Connect with us

NEWS

Nigeria’s Crude Earnings Defy Global Market, Plunge N1.75tn Q1

Published

on

Nigeria Earns N12.4tn from Crude Oil in 11 Months – Report

Despite a rise in global oil prices, widely traceable to the Middle East crisis, data from the National Bureau of Statistics (NBS) has shown that Nigeria’s crude oil exports fell by N1.75tn in the first quarter of 2026 .

The NBS, in its latest Foreign Trade in Goods Statistics report for Q1 2026, said crude oil exports declined to N11.20tn from N12.96tn recorded in the corresponding quarter of 2025.

“Crude oil exports in Q1 2026 were valued at N11.20tn; the value decreased by 13.53 per cent from N12.96tn in Q1 2025 and increased by 15.45 per cent from N9.70tn in Q4 2025,” the bureau stated.

The decline translates to a year-on-year loss of N1.75tn in crude export earnings, although crude receipts rose by N1.50tn compared with the fourth quarter of 2025. The data suggests that the rebound from the previous quarter was not strong enough to match the level recorded in early 2025.

Crude oil remained Nigeria’s dominant export product during the period, but its weight in the country’s export basket weakened.

The commodity accounted for 52.92 per cent of total exports in Q1 2026, down from 62.89 per cent in Q1 2025. This means crude oil still generated more than half of Nigeria’s export earnings, but its share fell by almost 10 percentage points within one year.

Total exports rose to N21.17tn in Q1 2026 from N20.60tn in Q1 2025, representing a 2.77 per cent increase. This shows that overall export growth was not driven by crude oil but by stronger earnings from non-crude oil exports and other petroleum products.

Non-crude oil exports rose to N9.97tn in Q1 2026 from N7.64tn in Q1 2025, while non-oil exports stood at N3.19tn. Other oil product exports also increased sharply to N6.78tn from N4.48tn, representing a 51.49 per cent rise.

The report said, “Crude oil remained Nigeria’s major exported commodity in the first quarter of 2026, with a value of N11.20tn, representing 52.92 per cent of total exports.”

The figures indicate that Nigeria’s export structure remained heavily dependent on petroleum, even as crude oil underperformed year-on-year. Mineral products accounted for N18.16tn, or 85.77 per cent of total exports, followed by products of the chemical and allied industries at N1.39tn, or 6.58 per cent.

ALSO READ: June 12: Tinubu Reveals How Nigerians Will Benefit from Democracy

India was Nigeria’s biggest export destination in the quarter, receiving goods valued at N2.77tn, or 13.09 per cent of total exports. France followed with N1.97tn, the Netherlands with N1.95tn, Spain with N1.63tn, and the United States with N1.18tn. Together, the five countries accounted for 44.84 per cent of Nigeria’s total exports.

Regionally, Europe was Nigeria’s largest export market, with goods valued at N7.93tn, or 37.44 per cent of total exports. Asia followed with N6.42tn, or 30.31 per cent, while Africa received N4.06tn, or 19.19 per cent.

Despite the fall in crude earnings, Nigeria posted a stronger trade surplus of N7.55tn in Q1 2026, compared with N1.71tn in Q4 2025. The bureau attributed the improvement mainly to lower imports and higher crude oil exports on a quarter-on-quarter basis.

Imports fell to N13.62tn in Q1 2026 from N16.64tn in Q1 2025 and N17.25tn in Q4 2025. The lower import bill helped strengthen the trade balance, even though crude earnings remained weaker than the level recorded a year earlier.

The decline came despite rising international crude oil prices in March 2026, driven by escalating geopolitical tensions in the Middle East and concerns over disruptions to global oil supply routes.

According to the US Energy Information Administration, Brent crude prices climbed sharply during the first quarter of 2026, crossing the $100 per barrel mark on March 12 and closing the quarter at around $118 per barrel after renewed military tensions in the Middle East and fears surrounding the Strait of Hormuz.

The decline in crude oil export earnings further coincided with lower crude oil production in the first quarter of 2026, suggesting that weaker output may have offset the benefits of higher international oil prices during the period.

The NBS, in its latest Gross Domestic Product report, noted, “The nation in the first quarter of 2026 recorded an average daily oil production of 1.55 million barrels per day (mbpd), lower than the daily average production of 1.62 mbpd recorded in the same quarter of 2025 and lower than the fourth quarter of 2025 production volume of 1.58 mbpd.”

International News

Tanzania in Mourning as President Samia Loses Husband

Published

on

Tanzania is mourning following the death of Hafidh Ameir Hassan, husband of President Samia Suluhu Hassan, who died on Monday while receiving treatment at a hospital in Zanzibar.

The death of Tanzania’s First Gentleman was officially announced by Vice-President Deogratius Ndejembi, according to the BBC.

