Business
UK envoy: Nigeria-UK N16tr current trade value highest ever
• Says Nigeria one of biggest beneficiaries of Brexit
British High Commissioner to Nigeria, Richard Montgomery, says the trade value between Nigeria and Britain, which currently stands at 7.9 billion pounds (N16 trillion) has hit an unprecedented level.
Montgomery, who made this known in an interview on yesterday in Abuja, said UK-Nigeria trade and investment relationships are currently being built on a post-Brexit set of rules that bolster trade ties with the potential for mutual economic benefits.
He said Nigeria is one of the countries that benefited the most from Britain’s exit from the European Union (EU), better known as Brexit.
Montgomery said Brexit had allowed more Nigerians to come and live, work, and study in the UK, culminating in the number of diaspora Nigerians in the UK increasing from 300,000 in 2021 to 550,000 in 2025.
“I’d say in relation to the Nigeria-UK relationship, Nigeria has been one of the biggest beneficiaries of Brexit in terms of our visa regime, which has allowed more Nigerians to come and live and work and study in the UK.
“In 2021, we had an estimate that there were 300,000 people of Nigerian descent or nationality in the UK, a diaspora of 300,000, and now that has risen to 550,000.
“The diaspora from Nigeria has increased partly because of the post-Brexit immigration regime. So, Nigeria has been a big beneficiary of Brexit,” he said.
The British envoy explained that following Britain’s exit from Europe, the UK has had realignment in its economic relationships and freedom to do trade deals with wider countries outside the EU.
“So, Brexit is something that has caused a realignment in a lot of our economic relationships and some of those may look positive and some of them may look negative.
“I think that overall, UK has a lot more, if you like, independence and freedom to do trade deals with wider countries outside EU.
“At the moment I’d say the most obvious example is that our relationship with the U.S. is particularly constructive and is leading to these massive U.S. investments in the UK because of the economic freedoms enabled by Brexit,” he said.
Montgomery lauded the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), which he said boosts trade relations by removing non-tariff trade and investment barriers to foster cooperation in priority sectors.
According to him, the ETIP, which also promotes collaboration with the Developing Countries Trading Scheme (DCTS), would scale the trade value by providing generous trading terms and tariff reductions on Nigerian products.
“So, I’m really delighted at our most recent trade figures. The 7.9 billion pounds or N16 trillion trade is the highest that it’s ever been between the UK and Nigeria. And so, it’s a very positive trajectory.
“The enhanced Trade and Investment Partnership (ETIP) is exciting because it’s a mutually agreed set of sectors and issues on which the UK and Nigeria government are going to work on.
“It’s happening under the umbrella of our respective ministers, the federal minister of industry, investment and trade, and the UK business and trade minister,” he said.
He added: “The exciting thing about ETIP is, and you’ve used the word leverage, that’s precisely right.
“It identifies through mutual agreement the areas that the UK feels it has a comparative advantage in and the areas that Nigeria wants to create more economic opportunities in.”
Montgomery said the UK was not competitive in all sectors, but has major advantages in various sectors, including the financial services, new technology, financial technology, artificial intelligence and other digital platforms.
The British envoy said that in the creative economy, his country has some advanced manufacturing and advanced energy solutions, which are worth looking at, and credible in the Nigerian context.
He said the UK was doing a lot in higher education investments in the Nigerian education sector, as well as in the agricultural sector to boost Nigeria’s agricultural exports, considering its high potential.
“So, the ETIP identifies these priorities and we have ways of following up in each sector with the businesses and the government agencies on both sides that can unlock more investment and growth.
“The aim is mutual growth, it’s creating jobs in both our countries, and that’s why it’s really important that we realise that ETIP is mutually agreed and negotiated, it’s in both our interests,” he added.
Energy
Nigeria meets 99.2% of OPEC crude oil production in April
- Dangote Refinery supplied 40.7ml/d to the domestic market, exported 17.1ml/d
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has revealed that in April 2026, Nigeria met 99.2 per cent of its Organisation of Petroleum Exporting Countries (OPEC) crude oil production quota of 1.5mb/d.
This was revealed in the X handle of the commission, which stressed that the output rose to 1.48b/d of crude oil and 174,873b/d of condensate.
The total crude oil and condensate production, according to NUPRC, was 1.66mb/d.
