Business
US Cuts Nigerian Crude Imports by Nearly 50%
The United States reduced its purchase of Nigerian crude oil sharply in January 2026, with imports dropping by about 47.16 per cent 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 Nigeria’s share of the U.S. crude market.
In value terms, the drop was equally steep. The customs value of Nigerian crude imports declined from $217.36m in December to $115.99m in January, while the cost, insurance, and freight value fell from $223.10m to $118.95m over the same period. The difference between the two measures reflects additional costs such as shipping and insurance included in CIF values, which are excluded from customs valuation.
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This means that in January, the CIF value of Nigerian crude was about $2.96m higher than its customs value, compared to a wider gap of about $5.74m in December. The narrowing gap suggests relatively lower freight or insurance costs, or shorter shipping distances within the period.
The contraction comes amid a broader slowdown in total U.S. crude imports, which declined from 198.29 million barrels in December to 188.21 million barrels in January, representing a drop of about 5.1 per cent. Total import value also fell, with customs value decreasing from $11.41bn to $10.56bn, while CIF value dropped from $12.04bn to $11.15bn.
Within Africa, Nigeria lost ground to some peers. While total African crude exports to the U.S. remained flat at 6.933 million barrels, Angola recorded a sharp increase, rising from 575,000 barrels in December to 2.062 million barrels in January.
Ghana also emerged as a new supplier with 738,000 barrels, having recorded no measurable exports in December. By contrast, Libya saw its exports to the U.S. decline from 2.137 million barrels to 1.086 million barrels over the period.
Nigeria’s share of total U.S. crude imports also weakened. The country accounted for roughly 0.88 per cent of total U.S. crude imports in January, down from about 1.59 per cent in December, reflecting the sharp reduction in volumes.
Further analysis of U.S. trade data shows that crude oil remains the dominant component of Nigeria’s exports to the United States. Total U.S. imports from Nigeria stood at $183m in January 2026, compared to $297m in December 2025.
With crude oil imports valued at $115.99m (customs basis) and $118.95m on a CIF basis, crude accounted for approximately 63.4 per cent to 65.0 per cent of total U.S. imports from Nigeria in January. This compares with about 73.2 per cent in December on a customs basis, indicating a relative moderation in crude dominance as overall imports declined.
The PUNCH further observed that the U.S. recorded a goods trade surplus of $419m with Nigeria in January, up from $84m in December. This was driven by a rise in U.S. exports to Nigeria, which increased from $381m to $602m, even as imports from Nigeria declined.
Across Africa, the U.S. posted a trade deficit of $503m in January, reversing a $174m surplus recorded in December. Total U.S. imports from Africa rose from $2.88bn to $3.54bn, while exports to the region edged slightly lower from $3.05bn to $3.04bn.
The PUNCH earlier reported that Nigeria accounted for about 52 per cent of Africa’s crude oil exports to the United States in 2025. According to the previous report, total U.S. crude imports from Africa stood at 89.371 million barrels in 2025, down from 103.631 million barrels in 2024, representing a decline of 14.26 million barrels or 13.8 per cent.
Out of the 89.371 million barrels imported from Africa in 2025, Nigeria supplied 46.618 million barrels, compared to 50.793 million barrels in 2024. This was a drop of 4.175 million barrels or 8.2 per cent year on year.
Despite the lower volume, Nigeria’s share of Africa’s crude exports to the U.S. rose. In 2025, Nigeria’s 46.618 million barrels accounted for 52.2 per cent of Africa’s total shipments, up from 49.0 per cent in 2024, when it exported 50.793 million barrels out of the continent’s 103.631 million barrels.
The PUNCH earlier reported that the Nigerian National Petroleum Company Limited recorded a profit after tax of N385bn in January 2026, even as crude oil and condensate production rose to 1.64 million barrels per day, according to the firm’s latest monthly operational report.
The January 2026 NNPC Monthly Report Summary, released on Monday, showed that the state-owned energy company generated N2.571tn in revenue during the month while remitting N726bn as statutory payments to the Federation.
This means the company recorded a sharp 47 per cent decline in its monthly revenue, which fell from N4.82tn in December 2025 to N2.57tn in January 2026. This contraction occurred despite a marginal increase in the company’s after-tax profit.
It disclosed that Nigeria produced 1.64 million barrels per day, up from 1.55 million barrels per day recorded in December 2025. This represents an increase of 0.09mbpd, or about 5.8 per cent month-on-month.
The PUNCH observed that the decline in crude exports to the U.S. occurred despite higher production. The trade outcomes come against the backdrop of renewed US protectionist rhetoric and tariff-focused trade policies associated with US President Donald Trump, which have influenced sourcing decisions, pricing structures, and trade flows globally.
Last year, Donald Trump signed an executive order raising Nigeria’s tariff rate from 14 per cent to 15 per cent, with Washington implementing its “reciprocal” tariff regime.
