Business
Nigeria spent N1.85tn on food import in nine months – Buhari economic aide
A total of N1.85 trillion was spent by Nigeria on import food for nine months during the closure of international land borders last year, President Muhammadu Buhari’s chief economic adviser, Dr Doyon Salami, has said.
He said this was an indication that the nation lacked the capacity to feed itself.
Salami, an ex-member of the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC), is the Chairman of the Presidential Economic Advisory Council.
He spoke at the presentation of the National Economic Outlook for 2021 organised virtually by the Chartered Institute of Bankers of Nigeria (CIBN) on Tuesday in Lagos.
He said, “Despite border closure, our national import of food amounted to N1.85 trillion between January and Sept 2020 – a 62 per cent increase when compared to same period 2019. This suggests a weakness in our ability to feed ourselves and raises the need to consider review of intervention policies in agriculture.”
He said agriculture had continued to decelerate, growing at 1.7 per cent year-to-date while consumer-sensitive sectors like manufacturing and distribution continue to contract, in double digits.
According to him, serious climatic concerns are undermining agricultural output with 2.5 million farmers being impacted by flooding in 2019.
He noted that preliminary assessments suggested that 2020 was worse with persistence into 2021 to adversely affect output and food prices.
Salami said during the period, Nigeria’s cumulative trade deficit amounts to N4.6 trillion ($12 billion).
He said Nigeria’s external imbalances were increasingly precarious, with continuing concern over exchange rate differentials.
He said uncertainty around foreign exchange – convergence, market-reflective rates and transparent determination mechanism, balance of payment imbalances were large and would remain key questions in 2021.
Salami said by the measure driving the value of the naira based on the naira/dollar inflation differential, the currency, should be trading around N439/$ at the official market.
The agricultural sector, ICT, real estate and oil and gas are vulnerable to a probable major adjustment to the foreign exchange rate, according to him.
Salami said official payment data showed that about $30 billion (almost 10 per cent of national economy) was obtained from sources outside the CBN, adding that the gap between the official and other exchange rates was a source for concern.
He said the COVID-19 shock of 2020 represented the third major shock to the Nigerian economy in 12 years.
He noted that ahead of the crisis, the Nigerian economy was contending with a set of pre-existing conditions such as macro Instability, stagflation – slow growth and rising inflation, pressure on households – in the form of rising inflation, unemployment, and poverty and pressure on corporate(s) margins – weak consumer and cost pressures.
He said there were also growing fiscal and external imbalances, monetary Policy distortions – the bifurcation of sovereign instruments leading to a distortion of the interest rate term structure.
Salami stated that with the impact of COVID-19, prices continued to rise – at the end of November 2020, overall inflation was 14.8 per cent with food prices increasing at 18.3 per cent when compared with November, 2019.
He, however, noted that the stay-at-home imposition implied greater use of telco/tech communication platforms.
“A health crisis morphed into an economic crisis resulting in humanitarian and in some cases, security challenges, a global development visiting great disruption to established norms – largely negative short-term impact but some positives – especially with technology deployment, the full impact of which will manifest in the years ahead,” he stated.
The international economic environment, he said, deteriorated sharply last year but recovery expected in this year, based on the capacity to suppress the virus through vaccination.
He also said transport and hospitality sectors were gravely affected by the lockdowns of April/May as well as by voluntary containment measures and/or imposed restrictions post-lockdown.
President/Chairman CIBN, Mr Bayo Olugbemi, represented by second Vice President Prof. Pius Olanrewaju, said the National Economic Outlook initiated in 2014 was designed to bring together relevant stakeholders together to discuss emerging and pertinent issues facing national and global economies and their implications for businesses.
Business
CBN posts $23bn net FX reserve, strongest in three years
CBN posts $23bn net FX reserve, strongest in three years
The Central Bank of Nigeria (CBN) has achieved its strongest foreign exchange reserve position in over three years, posting an impressive $23.11 billion in net reserves at the end of 2024.
The development signals a robust recovery and enhanced financial stability for the country’s economy. It also reflects a substantial improvement in the country’s external liquidity, reduced short-term obligations, and renewed investor confidence.
According to the CBN, NFER (Net foreign exchange reserve) stood at $23.11 billion, a marked increase from $3.99 billion at year-end 2023, $8.19 billion in 2022, and $14.59 billion in 2021. NFER, which adjusts gross reserves to account for near-term liabilities such as FX swaps and forward contracts, is widely regarded as a more accurate indicator of the foreign exchange buffers available to meet immediate external obligations.
Gross external reserves also increased to $40.19 billion, compared to $33.22 billion at the close of 2023.
The increase in reserves reflects a combination of strategic measures undertaken by the CBN, including a deliberate and substantial reduction in short-term foreign exchange liabilities – notably swaps and forward obligations. The strengthening was also spurred by policy actions to rebuild confidence in the FX market and increase reserve buffers, along with recent improved foreign exchange inflows – particularly from non-oil sources.
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The result is a stronger and more transparent reserves position that better equips Nigeria to withstand external shocks. The expansion occurred even as the CBN continued to reduce short-term liabilities, thereby improving the overall quality of the reserve position.
“This improvement in our net reserves is not accidental; it is the outcome of deliberate policy choices aimed at rebuilding confidence, reducing vulnerabilities, and laying the foundation for long-term stability,” Governor of the Central Bank of Nigeria, Olayemi Cardoso, commented. “We remain focused on sustaining this progress through transparency, discipline, and market-driven reforms.”
Reserves have continued to strengthen in 2025. While the first quarter figures reflected some seasonal and transitional adjustments, including significant interest payments on foreign-denominated debt, underlying fundamentals remain intact, and reserves are expected to continue improving over the second quarter of this year.
