Tag: Export market

Rivers: After 50yrs, Nigeria set for first crude oil export terminal  

Aminu Imam
Rivers export terminal

Barring any unforeseen issue, President Bola Ahmed Tinubu will commission the $400 million Otakikpo On-shore Crude Oil Export Terminal in Rivers state on October 8. This historic project marks the first crude export facility to be built in Nigeria in over five decades, reinforcing President Tinubu’s commitment to reviving the energy industry and boosting national productivity. Located in Ikuru town, Andoni local government area, the terminal was developed by Green Energy International Limited (GEIL), the operators of the Otakikpo Field in OML 11. It represents a major breakthrough for indigenous…

Read More

FG orders 6-month ban on raw shea nut export

Aminu Imam
FG orders

…To unlock $3bn annual revenue potential President Bola Tinubu has ordered an immediate six-month ban on the export of raw shea nuts from the country. The temporary export restriction aims to curb informal trade that undermines official export channels while increasing processor utilisation within Nigeria’s domestic shea processing facilities. The move aims to help the country capture higher export value, by promoting processed shea products over raw materials and stabilizing the shea sector through improved market coordination. According to Government estimates, the enhanced shea value chain could generate approximately $300m…

Read More

Nigeria exports $1.34bn crude oil to US in 5 months

Aminu Imam
Nigeria exports crude

Nigeria exported crude oil worth $1.34bn to the United States in the first five months of 2025, maintaining the country’s position as America’s leading African oil supplier. Figures from the U.S. Census Bureau and Bureau of Economic Analysis show that the US purchased a total of 17.39 million barrels of Nigerian crude between January and May 2025. Although energy-related goods like crude were exempted from recent import tariffs introduced by the administration of President Donald Trump, the volume still declined from the 20.4 million barrels valued at $1.52bn recorded during…

Read More

‘Firewood exports hit ₦65.85bn’ – NBS

Aminu Imam
NBS on firewood exports

Amid growing demand for biomass energy sources across West Africa, Nigeria exported energy goods valued at ₦65.85bn in the first quarter of 2025, the National Bureau of Statistics (NBS) has revealed in its latest report. The report, titled: ‘Foreign Trade in Goods Statistics’, showed that the vast majority of the exports ₦65.65bn were sent to other African countries. According to the report, the Economic Community of West African States (ECOWAS) nations account for ₦49.15bn, or over 74 percent of the amount. The energy goods, categorised by the NBS as “fuel…

Read More