Tag: Crude oil exports

NEC approves $4.5bn oil-backed loan refinancing

Aminu Imam
NEC approves loan refinancing

…Unlocks $3bn fresh liquidity The National Economic Council (NEC) has approved the refinancing of the $3.3bn ‘Project Gazelle Pre-Export Finance Facility’ through a new $4.5bn Project Gazelle 2 arrangement. The move is expected to unlock $3bn in fresh liquidity while reducing Nigeria’s crude oil commitments under the facility. The approval was granted at the 159th NEC meeting, held virtually on Monday, and chaired by Vice-President Kashim Shettima, following a presentation by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele. According to a statement issued by the…

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‘FG earned ₦24tr from crude exports in 6 months’ – CBN

Aminu Imam
FG on crude exports

…As refiners kept waiting Nigeria’s crude oil exports generated an estimated ₦24.02 trillion in the first six months of 2026, reinforcing the country’s dependence on crude sales for foreign exchange even as domestic refiners continued to complain about inadequate feedstock. An analysis of production and export data compiled from the Central Bank of Nigeria (CBN) shows that the country exported about 182.2 million barrels of crude between January and June. Using the average monthly price of Bonny Light crude and an exchange rate of ₦1,365 to the dollar, those exports…

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‘FG earns ₦20.2tr from crude oil exports in 5 months’

Aminu Imam
FG earns from crude oil exports

The Federal Government earned an estimated ₦20.22 trillion from crude oil exports between January and May 2026, as higher global oil prices offset lower export volumes despite concerns over domestic crude supply. The earnings underscore the continued importance of crude oil to the country’s economy and foreign exchange inflows, despite ongoing efforts to diversify revenue sources and strengthen local refining capacity. Industry data indicate that global crude prices remained relatively firm during the period, driven by geo-political tensions, supply management measures by major oil-producing countries, and resilient demand in key…

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‘Nigeria supplied 52% of Africa’s oil to U.S in 2025’’  – Report

Aminu Imam
Nigeria supplied Africa’s oil2

Nigeria accounted for about 52 percent of Africa’s crude oil exports to the United States (U.S) in 2025, latest data from the US Census Bureau have shown. Figures from the US International Trade in Goods and Services report indicate that total American crude imports from Africa stood at 89.371 million barrels in 2025, down from 103.7 million barrels in 2024. This represents a decline of 14.26 million barrels or 13.8 percent. Of the 89.371 million barrels imported from Africa in 2025, Nigeria supplied 46.618 million barrels, compared to 50.793 million…

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