“Nigeria’s production increased in the month of April to 1,488,540 barrels of crude oil and 174,873 barrels of condensates totaling 1, 663, 413 barrels per day. This implies that Nigeria met 99.2 per cent of its 1.5mbpd OPEC quota of crude oil.”
The report revealed the that the figure also represents a 7.58 per cent increase when compared to the month of March. NUPRC said the peak production in April was 1.85mbpd while the lowest production for the month was 1.46mbpd.
In a related development, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in its April 2026 Factsheet released yesterday, said domestic consumption of Premium Motor Spirit (PMS) or petrol rose to 51.1ml/d in April compared to the 47.3ml/d recorded in March 2026.
In this period, 40.7ml/d were supplied from the domestic refineries, while 3.7ml/d were imported compared to 34.2ml/d that was supplied from domestic refineries in March as well as the 5.9ml/d that was imported in the same period. Stock sufficiency, however, reduced to 17.7 days from the 15.5 days in the previous month.
According to the NMDPRA, in the period under review, Dangote Refinery Petrochemicals Company (DRPC) achieved 100 percent capacity utilisation for most of the days in April with an average of 99.12 per cent capacity utilisation.
According to the factsheet, the refinery produced 53.6ml/d of petrol, supplied 40.7ml/d to the domestic market and exported 17.1ml/d.
Equally, in the same period, Dangote produced 23.6ml/d of diesel, supplied 8.0ml/d to the domestic market and exported 17.8ml/d. Similarly, the refinery produced 22.9ml/d of aviation kerosene, supplied 2.6ml/d to the domestic market and exported 20.5ml/d.
Dangote, according to the factsheet, recorded 18 days sufficiency of petrol, 39 days of diesel, 70 days of aviation fuel, and 13 days of LPG.
On the other hand, NMDPRA said the Nigerian National Petroleum Company refineries, which are state-owned were shutdown in April.
According to the factsheet, Warri Petroleum Refinery Company (WRPC) and Kaduna Refinery Company (KRPC) were recorded zero production.
On the daily consumption benchmarks, NMDPRA said in April, the benchmark for petrol was 51.1ml/d, diesel 17.3ml/d, aviation fuel 2.6ml/d and 4.8KT/day of domestic gas.
On crude oil, NMDPRA said the volume supplied to domestic refineries decreased to 0.612mb/d from the 0.674mb/d recorded in March.
Maritime
Adeniyi deepens Customs-academia collaboration with Yakubu Gowon University
The Nigeria Customs Service (NCS) is deepening its investment in human capital and institutional development, with Comptroller-General of Customs, Adewale Adeniyi, pledging renewed support for research, ICT infrastructure and student-focused projects at Yakubu Gowon University.
Adeniyi made the commitment on Tuesday at the Customs Headquarters in Maitama, Abuja, while receiving the Vice-Chancellor of the university, Hakeem Fawehinmi, alongside other principal officers during a courtesy visit focused on expanding institutional collaboration.
The Customs boss said the Service was prepared to revive and strengthen a long-standing partnership with the university through targeted interventions capable of delivering measurable impact in education, border management studies and national development.
Speaking during the engagement, Adeniyi recalled that discussions to formalise collaboration between both institutions dated back several years when he served as Commandant of the Nigeria Customs Command and Staff College.
He said: “I have a long institutional history with this university. During my tenure as Commandant of the Nigeria Customs Command and Staff College, we made serious efforts to formalise a partnership through a Memorandum of Understanding. We went very far in the process and were close to signing, but leadership changes on both sides affected the process.”
Despite the delay in formalising the agreement, the CGC noted that the Service had sustained support for the institution through several interventions designed to improve learning conditions and digital access.
“At different times, we supported the university with transportation facilities, including the provision of a 32-seater bus. We also established a fully equipped computer centre with close to one hundred workstations. These were deliberate efforts aimed at building lasting institutional partnerships,” Adeniyi said.
The Customs helmsman stressed that the Service was more interested in projects with direct and sustainable impact on students and the academic environment.
“For us, beyond legacy, what matters most is impact. We understand the realities facing Nigerian universities, from transportation challenges to infrastructure gaps. Our interest is to support initiatives that will create a conducive learning environment and positively impact students,” he said.
Adeniyi further explained that the Service was willing to adopt a phased implementation strategy in executing identified projects where necessary.