Source – The Punch
Business
Dangote Named Africa’s Most Admired Brand for 8th Consecutive Year
The Dangote Industries Limited (DIL) has reinforced its position as Africa’s most influential corporate brand after emerging as the continent’s Most Admired African Brand for the eight consecutive years.
In the same vein, the Group Chief Branding and Communications Officer, DIL, Anthony Chiejina, was named among Africa’s 100 Most Influential Chief Marketing Officers.
The recognition was announced at the 16th annual Brand Africa 100: Africa’s Best Brands rankings unveiled in Addis Ababa, Ethiopia. The survey, regarded as Africa’s most comprehensive consumer-led brand study, covered 30 countries representing more than 85 per cent of the continent’s population and economic output.
In the latest rankings, Dangote emerged as Africa’s Most Admired Brand in aided recall, ahead of South Africa’s MTN and Vodacom. In the spontaneous recall category, it ranked second among African brands, behind MTN and ahead of Trade Kings. The Group also retained its position as Africa’s Most Admired Industrial Brand and was ranked the No. 1 African Brand Contributing to a Better Africa, ahead of MTN, DStv, Shoprite/Checkers and Trade Kings, reflecting its significant contribution to industrialisation, job creation, economic development and sustainable growth across the continent.
The rankings show Dangote’s growing influence as one of Africa’s most recognisable corporate brands, built on investments spanning cement, fertiliser, petrochemicals, energy, sugar, salt, packaging and logistics. Brand Africa noted that despite a modest rebound in African brand recognition, homegrown brands still account for only 15 per cent of Africa’s 100 most admired brands, highlighting the continued dominance of foreign brands across the continent.
Brand Africa Founder and Chairman, Thebe Ikalafeng, described the promotion and support of African brands as a critical economic imperative for the continent.
“Converting goodwill towards African contribution into admiration for African brands is the most urgent commercial opportunity for the continent. It is not enough for Africans to believe in Africa, they must buy Made-in-Africa,” he said.
The survey also ranked Dangote among Africa’s leading brands in sustainability and social impact, placing second in the category of brands recognised for doing good for society, people and the environment.
Despite the dominance of global brands across Africa, Dangote has cemented its position as one of the continent’s leading corporate brands, alongside MTN and Ethiopian Airlines. The three emerged as the highest ranked African brands in the 2026 Brand Africa rankings, standing out on a list dominated by global names such as Nike, Adidas, Samsung, Apple and Coca-Cola.
The achievement is notable given that African brands accounted for just 15 percent of the Top 100 rankings, compared with 38 percent for European brands, 28 percent for North American brands and 19 percent for Asian brands.
Further strengthening the Group’s standing, its Group Chief Branding and Communications Officer, Anthony Chiejina, was selected for the inaugural Africa CMO 100 (ACMO100) list, which recognises the continent’s most impactful marketing, brand and reputation leaders.
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The ACMO100 initiative, launched by Brand Africa in partnership with African Business magazine, MIPAD and the African Media Agency, honours marketing executives whose work is shaping Africa’s business narrative, strengthening brand equity and driving economic growth across the continent and the diaspora.
Chiejina was among only 20 executives selected from West Africa and one of 17 Nigerians recognised for their contribution to brand building, corporate reputation management and strategic communications.
According to Brand Africa, the selection process was based on independent research, industry impact, leadership influence and contribution to the growth of brands that shape consumer perceptions and economic outcomes across Africa.
The latest recognition adds to a growing list of honours for Dangote Industries, which was inducted into the Brand Africa Hall of Fame last year for consistently ranking among Africa’s most admired brands over more than a decade. Its President and Chief Executive, Aliko Dangote, was also honoured with a Lifetime Achievement Award for championing industrialisation and building one of Africa’s most successful indigenous enterprises.
Caption: Founder and Chairman of Brand Africa, Thebe Ikalafeng; CEO, Dangote Cement Ethiopia, Danilo Trugillo; and President of the Ethiopian Marketing Professionals Association and Chief Marketing Officer of Population Services International, Fana Abay, display some of the awards won by Dangote Industries Limited during the 16th Brand Africa 100 Awards ceremony in Addis Ababa, Ethiopia.
Business
IATA Sees Rising Fuel Costs Wiping Out Margins
The International Air Transport Association (IATA) has projected that global airline profitability will decline sharply in 2026, citing war-related disruptions in the Middle East and rising jet fuel prices as key factors behind the downturn.
According to IATA’s latest outlook, airlines are expected to post a combined net profit of $23bn in 2026, nearly half of the $45bn estimated for 2025 and significantly below the earlier projection of $41bn for the year.
The association also noted that carriers in the Middle East are likely to slip into losses due to weak demand and operational disruptions, while airlines in other regions are expected to remain profitable, albeit at reduced levels.
On the outlook, IATA Director General Willie Walsh said, “War-related disruptions in the Middle East and rising fuel costs have shifted the outlook for airlines to the worst. Globally, airlines are expected to see profitability halve compared to 2025. Profits will shrink from $45bn in 2025 to $23bn this year.
