Business

Nigeria, EU Records €45bn Bilateral Trade

Published

3 years ago

September 13, 2023

WhatsApp Image 2023 09 13 at 11.36.44 AM

492 Views

Samuela Isopi, Head of the European Union (EU) and ECOWAS delegation said that the cumulative trade value of the bilateral relationship between Nigeria and the EU has now surpassed €45 billion.

The trade balance was in favour of Nigeria.

She disclosed this during a courtesy visit to Senator Abubakar Atiku Bagudu, the Minister of Budget and Economic Planning, in Abuja.

“Trade has been steadily increasing over the years, and according to our latest data, it stands at approximately forty-five billion euros (€45 billion), with the surplus in favour of Nigeria, and this surplus continues to grow,” she said.

Ambassador Isopi disclosed that given the Bola Tinubu administration’s focus on investment, the EU is actively engaged in mapping out the presence of European companies in Nigeria.

In response, Senator Abubakar Atiku Bagudu, the Minister for Budget and National Planning, expressed his satisfaction that trade between Nigeria and the EU was expanding, accompanied by increased support and collaboration across various sectors.

“This is consistent with the drive by our president to boost the relationship, to mobilize investors, to seek support from partners, not just a development partner but a partner who can help us improve our processes and ways of engaging with the world,” he said.

Bagudu noted that the federal government appreciates “the cordial relationship with the EU a lot, and wants to demonstrate that by providing opportunities for more partners, private sector relationships which are already on the ground, social and cultural relationships will also be boosted.

Meanwhile, the EU accounts for 20.9% of Nigeria’s trade with the world.

The bloc stands as Nigeria’s leading export destination, receiving approximately 25.4% of Nigeria’s exports.

In the area of imports, the EU ranks second among Nigeria’s global suppliers, making up 16.1% of the country’s total imports.

Business

Africa’s Top Five Strongest Currencies

Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges

Published

6 hours ago

November 2, 2026

OCHEFA

9 Views

According to the Forbes currency calculator, the following are the five strongest African currencies as of October 2026 against the US Dollar.

5. Botswana – Botswana Pula (BWP) Exchange Rate: 13.76 BWP per USD

The Botswana Pula stands out as one of Sub-Saharan Africa’s strongest currencies. Sound governance, effective fiscal policies, and a balanced reliance on diamond exports have helped maintain its strength.

4. Ghana – Ghanaian Cedi (GHS) Exchange Rate: 11.58 GHS per USD While the Ghanaian Cedi has been volatile, recent economic reforms and IMF support have introduced some stability. Government initiatives to rein in inflation and manage public debt are beginning to yield positive outcomes.

3. Morocco – Moroccan Dirham (MAD) Exchange Rate: 9.81 MAD per USD

The Moroccan Dirham benefits from the country’s stable macroeconomic policies, economic diversification, and prudent monetary governance. Morocco’s growing appeal to foreign investors, especially in renewable energy, also bolsters its currency.

2. Libya – Libyan Dinar (LYD)Exchange Rate: 6.39 LYD per USD

Despite years of political unrest, the Libyan Dinar remains notably strong. This resilience largely stems from Libya’s abundant oil reserves, which generate substantial foreign exchange revenue.

1. Tunisia – Tunisian Dinar (TND)Exchange Rate: 2.98 TND per USD
Tunisia continues to lead as Africa’s strongest currency. The Tunisian Dinar’s strength is largely supported by strict exchange control measures and inflation management, even amid ongoing political and economic challenges

Business

Naira Exchange Rates Today, Monday November 2,2026

Published

22 hours ago

November 2, 2026

OCHEFA

25 Views

PARALLEL MARKET RATES

₦1382 DOLLAR (USD)

₦1815POUND (GBP)

₦1515EURO (EUR)

₦970DOLLAR (CAD)

₦65RAND (ZAR)

₦350DIRHAM (AED)

₦190YUAN (CNY)

₦100G.CEDI (GHS)

₦2300CFA F.(XOF)

₦2200CFA F.(XAF)

₦850AUSSIE (AUD)

OFFICIAL CBN EXCHANGE RATES

DOLLAR (USD)₦1346.26

POUND (GBP)₦1803.58

EURO (EUR)₦1503.23

SWISS FRANC (CHF)₦1634.20

JAPANESE YEN (JPN)₦8.56

CFA FRANC (XOF)₦2.28

WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1821.09

CHINESE YUAN (CNY)₦202.35

SAUDI RIYAL (SAR)₦358.71

SOUTH AFRICAN RAND (ZAR)₦80.67

Business

African Energy Bank Headquarters Operation in Nigeria

The $5bn financial institution is designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.

Published

1 day ago

November 1, 2026

OCHEFA

34 Views

Pic:L-R: Sen. Heineken Lokpobiri, Hon. Minister for State Petroleum Resources (Oil), Federal Government of Nigeria, Dr. George Elombi, President and Chairman of the Board of Directors at Afreximbank and Hon Mamadou Sangafowa-Coulibaly, Minister of Mines, Petroleum and Energy of Côte d’Ivoire during the first General Meeting of the Africa Energy Bank in Abuja, Nigeria.

African Export-Import Bank and the African Petroleum Producers’ Organisation have formally announced the establishment of the Africa Energy Bank (AEB).

The $5bn financial institution is designed to fund oil, gas and other energy projects across Africa as traditional international lenders reduce financing for fossil fuel investments.

The announcement was made during the AEB’s inaugural general meeting held in Abuja, Nigeria, on 31 October 2026.

The bank will provide financing for petroleum exploration, production, transportation, refining and distribution, while supporting Africa’s efforts to reduce dependence on imported petroleum products.

Afreximbank and APPO estimated the continent’s energy investment requirements at `$200bn, indicating a substantial funding gap that the new institution is expected to help address.