Going forward, the CBN anticipates a steady uptick in reserves, underpinned by improved oil production levels, and a more supporting export growth environment expected to boost non-oil FX earnings and diversify external inflows.
The CBN remains committed to prudent reserve management, transparent reporting, and macroeconomic policies that support a stable exchange rate, attract investment, and build long-term resilience.
CBN posts $23bn net FX reserve, strongest in three years
Business
Petrol: Dangote refinery resumes loading trucks after payment
Petrol: Dangote refinery resumes loading trucks after payment
Dangote Petroleum Refinery has resumed loading of the Premium Motor Spirit, PMS, also known as petrol on trucks for oil marketers.
With the suspension of Naira for crude programme, rising price of crude oil and foreign exchange issues, the 650,000 barrels per day, bpd refinery stopped loading of trucks, based on Naira.
While loading by ships on dollar basis continued, the $20 billion refinery requested oil marketers, having an arrangements with it to “top up” payment so they can be supplied petrol.
However, checks by Vanguard indicated that many companies, including MRS Oil & Gas, which complied, were being loaded at N880 per litre, yesterday.
A reliable industry source, who confirmed the development, said: “Loading by trucks has commenced for oil marketing companies, which have added more monies.”
Meanwhile, petrol prices have risen across the country, with new pump and depot prices reaching up to N960 per litre and N900 per litre, according to the latest price list, obtained from MRS Oil and Gas.
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The adjustments, which became effective from March 28, 2025, indicated higher prices across major cities, with Lagos having the lowest rates and northern states recording the highest.
In Lagos, petrol will sell for N930 per litre, while states in the South West, including Ogun, Oyo, Osun, Ekiti, Kwara, and Ondo, will pay N940 per litre.
Also, in the South South and South East regions, including Edo, Abia, Akwa Ibom, Bayelsa, Rivers, Cross River, and Enugu, the product would be sold at N960 per litre.
In Abuja, Kaduna, Benue, Kogi, Niger, Sokoto, Kebbi, and Nasarawa will pay N950 per litre, while Zamfara, Kano, Jos, Bauchi, Taraba, Adamawa, Borno, Katsina, Jigawa, Gombe, and Yobe will pay N960 per litre.
The naira-for-crude arrangement was originally designed to enhance domestic fuel supply, curb import costs, and stabilise pump prices.
Under the scheme, Dangote Refinery has received 48 million barrels of crude oil in naira since October 2024, with an overall supply of 84 million barrels since it began operations in 2023.
Meanwhile, in a report obtained from its website, the Dangote Petroleum Refinery stated that “The Refinery will meet 100% of the Nigerian requirement of all refined products and also have a surplus of each of these products for export.
“Dangote Petroleum Refinery is a multi-billion-dollar project that will create a market for $21 Billion per annum of Nigerian Crude. It is designed to process Nigerian crude with the ability to also process other crudes.”
Petrol: Dangote refinery resumes loading trucks after payment
Auto
CFAO subsidiary LOXEA unveils BYD electric vehicles in Nigeria
CFAO subsidiary LOXEA unveils BYD electric vehicles in Nigeria
A subsidiary of CFAO Mobility, LOXEA Nigeria, has introduced the BYD brand of electric vehicles to the Nigerian market.
LOXEA has thus become the pioneer in bringing the renowned electric vehicles (EVs) manufactured by BYD (Build Your Dreams) into the country.
BYD is a high-tech multinational company and the world leader in electric and plug-in hybrid vehicles.
“As a Fortune Global 500 enterprise, BYD relentlessly innovates to create a sustainable future,” said the automaker.
“In November 2024, BYD becomes the first company in the world to achieve the milestone with the roll-off of its 10-millionth NEV.
“BYD achieves 4.27 million new energy vehicle sales in 2024, claiming the global sales champion in the third consecutive year.”
Managing Director of LOXEA Nigeria, Mr. Mehdi Slimani, stated, “We are proud to distribute this type of electric vehicle and all its associated services.
“Our upcoming showroom in Victoria Island, Lagos will be a place dedicated to the discovery of BYD vehicles, combining modernity, comfort, and economy of use. “It is very important for CFAO Mobility in Nigeria to participate in this way in the country’s energy transition and support our customers who wish to make the switch to electric.”
Chief Executive Officer of CFAO Mobility, Marc Hirschfeld, spoke on the importance of this launch for both the company and the country, saying, “BYD is one of the world’s leading manufacturers of electric vehicles, with a level of innovation know-how that now matches the expectations of our markets in Africa.
“A whole new ecosystem has to be designed around mobility in African cities.
“This applies not only to individual and corporate customers, but also to stakeholders including urban public transport networks and government agencies.
LOXEA specialises in providing innovative mobility solutions across Africa.
With a commitment to sustainability and excellence, it delivers high-quality mobility services, from electric vehicle leasing to fleet management and infrastructure support.
LOXEA is a leading player in innovative mobility solutions in Africa, offering clients a range of 100% electric vehicles from BYD.
As a pioneer in the deployment of electric vehicle solutions across the continent, LOXEA is bringing to Nigeria a comprehensive suite of services associated with electric vehicles.
This includes the installation of electric charging stations, vehicle maintenance, repair services, and the provision of spare parts.
In addition to providing an inaugural charging station at the upcoming LOXEA Victoria Island showroom, the company is also offering an adaptable solution that allows customers to charge their EVs conveniently at home.
The company says more information on this can be obtained from its website: https://www.byd-nigeria.com/ .
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