“And margins will shrink from 4.2 percent to 2.0 percent. All airline bottom lines are suffering from the rapid 70 percent rise in jet fuel prices. Some of the additional cost is being recuperated by adjusting prices and improving efficiency, but it will not be sufficient to maintain profitability at the previous year’s level. Smaller carriers that started the year with weak balance sheets are certainly struggling.”
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Walsh added that the Middle East would be the only region expected to record losses. “At the regional level, all are in the black but with sharply reduced financial performance, with the exception of the Middle East. The Gulf carriers face operational uncertainty following a near-complete shutdown of airspace at the outbreak of the war. These carriers are doing an amazing job maintaining connectivity, but major financial impacts are unavoidable.
“Even in the best of times, the airline industry as a whole suffers from low margins and returns below the cost of capital. The oil price shock has tested airline financial resilience as net margins have been squeezed to 2.0 percent globally.
“Airlines are bearing the brunt of the fuel price shock. While air fares are rising, airlines are still absorbing part of the hike in their bottom lines. Net profit per passenger is expected to fall to $4.50, half of what it was last year. Under the circumstances, that shows resilience. But it won’t even buy you a hot dog at most of the FIFA World Cup venues, and it does not leave much of a buffer should other costs or taxes start rising.”
IATA further stated that the industry’s net profit margin would decline to 2.0 per cent in 2026, compared to 4.2 percent recorded in 2025 and below the previously projected 3.9 per cent. It added that net profit per passenger transported would drop to $4.50 in 2026 from $9.10 achieved in 2025.
The association projected that operating profit would fall to $48 billion in 2026 from $76.4 billion in 2025, while the net operating margin would decline to 4.1 percent from 7.2 percent over the same period.
The IATA also said the industry’s return on invested capital would decrease to 4.3 percent in 2026 from 6.6 percent in 2025, remaining below the estimated weighted average cost of capital of 8.5 percent.
According to the association, the gap underscores the structural challenges facing the global airline industry, where profitability shocks can quickly undermine capital efficiency.
Business
NUPRC, NNRA to Sync Regulations, Improve Industry Safety
As part of efforts to reduce the cost of doing business in the upstream petroleum sector, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the Nigerian Nuclear Regulatory Authority (NNRA) are reviewing regulatory processes in the bid to strengthen radiological safety in oil and gas operations.
The initiative, a statement on Sunday, has it was on the agenda at a recent meeting between the Chief Executive of the NUPRC, Oritsemeyiwa Eyesan, and the Director-General and Chief Executive Officer of the NNRA, Yau Idris, at the commission’s headquarters in Abuja.
In the statement, the Head of Corporate Communications and Media at the NUPRC, Eniola Akinkuotu, averred that the collaboration is expected to address overlapping regulatory requirements, close existing gaps in oversight, and create a more efficient compliance framework for operators in the industry.
The statement read, “The Nigerian Upstream Petroleum Regulatory Commission is partnering with the Nigerian Nuclear Regulatory Authority in order to enforce radiological safety in oil and gas operations and reduce the overall cost of operations.”
While the NUPRC regulates the technical, commercial, and operational aspects of oil and gas exploration and production, the NNRA is responsible for regulating the possession, use, transportation, and disposal of radioactive materials and radiation-emitting equipment across the country.
During the meeting, Eyesan stressed the need for greater collaboration among regulators to eliminate duplication and improve the investment climate in Nigeria’s oil and gas sector.
She noted that excessive regulatory requirements often translate into additional costs for operators, ultimately affecting the competitiveness of the industry.
“The only way we can safeguard investments is to reduce our cost of operations, and when you have a multiplicity of laws, the likelihood is that you will have higher costs because each law normally will come with its own fees and charges,” the NUPRC boss said.
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Eyesan nominated senior officials from the commission who will work closely with the NNRA on the task ahead.
“We have identified critical areas on both sides and we believe that, as we collaborate, we can close existing gaps,” she said.
Responding, Idris said the cooperation of the NUPRC was crucial because the upstream petroleum industry remains one of the largest users of radioactive sources and radiation-emitting equipment in Nigeria.
According to him, radioactive technologies are widely deployed in well logging, industrial radiography, and nucleonic gauging activities that support oil and gas exploration and production.
He explained that the partnership would enable both agencies to share information and simplify compliance procedures for operators.
“The goal is a single-window approach, where both agencies share information rather than requiring operators to submit the same data twice,” he said.
Idris further stated that, since oil and gas extraction often brings Naturally Occurring Radioactive Materials (NORM) to the surface, the NNRA seeks the assistance of the commission to ensure that operators conduct radiological impact assessments as part of their broader Environmental Impact Assessments, while NORM management protocols are incorporated into the NUPRC’s environmental guidelines for the upstream sector.
The two agencies also agreed to deepen collaboration in training, capacity building, and knowledge sharing on radiation protection and safe operational practices.
The latest partnership comes as the Federal Government intensifies efforts to boost investment in the petroleum sector, increase production, and enhance operational efficiency following the implementation of the Petroleum Industry Act.





