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Import

Business

Subsidy removal: Nigeria’s petrol import drops by 3.58bn litres

Nigeria has recorded a reduction in petrol importation following the ‘removal of fuel subsidy’ by President Bola Tinubu in May 2023. According to the latest petroleum products distribution statistics report of the National Bureau of Statistics (NBS), petrol imports dropped…

NewsDirect
October 2, 2024

Money market

Nigeria’s import activity declines as foreign trade dips 65%

By Esther Agbo Nigeria’s import activity has faced significant challenges in 2024, as evidenced by a sharp 65 percent decrease in foreign trade payments made through Letters of Credit (LC). The total value of LC payments dropped to $319.9 million…

NewsDirect
September 4, 2024