Tag: Imports

US cuts Nigerian crude imports by nearly 50%

Aminu Imam
US cuts crude imports

The United States reduced its purchase of Nigerian crude oil sharply in January 2026, with imports dropping by about 47.16 percent month-on-month, according to the latest data from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis. Figures from the U.S. International Trade in Goods and Services report indicate that U.S. crude imports from Nigeria fell to 1.664 million barrels in January 2026, down from 3.149 million barrels recorded in December 2025. This represents a decline of 1.485 million barrels within one month, showing a significant contraction in…

Read More

Tinubu approves 15% import duty on petrol, diesel amid growing backlash

Aminu Imam
Tinubu approves import duty

President Bola Ahmed Tinubu has approved the introduction of a 15 percent ad-valorem import duty on petrol and diesel imports into Nigeria – a policy aimed at protecting local refineries and stabilising the downstream petroleum market. The directive, contained in a letter dated October 21, 2025, made public on Wednesday, was addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). It was signed by the President’s Private Secretary, Damilotun Aderemi, following a proposal from FIRS Executive Chairman, Zacch Adedeji. According to…

Read More

U.S. slashes Nigerian imports by 41%

Aminu Imam
U.S. slashes imports

…As tariff dispute deepens trade strains The United States (U.S.) has slashed its imports of Nigerian goods by 41% in just one month, raising alarm over the fragile state of Nigeria’s trade relations with one of its most strategic global partners. New figures from the U.S. Census Bureau and the Bureau of Economic Analysis indicate that U.S. imports of Nigerian products declined from $639 million in June 2025 to $379 million in July, a significant drop that highlights Nigeria’s reduced access to the American market. The drop coincided with a…

Read More