improvement compared to the $6.42 billion surplus recorded in 2023.
The reduction from the previous year was attributed in part to changing oil trading patterns, particularly the importation of crude for domestic processing, linked to the world’s largest single-train refinery.
Export numbers reflect this transition, with crude oil shipments declining to $31.54 billion in 2025 from $36.85 billion in 2024, a 14 percent decrease.
Despite this dip, Nigeria's goods account improved, with a surplus of $14.51 billion, up from $13.17 billion in 2024.
This surge was primarily driven by activities related to the Dangote refinery, as well as improved performance in other export areas, as seen in the Punch.
The export of refined petroleum products was a major highlight, bringing in $5.85 billion for the year. Increased gas exports also contributed to the improving trade position.
At the same time, the refinery's operations seem to be changing Nigeria's import profile. With more locally refined fuel available, the country's reliance on imported petroleum products has decreased dramatically.
Fuel imports fell drastically to $10 billion in 2025, down from $14.06 billion the year before, an almost 29 percent decrease.
However, this development was partially offset by an increase in non-oil imports, which rose to $29.24 billion from $25.74 billion in 2024, indicating sustained demand for foreign goods.
The central bank's report further highlighted a rise in investment outflows, as Nigerians raised their holdings in both direct and portfolio investments abroad this past year.
Overall, Nigeria's balance of payments remained favorable, with a surplus of $4.23 billion in 2025. Though this sum is lower than the $6.83 billion reported in 2024, it still represents a rather stable external position.
Meanwhile, the country's external reserves expanded, reaching $45.75 billion at the end of December 2025. This marks a 13.83 percent gain year on year, aided by increased inflows and improved external buffers.
This data was contained in the latest Balance of Payments report of the West African country’s central bank, which cited the refinery's crude oil acquisitions as a significant factor influencing the nation's current account.
Per the report, Nigeria's current account surplus was $14.04 billion in 2025.
While this represents a drop from the $19.03 billion posted in 2024, it remains a substantial improvement compared to the $6.42 billion surplus recorded in 2023.
The reduction from the previous year was attributed in part to changing oil trading patterns, particularly the importation of crude for domestic processing, linked to the world’s largest single-train refinery.
Export numbers reflect this transition, with crude oil shipments declining to $31.54 billion in 2025 from $36.85 billion in 2024, a 14 percent decrease.
Despite this dip, Nigeria's goods account improved, with a surplus of $14.51 billion, up from $13.17 billion in 2024.
This surge was primarily driven by activities related to the Dangote refinery, as well as improved performance in other export areas, as seen in the Punch.
The export of refined petroleum products was a major highlight, bringing in $5.85 billion for the year. Increased gas exports also contributed to the improving trade position.
At the same time, the refinery's operations seem to be changing Nigeria's import profile. With more locally refined fuel available, the country's reliance on imported petroleum products has decreased dramatically.
Fuel imports fell drastically to $10 billion in 2025, down from $14.06 billion the year before, an almost 29 percent decrease.
However, this development was partially offset by an increase in non-oil imports, which rose to $29.24 billion from $25.74 billion in 2024, indicating sustained demand for foreign goods.
The central bank's report further highlighted a rise in investment outflows, as Nigerians raised their holdings in both direct and portfolio investments abroad this past year.
Overall, Nigeria's balance of payments remained favorable, with a surplus of $4.23 billion in 2025. Though this sum is lower than the $6.83 billion reported in 2024, it still represents a rather stable external position.
Meanwhile, the country's external reserves expanded, reaching $45.75 billion at the end of December 2025. This marks a 13.83 percent gain year on year, aided by increased inflows and improved external buffers.
By Chinedu Okafor, Business Insider Africa
President Tinubu meets royals in UK state visit
More than 1,000 soldiers were out in force on Wednesday for the diplomatic show of soft power by the royal family.
With trade between the two countries at a record high, Charles is using the two-day visit to highlight the pair’s deep cultural and commercial links.
Tinubu has made less formal visits to the United Kingdom several times during his tenure, and the two countries remain major partners in trade, aid and defence. London is also home to a large Nigerian diaspora of about 300,000 people.
Nigeria’s presidency said the visit signalled a “renewed chapter” and reflected a shared commitment to “advancing trade and strengthening diplomatic ties”.
Calling the visit “historic”, London announced Nigerian companies, including banks, are expanding operations and creating hundreds of jobs in the UK, strengthening it as a global hub for African business.
Nigerian flags and Union Jacks
King Charles and Queen Camilla greeted the president and his wife in Windsor, west of London, as artillery fired salutes.
Both Nigerian flags and Union Jacks fluttered amid the procession.
The Nigerian president and his wife earlier chatted with heir-to-the-throne Prince William and his wife Catherine, at a hotel in the town.
The party then rode in carriages to the historic Windsor Castle.
Later, the king and queen showed the president and first lady items from the UK’s colonial rule of Nigeria, which existed until 1960.
Later on Wednesday evening, a lavish state banquet took place.
On Thursday, Tinubu is expected to meet British Prime Minister Keir Starmer, as well as members of the Nigerian community abroad, according to the official schedule.
Missing from the official schedule is the traditional meeting between the visiting head of state and the British opposition.
Conservative Party leader Kemi Badenoch, who is of Nigerian descent, has repeatedly publicly criticised the country she was raised in over corruption and violence.
The last Nigerian state visit to the UK took place in 1989, although Tinubu was received by Charles in September 2024.
Before the death of his mother, Queen Elizabeth II, in 2022, Charles also visited Nigeria four times as prince of Wales.
Tinubu’s visit went ahead, despite a deadly bombing in northeastern Nigeria’s Borno State on Monday, which killed 23 people and injured more than 100, with the president condemning the attacks and insisting “Nigeria will not succumb to fear.”
King Charles and Queen Camilla greeted the president and his wife in Windsor, west of London, as artillery fired salutes.
Both Nigerian flags and Union Jacks fluttered amid the procession.
The Nigerian president and his wife earlier chatted with heir-to-the-throne Prince William and his wife Catherine, at a hotel in the town.
The party then rode in carriages to the historic Windsor Castle.
Later, the king and queen showed the president and first lady items from the UK’s colonial rule of Nigeria, which existed until 1960.
Later on Wednesday evening, a lavish state banquet took place.
On Thursday, Tinubu is expected to meet British Prime Minister Keir Starmer, as well as members of the Nigerian community abroad, according to the official schedule.
Missing from the official schedule is the traditional meeting between the visiting head of state and the British opposition.
Conservative Party leader Kemi Badenoch, who is of Nigerian descent, has repeatedly publicly criticised the country she was raised in over corruption and violence.
The last Nigerian state visit to the UK took place in 1989, although Tinubu was received by Charles in September 2024.
Before the death of his mother, Queen Elizabeth II, in 2022, Charles also visited Nigeria four times as prince of Wales.
Tinubu’s visit went ahead, despite a deadly bombing in northeastern Nigeria’s Borno State on Monday, which killed 23 people and injured more than 100, with the president condemning the attacks and insisting “Nigeria will not succumb to fear.”
Wednesday, March 18, 2026
Nigerian exporters eye China with tariffs set to drop
Nigerian exporters are shifting focus to China ahead of new tariff cuts on African goods, as global trade uncertainty lingers. Beijing is preparing to remove tariffs on selected agricultural and mineral goods imported from African economies from May 1.
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