The Naira recorded a massive drop against the dollar at the official foreign exchange market from March 14 to 21, 2025.

Analysis of the Central Bank of Nigeria’s exchange data showed that it lost N18.96 weekly.

This comes as the Naira depreciated to N1,536.89 against the dollar on Friday from N1,517.93 traded last week.

Meanwhile, at the black market, the Naira gained N10 in the week under review. The Naira closed at N1,580 per dollar on Friday, a gain from N1,590, its traded last week.

The data from both official and parallel foreign exchange markets showed that the Nigerian Naira has continued to fluctuate against other currencies.

Seven vessels carrying imported Premium Motor Spirit, popularly called petrol, are expected to berth at seaports along the nation’s borders between Monday, March 17, and Sunday, March 23.

According to a document from the Nigerian Port Authority on Thursday, these vessels carrying 115,000 metric tonnes representing 154.22 million litres of PMS will bring in products through three seaports to improve fuel supply nationwide.

The landing cost of imported PMS dropped to N797 per litre.

It also comes amidst the suspension of the sales of petroleum products in naira by the Dangote Petroleum Refinery following a stalled renegotiation of the naira-for-crude deal with the Nigerian National Petroleum Company Limited.

Domestic crude oil refiners argued that the halt in crude supply in naira was the latest ploy to frustrate the Dangote refinery and bring back the full importation of refined petroleum products.

The National Publicity Secretary of the Crude Oil Refinery-owners Association of Nigeria, Eche Idoko, disclosed that suspending the deal defeats the efforts of all stakeholders to achieve energy security in-country.

He said some persons were aggrieved by the continuous reduction in petrol prices by the Dangote refinery and only used monopolistic talks to bring back importation as an alternative.

True to this fact, the continuous importation of refined products has persisted despite improving local capacity.

Recall that the Nigerian Midstream and Downstream Petroleum Regulatory Authority recently stated that the country’s three operational refineries contribute less than 50 per cent of the nation’s daily petrol consumption, with the shortfall being filled with imported products.

An analysis of the document from NPA showed that the commodities landed at the Tincan port in Lagos, the Lekki Deep Seaport in Lagos and the Calabar port in Cross River State.

The document also revealed that the Dangote refinery imported 654,766 metric tonnes of crude oil within the same period.

The first shipment carrying 20,000 metric tonnes of PMS allocated to the West African Port Services berthed at the Dangote terminal on Monday, March 17, 2025, at 4:03 pm.

On the same day, two vessels conveying 20,000 metric tonnes respectively berthed at the Tincan and Calabar seaports.

This was followed by the arrival of a 20,000 metric-tonne Watson vessel on Thursday, March 20, at 3:18 pm. It berthed at the Ecomarine terminal and was handled by a Kach maritime agent.

Similarly, a Binta Saleh ship was scheduled to berth at the Tincan port in Lagos carrying 5,000 metric tonnes of imported petrol on Friday, March 21 at midnight.

On Saturday, March 22, at 11:06 am, another vessel carrying 15,000 metric tonnes of fuel will berth at the Calabar port. It was assigned to Peak Shipping as its agent.

At the same port, a vessel carrying 15,000 metric tonnes of fuel will arrive at the Eco marine terminal on Sunday at 5:10 pm. This means the seven vessels should bring in 115,000 metric tonnes.

Going by the conversion rate of 1,341 litres to one metric tonne, it, therefore, implies that the marketers are bringing in about 154.22 million litres of petrol.

Meanwhile, depot owners have continued to effect an increase in the loading cost of petrol and other refined petroleum products at their depots.

An analysis of data revealed petrol price movements at loading depots on Thursday showed that Rainoil Depot increased its price from N835 to N860 per litre, and MEN depot effected an increase to N860 per litre despite not making sales the previous day.

Pinnacle Depot made a similar price change from N835 to N860 per litre, while Aiteo and Nipco changed their prices to N856 and N860 per litre, respectively, from N835.

▪︎Photo from left: Brazil’s Ambassador to Nigeria, Carlos Garcete, and Nigeria’s Vice President Kashim Shettima.

The Nigerian government has invited Brazil to share its agricultural expertise as part of the $1.1 billion Green Imperative Project (GIP), aimed at boosting food security in Nigeria.

This initiative follows Brazil’s remarkable transformation of its savannah into a leading agricultural hub.

The collaboration was announced by Nigeria’s Minister of Foreign Affairs, Amb. Yusuf Tuggar, during the signing of the commercial phase of the GIP, which seeks to enhance agricultural productivity and foster private sector investment.

Nigeria’s Vice President Kashim Shettima emphasized the project’s importance in addressing the country’s food security challenges and integrating small-scale farmers into diverse agricultural value chains.

He expressed optimism that the GIP will drive economic growth and improve investor confidence, aligning with the broader goals of President Bola Ahmed Tinubu’s administration.

The GIP, which represents the largest agricultural initiative in Africa focusing on sustainable, low-carbon practices, aims to elevate Nigeria’s food production efficiency.

The Memorandum of Understanding for the project was initially signed in 2018, followed by subsequent agreements last year amounting to approximately $8 billion.

Brazil’s Ambassador to Nigeria, Carlos Garcete, highlighted the significance of the GIP, noting that it would facilitate the import of agricultural equipment and allow for local assembly in Nigeria.

This setup is intended to create jobs and ensure that repairs can be handled locally, making the agricultural sector more resilient and sustainable.