“If there are multiple projects and we are unable to execute everything at once, we can adopt a phased approach and focus on priority areas that will make the greatest difference,” he added.
He also underscored the importance of strengthening the profile of the Federal Capital Territory’s premier public university, noting that the institution should reflect Abuja’s national status.
“It is important for us to have a university in Abuja that truly reflects the status of Nigeria’s capital. I am willing to work with you in that regard,” the CGC noted.
Earlier, Fawehinmi commended the leadership of the Nigeria Customs Service under Adeniyi, describing the agency as a critical institution supporting the Federal Government’s economic and governance reforms.
He explained that the university’s growing student population and operational demands had made strategic partnerships increasingly important, especially in areas relating to transportation, ICT infrastructure and research support.
“We have come with the highest level of leadership of the university to congratulate you and appreciate the tremendous work being done by the Nigeria Customs Service under your leadership.
“As the only conventional public university in the Federal Capital Territory, we face enormous responsibilities. Support in areas such as mass transit buses, ICT infrastructure, research facilities, and professional collaboration will significantly strengthen our capacity,” he said.
The Vice Chancellor also identified the university’s Centre for Defence and Migration Studies as a potential platform for collaboration with the Customs Service in border management, migration studies, executive training and national security research.
“We are ready to partner with the Nigeria Customs Service. The real beneficiaries of such collaboration will be young Nigerians who represent the future leadership of this country,” he added.
Business
Dangote engages World Bank, IMF, US EXIM on investment drive
The President/Chief Executive of Dangote Group, Aliko Dangote, has a series of high-level bilateral meetings with global financial leaders on the sidelines of the IMF World Bank Spring Meetings in Washington, D.C., as part of efforts to deepen investment flows and strengthen partnerships in Nigeria’s energy and industrial sectors.
Dangote also delivered the keynote address at the launch of the World Bank Group’s flagship global initiative, Water Forward, a programme aimed at repositioning water systems from basic social utilities into catalysts for industrialisation, job creation and large-scale economic growth across emerging and developing economies. He underscored the critical role of private sector investment and infrastructure in unlocking the economic value of water.
The event drew a distinguished audience including heads of government, the Secretary-General of the United Nations, leaders of European development institutions, multilateral development partners, ministers of finance and economic planning from over 100 countries, central bank governors, global regulators, business executives and donor agencies, reflecting the scale and urgency of the initiative.
In separate engagements, Dangote met with the President of the World Bank Group, Ajay Banga, the Managing Director of the International Monetary Fund, Kristalina Georgieva, and the President and Chairman of the Export-Import Bank of the United States, John Jovanovic. Discussions focused on private sector-led growth, macroeconomic reforms and unlocking financing for large-scale infrastructure, trade expansion and industrial development across Nigeria and Africa.
The engagements come at a time of renewed momentum in Nigeria’s energy sector. The country became a net exporter of petrol last month for the first time in decades, as the Dangote Petroleum Refinery & Petrochemicals drove a shift from import dependence to local production.
Data from Kpler shows Nigeria exported about 44,000 barrels per day of petrol during the month, slightly exceeding imports and resulting in a net surplus of roughly 3,000 barrels per day. This milestone aligns with Dangote Group’s newly unveiled long-term growth strategy, “Vision 2030: Supercharging Dangote Group for Long Term Success,” a two-phase expansion programme spanning 2025–2028 and 2028–2030.
Under the plan, the Group aims to scale and optimise its existing operations while expanding capacity across key sectors. This includes increasing the capacity of the Dangote Petroleum Refinery from 650,000 barrels per day to 1.4 million barrels per day, as well as quadrupling fertiliser production from 3 million tonnes per annum to 12 million tonnes per annum, a move expected to position the company as the world’s largest producer of urea.
The strategy also outlines expansion across cement, rice and broader food production, alongside new investments in infrastructure such as ports and pipelines, gas, mining, data centres and power, identified as critical to Africa’s industrial transformation and digital resilience.
Analysts say the high-level meetings reinforce Dangote Group’s strategic positioning at the intersection of global capital and Africa’s industrial growth, amid increasing international focus on Nigeria’s economic reforms and rising refining capacity.
The IMF World Bank Spring Meetings convene policymakers, business leaders and development partners from across the globe to deliberate on economic outlook, financial stability and pathways for sustainable growth.
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