Nigeria’s foreign exchange reserves have climbed above $55 billion, while non-oil exports have reportedly overtaken crude oil exports for the first time, signalling a shift in the country’s foreign exchange earnings.

The development comes amid increased domestic refining, efforts to improve dollar liquidity and renewed moves by the Federal Government and the Central Bank of Nigeria (CBN) to strengthen economic coordination.

The changing export pattern is a key development for an economy that has depended heavily on crude oil for export earnings and government revenue.

For decades, crude oil dominated Nigeria’s export earnings.

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However, rising exports of refined petroleum products, natural gas, urea and other non-crude commodities are reshaping the country’s trade profile.

Data from the National Bureau of Statistics (NBS) showed that non-crude exports stood at N14.11 trillion in the second quarter of 2026, surpassing crude oil exports valued at N12.91 trillion.

The figures point to the growing contribution of non-crude products to Nigeria’s export earnings, although petroleum-related products remain a major component of the increase.

The expansion of domestic refining capacity, particularly the Dangote Refinery, has strengthened Nigeria’s ability to process crude oil locally and potentially export refined products.

Previously, Nigeria exported crude oil while spending substantial foreign exchange on importing refined petroleum products. Increased domestic refining could help reduce import dependence and create additional export opportunities.

Despite the reported growth, questions remain about the sustainability of the trend and the extent to which agriculture, manufacturing and other non-oil sectors are contributing to the expansion.

Meanwhile, the rise in foreign reserves to more than $55 billion provides the CBN with additional foreign exchange buffers to meet international obligations and respond to pressures in the currency market.

The improvement comes as the government intensifies efforts to attract investment, strengthen external liquidity and improve confidence in the Nigerian economy.

The Federal Government and the CBN have also moved to improve coordination between fiscal and monetary policies through a memorandum of understanding signed on September 18.

The agreement is designed to promote closer cooperation on inflation, economic growth, government financing, liquidity management and foreign exchange conditions.

The authorities are also seeking to improve economic data sharing and strengthen policies aimed at addressing rising production, food, energy and logistics costs.

While stronger reserves and higher exports could improve Nigeria’s external position, sustaining the gains will require continued growth in production, export diversification and measures that support businesses operating in the non-oil economy.

Ingentia Energies Limited has said it is targeting an expansion of its drilling operations after increasing its oil production by 150 per cent under the leadership of Engr Charles Odita as the company’s acting Chief Executive Officer.

This was disclosed in a statement signed by the Chairman of the Board, Chief Oseni Elamah, following a meeting in Lagos attended by Agbaroji and the outgoing CEO, Odita, after Victor Agbaroji assumed office as the company’s new Managing Director and CEO.

The board commended Odita for what it described as transformational leadership, noting that “production increased by 150 per cent during his tenure, from 2,200 barrels per day”.

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Elamah extended congratulations and appreciation to Odita, describing his tenure as transformational and characterised by strategic clarity, decisive execution and exceptional leadership.

Agbaroji, who succeeded Odita, expressed appreciation for the achievements recorded under his predecessor and pledged to build on the foundation already established.

He identified enhancing drilling operations, maximising the value of existing assets, improving cost competitiveness, expanding the company’s portfolio and unlocking greater value from its gas resources as key priorities for the next phase of growth.

“Our immediate focus is to strengthen the next phase of our drilling campaign by leveraging the seismic acquisition programme currently underway.

This will enable us to execute a more robust and efficient drilling programme while improving exploration outcomes and operational performance,” Agbaroji said.

He also stressed the importance of crude oil evacuation infrastructure to future production growth, saying the company would intensify efforts to advance its pipeline evacuation project.

Agbaroji reaffirmed management’s commitment to sustaining the momentum achieved under Odita, adding that the company would continue to benefit from the experience and institutional knowledge developed during his tenure.

The leadership transition is expected to consolidate Ingentia’s recent gains, expand production capacity, improve operational efficiency and strengthen its position as an indigenous energy company.

A prominent royal father has mounted a spirited defence of the Dangote Petroleum Refinery and Petrochemicals Limited (DPRP), dismissing criticisms of the Initial Public Offering (IPO) and challenging detractors to replicate its scale by raising the estimated $22 billion required to build a competing refinery.

The Emir of Kano, His Royal Highness Khalifa Muhammadu Sanusi II, on Thursday made the remarks during the DPRP’s “People’s IPO” roadshow in Kano, where he passionately advocated broader Nigerian participation in the IPO as a pathway to wealth creation and economic inclusion.

