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Petrol exports hit N371bn amid heavy import reliance

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Nigeria exported Premium Motor Spirit, popularly known as petrol, worth N371.54bn in the second quarter of 2025, marking the first recorded shipment of the product after the Dangote Petroleum Refinery came online. The breakthrough follows the commencement of operations at the refinery, Africa’s largest single-train refining complex.

Data from the National Bureau of Statistics shows that petrol accounted for 1.63 per cent of Nigeria’s total exports in the quarter. This was a remarkable shift for a country long dependent on imports due to the chronic dormancy of state-owned refineries. No petrol exports were recorded in either the previous quarter or the same period in 2024.

Analysis of the trade figures revealed that only N85.83bn, representing 23.1 per cent of petrol exports, went to Africa. All of it was concentrated in West Africa, specifically within the Economic Community of West African States. The remaining 76.9 per cent was shipped to destinations outside the continent, suggesting that markets in Asia and the Middle East drove the refinery’s early sales.

Within Nigeria’s regional export mix, petrol represented 2.89 per cent of shipments to Africa, 4.36 per cent to West Africa, and 4.45 per cent to ECOWAS. Globally, it ranked as Nigeria’s ninth-largest export in Q2 2025, but within West Africa, it rose to fifth place and fourth within ECOWAS.

Petrol imports persist

Despite the milestone, Nigeria remained a net importer of petrol. Imports stood at N2.38tn in Q2 2025—down 45.56 per cent from N4.36tn in Q2 2024, but still nearly 6.4 times the value of exports. Compared to N1.76tn in Q1 2025, imports rose by 34.89 per cent quarter-on-quarter.

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Cumulatively, Nigeria imported N4.14tn worth of petrol in the first half of 2025, compared to N8.18tn in the same period of 2024, representing a 49.41 per cent decline. Analysts believe the increasing local refining output will gradually reduce the country’s dependence on foreign suppliers.

Alhaji Aliko Dangote, President of the Dangote Group, confirmed that the refinery exported about 1.35 billion litres of petrol between June and July 2025, equivalent to one million tonnes. Speaking at the recent Global Commodity Insights Conference on West African Refined Fuel Markets, organised by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in partnership with S&P Global, Dangote declared that Nigeria had become a net exporter of refined products.

“From June to date, we have exported about one million tonnes of PMS within just 50 days,” Dangote said, noting that the refinery also began shipping aviation fuel to Europe and Saudi Arabia.

S&P Global reported that gasoline exports from the refinery spiked to roughly 90,000 barrels per day in June 2025, reaching markets as far as Oman, Singapore, and Malaysia. However, production outages and maintenance on its catalytic cracking unit limited volumes in the early months.

Under a naira-for-crude deal with the government, the refinery is obliged to supply fixed volumes of refined products domestically. This is critical amid concerns that the refinery’s export drive could undermine local supply.

Dangote dismissed allegations of monopolising the downstream sector, arguing that his company was investing heavily to reduce Nigeria’s dependence on imports. “Too many people with the means to contribute prefer to criticise from the sidelines while investing abroad. Our focus is to build energy independence for Nigeria and Africa,” he said.

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The NMDPRA noted that Nigeria and other West African countries still import around 69 per cent of their petrol needs. According to the agency’s Chief Executive, Farouk Ahmed, an average of 2.05 million metric tonnes of petrol is traded monthly in the region, with the bulk sourced from overseas.

This underscores the challenge Nigeria faces: while Dangote’s refinery has changed the narrative by creating export flows, demand still outstrips supply locally.

Nigeria’s refined products are already finding traction in the United States, which imported about 630,000 barrels per day of petroleum in Q2 2025. Industry sources say the US is a promising destination given that Dangote’s fuel meets its quality specifications. Other major buyers of US imports in the quarter included the Netherlands, Canada, and India.

President Bola Tinubu has framed the refinery’s output as part of a wider African push to reshape global energy markets. Writing on his official X handle recently, Tinubu said, “Africa can no longer remain a price taker for its resources. It is time to establish credible, transparent benchmarks that reflect our realities and protect our economies.”

He added that Nigeria is working with regional partners to establish an integrated market that secures domestic energy access, rewards African production, and deepens cross-border prosperity.

The emergence of petrol exports represents a structural shift in Nigeria’s energy trade. For decades, petrol dominated import bills without appearing in the export ledger. With Dangote now shipping products globally, Nigeria is evolving into both a supplier to regional markets and a participant in the global refined products trade.

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Analysts say that as the refinery ramps up output, Nigeria’s foreign exchange earnings will improve, import dependence will ease, and the country’s position as West Africa’s energy hub will be strengthened.

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X offers changes to blue checkmarks after $138m EU fine

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Elon Musk’s X has offered to make changes to its blue checkmark for “verified” accounts, a European Commission spokesman said Friday, after the platform received a 120-million-euro ($138 million) fine.

The European Union slapped the fine in December on X for breaking its digital rules, including through the “deceptive design” of its blue checkmark.

“X has submitted remedies in relation to its blue checkmark. The commission will now carefully assess the proposed remedies,” EU spokesman for digital affairs Thomas Regnier said.

He did not provide details about what X had submitted.

X risked periodic financial penalties had it not submitted any remedy.

“We have to value the fact that after a constructive exchange with the company, the company has taken its obligation seriously and has submitted us remedies,” Regnier told reporters in Brussels.

When contacted by AFP, X did not provide comment immediately.

Blue checkmarks, long free of charge at what was previously known as Twitter, were intended to signal the identity of certain users — such as celebrities, journalists and politicians — had been verified in an effort to build trust in the platform.

