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4 clusters · 26 sources · 12 days · First seen · Last updated

Nigeria economic trade and export trends

Overview

Nigeria is seeing growth in its export sectors and strengthening bilateral economic ties. Bilateral trade between India and Nigeria is projected to reach approximately US$9 billion in the 2025–26 financial year, a 26% increase from the previous year. Indian High Commissioner Abishek Singh noted that roughly 200 Indian companies in Nigeria have created about 100,000 jobs, making them the country’s second-largest employer after the federal government. This partnership is diversifying into technology, healthcare, security, agriculture, and energy. Notably, Indian pharmaceutical exports reached US$315 million in 2024–25, accounting for over 40% of Nigeria’s pharmaceutical imports, with India supplying more than 90% of certain medicine categories. Additionally, India has provided US$395 million in concessional credit lines to Nigeria. Nigeria’s non-oil export earnings reached a record $6.1 billion in 2025, an 11.5 percent increase from 2024. In April 2026, non-oil export earnings rose to $960 million, up from $770 million in the previous period, driven by cashew nuts, urea, and cocoa beans. Cashew nuts represented 21.25 percent of these April earnings, and India was the largest destination for these exports. Five companies, led by Dangote Fertiliser, accounted for nearly 30 per cent of the top 100 non-oil exporters. In the energy sector, the Dangote Petroleum Refinery has driven a seven-fold increase in Nigeria’s seaborne petroleum product exports since 2023. According to the United States Energy Information Administration (EIA), shipments averaged 561,000 barrels per day (bpd) in the second quarter of 2026, compared to an annual average of 79,000 bpd in 2023. Following maintenance and expansion in February 2026, the refinery’s crude distillation capacity increased from 650,000 bpd to 700,000 bpd. Despite boosting domestic self-sufficiency, the refinery faces inventory management difficulties due to rising petrol imports, which accounted for approximately 43% of Nigeria’s supply in July 2026.

Entities

Nigeria · Dangote Petroleum Refinery · Nigerian Midstream and Downstream Petroleum Regulatory Authority · United States Energy Information Administration · Dangote Fertiliser

Claims

What the coverage asserts, and how many sources carry each claim.

Timeline

  1. 1 day ago

    [BUSINESS] 13 sources
    Dangote Refinery drives sevenfold surge in Nigeria’s petroleum exports

    The Dangote Petroleum Refinery has driven a sevenfold surge in Nigeria’s petroleum exports since 2023, boosting domestic supply while preparing for a major IPO in October 2026.

  2. 3 days ago

    [BUSINESS] 14 sources
    Nigeria sees surge in non-oil exports and petroleum shipments

    Nigeria's non-oil exports reached $960 million in April 2026, while the Dangote Refinery has driven a seven-fold increase in petroleum product exports since 2023, despite a July dip in domestic fuel supply.

  3. 8 days ago

    [BUSINESS] 2 sources
    Nigeria non-oil exports reach record $6.1 billion

    Nigeria's non-oil exports reached a record $6.1 billion in 2025, while palm oil import costs tripled in early 2026 due to domestic supply shortages.

  4. 13 days ago

    [BUSINESS] 2 sources
    India-Nigeria trade reaches $9 billion as employment grows

    India-Nigeria bilateral trade is expected to hit US$9 billion in the 2025–26 financial year, driven by growth in technology, agriculture, and a significant expansion in pharmaceutical exports.

Sources

africa.businessinsider.com · ait.ie · atqnews.com · bentelevision.com · blueprint.ng · brandspurng.com · businessamlive.com · businessday.ng · cauris.africa · cedmagazineng.com · dmarketforces.com · furtherafrica.com · guaiba.com.br · investorsking.com · marketnewsng.com · myjoyonline.com · nairametrics.com · newscentral.africa · orientalnewsng.com · punchng.com · thegallantnews.com.ng · thewhistler.ng · thisdaylive.com · tori.ng · tribuneonlineng.com · zalebs.com

This summary has been updated 8 times: see revision history