Addressing a gathering of investors, business leaders, professionals and members of the public, the former Central Bank Governor described the refinery as one of the most significant industrial projects in Africa’s history and urged Kano residents to seize the opportunity to become shareholders.

According to the Emir, equity ownership represents one of the most effective means through which ordinary citizens can participate directly in national economic growth and build long-term financial security.

“Kano is a commercial city with a long tradition of trade, investment and entrepreneurship. Our people understand business, and they should understand the value of owning shares in productive enterprises,” he said.

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Drawing from personal experience, Sanusi recounted his interactions with Aliko Dangote during his banking career in the late 1990s when Dangote Group was evolving from a trading company into a manufacturing powerhouse.

The Emir revealed that many observers at the time questioned Dangote’s strategy of deploying short-term financing to support long-term industrial investments. However, he noted that what critics considered risky was actually a demonstration of strategic foresight and a deep commitment to transforming Nigeria’s productive capacity.
Recalling the philosophy that drove the company’s industrial expansion, the monarch said the vision was anchored on a simple principle: producing domestically what Nigerians consume daily instead of relying excessively on imports.

“Somebody needs to produce the petrol for your cars, somebody needs to produce the cement for your houses, somebody needs to produce the food that you eat. We are importing these things from Asia, Europe and America. Our strategy is to produce those things here,” he stated.

The Emir described the Dangote Refinery as a game-changing investment that could fundamentally alter the structure of the Nigerian economy by reducing dependence on imported petroleum products and preserving foreign exchange.

Drawing on his experience at the nation’s apex bank, Sanusi explained that Nigeria had historically earned foreign exchange through crude oil exports only to expend a substantial portion of it importing refined fuel.

“What Aliko has done is disrupt that model,” he said.

According to him, the emergence of a world-class refinery on Nigerian soil positions the country not merely as an exporter of crude oil but as a major supplier of refined petroleum products to regional and international markets.

As evidence of the refinery’s growing global relevance, he cited reports that European airlines had sourced aviation fuel from the facility during recent supply disruptions linked to tensions around the Strait of Hormuz, underscoring its ability to compete effectively on the global stage.

Sanusi also addressed concerns raised by critics who have accused the refinery of seeking market dominance. The monarch firmly rejected such claims, arguing that competition remains open to anyone willing to undertake the financial and operational challenges associated with large-scale refining.

“There is no monopoly if a monopoly is not protected by law,” he declared.

“Anybody who wants to build a refinery, anybody who wants to raise $22 billion, invest and go through what Aliko went through is welcome to do so.”

The comment drew applause from participants at the roadshow, many of whom viewed the statement as a direct response to persistent criticism of the refinery’s market influence.

The Emir stressed that Nigeria’s economic future depends on encouraging more investments in productive industries capable of creating jobs, generating exports and strengthening local value chains. He warned against a culture that prioritises speculation and the accumulation of overseas assets at the expense of domestic industrial development.

He therefore described the Dangote Refinery IPO as a historic opportunity for millions of Nigerians to own a stake in one of Africa’s most strategic industrial assets.

“It is the shareholders who own it. It is the shareholders who take the returns. It is the shareholders who own the profits,” he said.

While encouraging broad participation, the respected traditional ruler advised prospective investors to approach the market responsibly. He urged citizens to invest only funds they could afford to commit for the long term and not resources earmarked for essential family needs.

In his closing remarks, Sanusi called on Kano residents and Nigerians generally to embrace the capital market and take advantage of the IPO, arguing that widespread ownership would democratise wealth generation and deepen public participation in national economic development.

He said broader participation in the Dangote Refinery IPO would not only reward investors financially but also strengthen local ownership of critical national infrastructure, expand financial inclusion and ensure that the benefits of industrialisation are shared more widely across the country.

“The opportunity is here. The question is whether you will participate,” the Emir told the audience.

The DPRP IPO roadshow, tagged “Kano Grand Homecoming,” brought together leading figures from Nigeria’s business, investment and financial sectors, including Aliko Dangote, President of Dangote Industries Limited; Bismarck Rewane, Managing Director of Financial Derivatives Company; Adetilewa Adebajo, CEO of CFG Advisory; and other capital market stakeholders.

Photo Caption – From Left: Emir of Kano, His Highness, Muhammadu Sanusi II (Special Guest of Honour & Chairman); President/CE, Dangote Industries Limited, Aliko Dangote, at the Dangote Petroleum Refinery IPO Roadshow tagged “Kano Grand Homecoming” in Kano on Thursday, September 17, 2026.