WAFFI TV | Business

Nigerians Spent N21tn On Food Importation~ Report

Nigerians spent a total of N21.51tn on importing various goods, including foodstuffs and other items, over the past four years, according to data from the National Bureau of Statistics. Despite efforts to boost local production, Nigeria’s dependence on imports continues to grow across multiple sectors. Of the total amount, N6.77tn went toward the importation of prepared foodstuffs, beverages, spirits, vinegar, and tobacco. Spending in this category rose from N594.08bn in 2020 to N903bn in 2021 and N976bn in 2022. The upward trend continued with N1.51tn in 2023, peaking at N2.79tn in 2024. Imports of live animals and animal products also surged, totaling N3.64tn over four years. Expenditures in this category stood at N454.52bn in 2020, N551bn in 2021, and N549bn in 2022. By 2023, spending climbed to N597bn before reaching N1.49tn in 2024. Smaller import categories, such as footwear, headgear, umbrellas, and sunshades, also saw notable increases. In 2020, imports in this category cost N23bn, rising to N26bn in 2021 and N25bn in 2022. The trend continued with N28bn in 2023 and a significant jump to N65bn in 2024, bringing total spending to N167bn over four years. Plastic, rubber, and related articles accounted for the highest import expenditure, totaling N7.72tn. In 2020, Nigeria spent N609bn in this category, followed by N1.16tn in 2021 and N1.19tn in 2022. Spending further increased to N1.30tn in 2023 before surging to N3.46tn in 2024. Textile imports, once a thriving local industry, totaled N1.93tn over the four-year period. Nigeria imported N183bn worth of textiles in 2020, followed by N279bn in 2021 and N365bn in 2022. The figures continued to rise, reaching N377bn in 2023 and N726bn in 2024. Wood and wood-related articles, including charcoal, accounted for N909bn in imports. Spending rose from N52bn in 2020 to N59bn in 2021 and N106bn in 2022. The trend continued with N175bn in 2023 before peaking at N517bn in 2024. Nigeria also spent N373bn on importing raw hides, skins, leather, and saddlery products. In 2020, N30bn was spent, increasing to N36bn in 2021 and N60bn in 2022. By 2023, the figure had climbed to N90bn, reaching N157bn in 2024. These figures underscore Nigeria’s continued reliance on imported goods, despite policies aimed at strengthening local production.

3/30/2025, 7:23:57 AM

Naira Gains Against Dollar In Official Market, Trades At N1,536.82

The Naira strengthened on Friday in the official market, closing at N1,536.82 per dollar. Data from the Central Bank of Nigeria’s website indicated a gain of N1.84, reflecting a 0.11% increase from Thursday’s rate of N1,538.66 per dollar. This rise comes after four consecutive days of slight depreciation from Monday to Thursday. On March 24, the Naira closed at N1,531.19 per dollar, traded at N1,532.39 on Tuesday, and exchanged at N1,537.62 on Wednesday. Despite these fluctuations, the Naira has remained relatively stable against the US Dollar since December 2024, supported by CBN’s reforms aimed at enhancing transparency in the foreign exchange market.

3/29/2025, 7:40:56 AM

Naira Rises To N1,560/$ In Parallel Market

The Naira appreciated to N1,560 per dollar in the parallel market yesterday, up from N1,570 per dollar on Wednesday. However, it depreciated to N1,540 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the naira rose to N1,540 per dollar from N1,539 per dollar on Wednesday, reflecting a N1 depreciation. As a result, the gap between the parallel market and NFEM rates narrowed to N20 per dollar, down from N31 per dollar on Wednesday.

3/28/2025, 7:36:09 AM

NNPCL Set To Sell Shares

NNPC Ltd Nears Final Stage for Market Listing The Nigerian National Petroleum Company Limited (NNPC Ltd) has announced that it is in the final stages of preparation for its much-anticipated listing on the capital market, in line with the Petroleum Industry Act 2021. Olufemi Soneye, NNPC Ltd's Chief Corporate Communications Officer, disclosed this in a statement on Thursday in Abuja. According to Soneye, the company’s Chief Finance and Investor Relations Officer, Olugbenga Oluwaniyi, shared the update during a consultative meeting with partners at the NNPC headquarters. He said NNPC Ltd was currently engaging with prospective partners in an exercise tagged, “NNPC Ltd. IPO Beauty Parade” in line with capital market regulations before the commencement of the Initial Public Offer. “According to the CFIO, the aim of the IPO Beauty Parade, is to access potential partners and determine in what ways they could be of support to the company,” the statement explained. He outlined the key partnership areas needed, including Investor Relations, IPO Readiness Advisors, and Investment Bank Partners. He added that the company would select the best offer in terms of project partnership for each of the three categories. An IPO involves selling a company's shares to institutional investors through a public offering. Under the Petroleum Industry Act (PIA), NNPC Ltd is required to list its shares on the capital market in compliance with the Company and Allied Matters Act 1990.