Ndejembi said Ameir had been suffering from a heart condition and died at about 8am local time at the Emilio Mzena Memorial Hospital in Zanzibar.

SEE ALSO: Tanzania Eyes Expanded Dangote Investments in Fertiliser, Energy, Infrastructure

He added that funeral arrangements were underway in Kizimkazi, a village on Zanzibar.

Ameir, an agricultural academic, largely kept a low public profile and rarely appeared alongside his wife at official events.

He became Tanzania’s first First Gentleman after Samia assumed the presidency in March 2021.

The couple married in 1978, before Samia entered national politics, and had four children — three sons and a daughter.
Their daughter, Wanu Hafidh Ameir, is a politician and serves in Zanzibar’s House of Representatives.

Ruto, AU mourn First Gentleman
Kenyan President William Ruto expressed his condolences to President Samia and her family following the death.

In a message posted on X on Monday, Ruto said, “I have received with deep sorrow the news of the passing of Hafidh Ameir Hassan, husband of Her Excellency Dr Samia Suluhu Hassan, President of the United Republic of Tanzania.”

He added, “President Samia has lost a lifelong companion, her children a beloved father, and Tanzania a distinguished son.”

Ruto further said, “Kenya stands with our Tanzanian brothers and sisters in this moment of grief,” while praying for the bereaved family.

The African Union Commission Chairperson, Mahmoud Ali Youssouf, also extended his condolences to President Samia, her family and the people of Tanzania.

In a statement issued on Monday, Youssouf said the AU conveyed its “deepest condolences” over the passing of Hafidh Ameir Hassan and wished the bereaved family “strength, courage and solace.”

The AU Chairperson also prayed for the peaceful repose of the deceased, concluding, “Inalilahi wainailehi rajiun.”

Continue Reading

International News

US Fuel Crisis Deepens as Diesel Prices Hit Record High

Published

on

The average price of diesel in the United States has climbed to a record high, adding to growing pressure on businesses and consumers as disruptions to fuel supplies continue amid the war involving the United States, Israel and Iran.

According to the American Automobile Association (AAA), diesel prices reached a new record on Monday, rising by about 30 cents from the average recorded just one week earlier.

SEE MORE: DPRP Slashes PMS to ₦1,165/Litre, Diesel to ₦1,570/Litre

Diesel is widely used in road transportation, agriculture and construction, making the sharp increase a major concern for truckers, farmers and other businesses that rely heavily on the fuel.

The latest surge comes as the ongoing conflict has disrupted tanker shipments through the Strait of Hormuz, contributing to tighter fuel supplies and higher energy costs.

Diesel prices have risen substantially compared with a year ago, when the national average stood at $3.71 per gallon.

The increase is putting additional financial pressure on farmers and trucking companies, which may eventually pass higher operating costs on to consumers.

The rise in diesel prices is also adding to broader concerns over the cost of living in the United States and could pose a political challenge for President Donald Trump ahead of the November midterm congressional elections.

Meanwhile, average regular gasoline prices also rose significantly, reaching $4.15 per gallon on Monday, compared with $3.20 a year earlier.

Fuel prices were even higher in some western states, with regular gasoline averaging $5.86 per gallon in California and $4.54 in Arizona, according to AAA.

The continued increase in fuel costs comes as millions of Americans travel during the Labor Day holiday period, potentially placing further pressure on household and business budgets.

Continue Reading

International News

Fire Ravages Indonesia Market, Kills 11 Including Six Children

Published

on

At least 11 people, including six children, have died after a fire swept through a market and surrounding buildings in Indonesia’s easternmost Papua region.

The deadly blaze broke out shortly after midnight on Monday in Paniai, Central Papua province, and quickly spread to several tightly packed shophouses and structures in the area.

SEE ALSO: Panic as Fire Razes 12 Shops in Kwara Shopping Complex

According to local police spokesman Henry J. Manurung, firefighters battled the inferno for more than three hours before eventually bringing it under control.

“During the inspection, officers found 11 victims who had died with burn injuries,” Manurung said in a statement.

He said five of the victims were adults, while the other six were children aged between two and nine years.

The fire destroyed at least 40 kiosks and houses despite the deployment of fire trucks and water cannons by emergency responders.

Manurung said the tightly packed arrangement of the houses and market stalls contributed to the rapid spread of the flames and made firefighting operations more difficult.

Authorities are currently investigating the cause of the deadly fire.

The incident adds to a series of deadly fires recorded in Indonesia in recent years.

In December, 22 people were killed when fire swept through a seven-storey office building in Central Jakarta. Police said an exploding drone battery on the ground floor was the likely cause.

In 2023, an explosion at a nickel-processing plant in eastern Indonesia also claimed at least 12 lives.

The latest tragedy has left the Paniai community mourning as authorities continue efforts to establish what triggered the devastating blaze.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x