But after Musk bought the platform, he allowed users to pay to get one.

X in February announced it had filed an appeal with the EU’s top court against the fine, which was the first ever under the bloc’s Digital Services Act (DSA).

But Regnier said the commission still expected X to pay it by Monday, and to provide further remedies on other breaches by April 28.

The fine came under a probe started in December 2023.

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That investigation continues as EU regulators study how X tackles the spread of illegal content and information manipulation.

X has often been in the EU’s sights.

The 27-nation bloc in January began another DSA probe into the company’s AI chatbot Grok’s generation of sexualised deepfake images of women and minors after a global outcry.

AFP

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Akwa Ibom to drive large-scale farming with equipment leasing firm

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Akwa Ibom State Government has said it will soon inaugurate its Agric Equipment Leasing Company as part of efforts to promote large-scale mechanised farming in the state.

Governor Umo Eno disclosed this while fielding questions from Government House correspondents shortly after inspecting the progress of work at the company’s facility located at Ekpri Nsukara in Uyo on Thursday.

In a statement obtained from the Government House Press Unit on Friday, the governor commended the contractor for the progress recorded at the project site.

“There is a lot of improvement in the work done here to get the company kick-started in earnest.

“The contractor has given her word that the project will soon be inaugurated, and I hold her to that,” he said.

Eno explained that the essence of the project is to encourage farmers to embrace large-scale farming in order to boost productivity, increase earnings and ensure food sufficiency in the state.

“The farming season is here again, and we are putting everything in place for this project to function optimally. There are over 25 tractors with tracking devices and two low-bed trucks in readiness for the agriculture programme.

“What we intend to do here is to lease these equipment to our farmers across the state at subsidised rates so that they can utilise it for improved farming productivity.

“These farming equipment range from ploughs to harvesters and other implements that will help improve farming output,” he said.

The governor noted that the initiative forms part of his administration’s strategy to mechanise farming methods in the state in order to achieve large-scale crop production and increase farmers’ profits.

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Speaking on the government’s tree-crop revolution programme, Eno assured that the initiative would commence once the rainy season sets in, noting that such crops thrive better during the rainy season.

“The nursery for palm seedlings has already been established, and the necessary enumeration of farmers has been conducted across the state.

“Within the next two weeks, the seedlings will be distributed to farmers for planting across the state,” he added.

The governor urged farmers to take advantage of the various agricultural programmes introduced by the government to enhance large-scale farming output and improve economic growth in the state.

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Forum dismisses claims of N210tn missing in NNPC accounts

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A coalition of professionals under the Ajiyya Solidarity Forum has dismissed allegations that about N210tn is missing from the accounts of the Nigerian National Petroleum Company Limited (NNPC).

Addressing journalists on Thursday, ASF National Coordinator, Usman Hamza, described the claim as “mathematically impossible” and politically motivated.

The group’s position is in response to a recent claim by the Chairman of the Senate Public Accounts Committee, Ahmed Wadada, that the NNPC Limited could not account for about N210tn.
Hamza said such a figure was misleading.

“Senator Wadada’s claim of N210tn ‘unaccounted for’ funds is a mathematical impossibility designed to shock the public,” Hamza said.

He argued that the claim did not align with Nigeria’s fiscal reality, noting that the country’s entire 2024 national budget stood at about N28.7tn.

“To suggest that a single entity ‘lost’ nearly eight times the national budget is an insult to the intelligence of Nigerians,” he added.

The forum also condemned threats of arrest warrants against former officials of NNPCL, including former Chief Financial Officer, Umar Ajiya, describing the move as part of a coordinated campaign of political blackmail.

According to the group, the Senate committee may have misinterpreted financial figures by combining accrued expenses and receivables in a way that falsely suggests missing funds.

“We consider that the committee has erroneously ‘netted’ N103tn in accrued expenses, largely joint venture liabilities, with N107tn in receivables owed to NNPCL. Labelling money owed to a company as ‘missing funds’ is a professional travesty,” Hamza stated.

During the ongoing review of the financial records of Nigerian National Petroleum Company Limited, the Senate Public Accounts Committee, chaired by Wadada, had raised concerns over alleged discrepancies running into trillions of naira.

The ASF maintained that the allegations ignored the broader financial and structural reforms undertaken by the national oil company in recent years.

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Furthermore, Hamza mentioned that the tenure of former CFO Ajiya coincided with the transition of the national oil firm into a commercial entity under the Petroleum Industry Act, a reform that ended decades of opaque financial reporting.

“Mr Ajiya’s tenure saw the transition of NNPC into a commercially driven entity and the publication of the first audited financial statements in 43 years,” the forum stated.

ASF defended the N5.9bn cost incurred during the transition process of NNPC to NNPC Limited, saying it covered complex legal and structural reforms required to transform the former state corporation into a limited liability company.

The forum warned that politicising the Senate’s oversight role could damage Nigeria’s credibility in the eyes of international investors.

“Using the Senate’s hallowed chambers to pursue personal vendettas damages Nigeria’s reputation with international investors,” Hamza said.

The forum further called on the leadership of the Senate to institute an independent ethics investigation into what it described as an alleged demand for bribes linked to the ongoing oversight process.

“We call on the Senate leadership and its Ethics Committee to investigate the alleged bribe demand connected to this oversight exercise,” he said.

He urged lawmakers to stop what he described as the harassment of officials who have already submitted several technical responses to the committee.

“Public accountability should be pursued through a sober forensic review of facts, not through sensational claims and phantom numbers,” he added.

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