3/27/2025, 6:25:44 PM

Landing Cost Of Petrol Increases To N885 Per Litre

The landing cost of imported premium motor spirit (PMS) surged to N885 per litre on Wednesday, up from N797 per litre last week, according to the Major Energy Marketers Association of Nigeria (MEMAN) in its daily energy bulletin. This marks an 88 naira increase from last week’s landing cost and could push pump prices at filling stations to around N1,000 per litre, up from the current N940–N970 range. Meanwhile, the current landing cost of imported petrol at N797 per litre remains lower than the ex-depot price of Dangote Refinery’s petrol at N815 per litre. Consequently, Dangote Petrol is being sold at N860–N880 per litre in Lagos and Abuja. Additionally, Dangote Refinery’s recent decision to halt sales in Naira may further impact its pricing structure, potentially driving fuel costs even higher. Amid growing uncertainty, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has cautioned against panic buying and urged the government to sustain the *lNaira-for-Crude deal with Dangote Refinery while ensuring fair pricing competition in the downstream sector.

3/27/2025, 10:14:29 AM

Naira Appreciates N1,575/$ In Parallel Market

The Naira strengthened to N1,575 per dollar in the parallel market yesterday, up from N1,585 per dollar on Monday. However, it weakened to N1,535 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate rose to N1,535 per dollar from N1,533 per dollar on Monday, reflecting a N2 depreciation. As a result, the gap between the parallel market and NFEM rates narrowed to N40 per dollar from N52 per dollar on Monday.

3/26/2025, 7:07:57 AM

Naira Appreciates N1,575/$ In Parallel Market

The Naira strengthened to N1,575 per dollar in the parallel market yesterday, up from N1,585 per dollar on Monday. However, it weakened to N1,535 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate rose to N1,535 per dollar from N1,533 per dollar on Monday, reflecting a N2 depreciation. As a result, the gap between the parallel market and NFEM rates narrowed to N40 per dollar from N52 per dollar on Monday.

3/26/2025, 7:07:55 AM

Benin, Togo Owe Nigeria $8.8m Electricity Debt~ FG

Benin Republic and Togo have yet to pay Nigeria $8.84 million for electricity consumed in the fourth quarter of 2024. According to a report by the Nigerian Electricity Regulatory Commission (NERC), the outstanding debt was highlighted in the remittance records of bilateral (domestic and international) and special customers for invoices issued by the Market Operator in Q4 2024. The report reveals that six international bilateral customers supplied by Nigerian power generation companies (Gencos) paid only $5.21 million out of a total invoice of $14.05 million, representing a 37.08% remittance rate. Among the international customers, Paras-SBEE in Benin Republic paid $2.65 million, Paras-CEET in Benin paid $1.64 million, while Transcorp-SBEE (Ughelli) in Benin settled $1.71 million out of its $3.59 million invoice. Transcorp-SBEE (Afam 3) paid $0.90 million out of $1.2 million, while Odukpani-CEET in Togo still owes $2.37 million. The only full payment came from Mainstream-NIGELEC, which cleared its $2.60 million invoice. On the domestic front, NERC stated that local bilateral customers remitted N1.25 million out of the N1.98 million billed, achieving a 63.36% remittance rate.

3/25/2025, 12:50:31 PM

Naira Depreciates To N1,585/$ In Parallel Market

The Naira depreciated to N1,585 per dollar in the parallel market yesterday, down from N1,580 per dollar last weekend. However, it strengthened to N1,533 per dollar in the Nigerian Foreign Exchange Market (NFEM). According to data from the Central Bank of Nigeria (CBN), the indicative exchange rate for the naira improved to N1,533 per dollar from N1,538 per dollar last Friday, marking a N5 appreciation. As a result, the gap between the parallel market and NFEM rates widened to N52 per dollar from N42 per dollar last weekend.

3/25/2025, 7:42:12 AM

Air Peace Offers 15% Discount To Students Travelling Between Nigeria, London

Air Peace, Nigeria’s largest airline, has encouraged students in full-time programs at accredited institutions in the UK, Europe, USA, and Canada to take advantage of its exclusive 15% discount on economy-class tickets for flights between Nigeria and London. Dr. Ejike Ndiulo, Air Peace’s Head of Corporate Communications, stated that the offer provides a great opportunity for parents and students planning their summer return to Nigeria. He emphasized that the discount allows students to enjoy substantial savings on their travel expenses. His words: “The fare remains one of the most competitive in the market, allowing families to manage travel expenses more efficiently. To qualify for the student discount, applicants must be 25 years old or younger and provide essential documents, including a valid student ID, a student visa, and an enrollment verification letter. The discounted tickets, available for booking through Air Peace’s official website, remain valid for one year from the date of travel and are non-transferable and non-refundable. “Students can initiate their ticket request by submitting their passport data page and required documents via the airline’s designated platform, accessible through the ‘student discount’ section of the website. “Beyond student travellers, Air Peace is also rewarding other passengers with an ongoing promotional offer that allows travelers to earn over ₦600,000 in savings when they connect any of Air Peace’s major domestic destinations to London. As an added benefit, passengers on this route are entitled to one extra piece of free luggage, enhancing convenience for those traveling with more baggage. The airline continues to set the bar high with bespoke in-flight service, featuring premium comfort and a selection of continental meals tailored to meet diverse tastes.

3/24/2025, 8:13:49 PM

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