Nigeria recorded crude oil imports worth $3.74bn linked to operations of the Dangote Petroleum Refinery in 2025, highlighting a major shift in the country’s oil trade structure despite its status as a crude producer.

This was disclosed in the Central Bank of Nigeria’s Balance of Payments report, which showed that “Crude oil imports of $3.74bn by Dangote Refinery” contributed to movements in the country’s current account position.

The report noted that Nigeria posted a current account surplus of $14.04bn in 2025, lower than the $19.03bn recorded in 2024 but significantly higher than $6.42bn in 2023.

The decline from 2024 was driven partly by structural changes in oil trade flows, including crude imports for domestic refining. Data in the report showed that crude oil exports dropped from $36.85bn in 2024 to $31.54bn in 2025, representing a 14.41 per cent decline, further shaping the external balance.

At the same time, the goods account remained in surplus at $14.51bn in 2025, rising from $13.17bn in 2024, supported largely by activities linked to the Dangote refinery and improved export performance in other segments.

The CBN stated that the stronger goods balance was driven by “significant export of refined petroleum products worth $5.85bn by Dangote Refinery,” alongside increased gas exports to other economies.

The report added that the refinery’s operations also reduced Nigeria’s reliance on imported fuel, noting that “availability of refined petroleum products from Dangote Refinery also led to a substantial decline in fuel imports.”

Specifically, refined petroleum product imports fell sharply to $10.00bn in 2025 from $14.06bn in 2024, representing a 28.88 per cent decline, while total oil-related imports also eased.

However, this was offset by a rise in non-oil imports, which increased from $25.74bn to $29.24bn, up 13.60 per cent year-on-year, reflecting sustained demand for foreign goods.

Further pressure on the current account came from higher external payments. Net outflows for services rose from $13.36bn in 2024 to $14.58bn in 2025, driven by increased spending on transport, travel, insurance, and other services.

Similarly, net outflows in the primary income account surged by 60.88 per cent to $9.09bn, largely due to higher dividend and interest payments to foreign investors.

In contrast, secondary income inflows declined slightly from $24.88bn in 2024 to $23.20bn in 2025, as official development assistance and personal transfers weakened, although remittances remained a key source of inflow.

On the financial account side, Nigeria recorded a reversal, posting a net borrowing position of $1.69bn in 2025 compared to a net lending position of $9.65bn in 2024.

Portfolio investment inflows fell sharply by 48.3 per cent to $8.04bn, while foreign direct investment inflows rose to $4.01bn from $1.61bn in the previous year, indicating a gradual shift towards longer-term capital.

The report also showed increased investment outflows by Nigerians abroad, with direct and portfolio investment assets rising significantly during the year.

Despite pressures across components, Nigeria’s overall balance of payments remained positive at $4.23bn in 2025, though lower than the $6.83bn surplus recorded in 2024.

External reserves rose to $45.75bn at the end of December 2025, reflecting a 13.83 per cent increase compared to 2024 levels, supported by inflows and improved external buffers.

The PUNCH earlier reported that despite its status as Africa’s largest crude oil producer, Nigeria imported crude oil worth a staggering N5.734tn between January and December 2025 as domestic refineries grappled with persistent feedstock shortages, exposing a deepening supply paradox in the country’s oil sector.

This comes despite the Federal Government’s much-publicised naira-for-crude policy designed to prioritise local supply.

Energy analysts earlier faulted the implementation of the Federal Government’s naira-for-crude policy, arguing that it has failed to significantly improve domestic crude supply or reduce fuel prices.

The Chief Executive Officer of Petroleumprice.ng, Jeremiah Olatide, said the policy has delivered little impact since its introduction in 2024, as most refineries continue to rely heavily on imported crude.

He said, “For me, the naira-for-crude policy that was initiated in 2024 has not yielded any reasonable output because the Dangote refinery still sources about 65 to 70 per cent of its feedstock from abroad, while about 95 per cent of modular refineries also source their crude outside the naira-for-crude initiative.

“So, the initiative, for me, is not effective, and that is why we are still seeing a large inflow and importation of crude oil in 2025. In turn, prices at the depot and pump have not been different from when we were fully importing refined products.”

He noted that while the coming on stream of large-scale refining capacity has improved product availability, it has not translated into price relief for consumers.

“The only difference now is that we no longer have supply fears; there is availability of products. But in terms of pricing, I would say the naira-for-crude policy has not translated into lower prices at the depot or pump,” he added.

Jeremiah attributed this to the continued reliance on international pricing benchmarks, even for locally supplied crude.

Transnational Corporation Plc has signalled a new era of dominance in the African investment landscape, announcing a historic combined market capitalisation of N4.87tn ($3.57bn) as of 16 March 2026.

The conglomerate, which has become a bellwether for the Nigerian Exchange, accompanied this valuation milestone with a commitment to reward its 311,000 shareholders with record-breaking dividend payouts following its best financial performance in history.

The Group’s full-year 2025 results revealed a powerhouse in ascent, with revenue surging 33 per cent to N544.41bn and profit before tax climbing to N179.50bn. These figures underscore the successful execution of a multi-sector strategy spanning power, hospitality, and energy.

Speaking during the 2025 Investors’ Call, the President and Group Chief Executive Officer of Transcorp Plc, Owen Omogiafo, emphasised that the Group’s success is a result of disciplined execution in a volatile environment.

“Transcorp achieved its best financial performance in history in FY 2025, driven by strong execution across power and hospitality.

Despite sector-wide challenges, including gas constraints and inflation, we are well-positioned for sustained expansion and long-term value creation,” she said.

The Group’s “homegrown” strategy has proven particularly effective in its hospitality business, where Transcorp Hotels Plc has insulated itself from global travel disruptions by stimulating domestic consumption and implementing an import substitution strategy for its supply chain.

At the heart of the Group’s valuation surge is its massive footprint in the power sector. Through Transcorp Power Plc and Transafam Power Limited, the Group now controls approximately 2,000 MW of installed capacity, representing 15 per cent of Nigeria’s total grid capacity.

Addressing the critical issue of gas supply and infrastructure, the Managing Director and Chief Executive Officer of Transcorp Power Plc, Peter Ikenga, noted, “We do recognise the value of ensuring consistent, reliable, and stable power generation. We have diversified our sources of gas and multiple pipelines to ensure we are robust. Even with vandalism challenges, we worked quickly to restore operations; we are back and delivering much-needed power to the grid.”

Beyond traditional thermal power, Transcorp is pivoting toward a sustainable future. The Group recently emerged as the successful bidder for a 30 MW interconnected solar-powered mini-grid project in the Federal Capital Territory, a move supported by the World Bank and the Rural Electrification Agency.

The Managing Director and Chief Executive Officer of Transcorp Energy Limited, Christopher Ezeafulukwe, highlighted the significance of this transition. “This is the most oven-fresh news to come out of the renewable energy space in Nigeria. We are taking what we know how to do best, winning assets and turning them around, and applying them to solar. When Transcorp says it is an integrated energy group, we are bringing that to fulfilment,” he stated.

The investors’ call concluded on a high note for shareholders. Despite holding significant receivables from the national power sector, the Group’s leadership assured investors that liquidity remains strong and that impairment write-backs are expected as government settlement tranches proceed.

Reflecting on the Group’s 48.7 per cent compound annual growth rate over the last five years, Ms Omogiafo reiterated the board’s intention to share the spoils of success. “We have proposed a dividend that is higher than what we gave before. We want to reassure you of our commitment to the vision. We are keen to fix power in our country, and power must be fixed. To our long-term investors: the sky is not even our limit,” she added.

With the upcoming Annual General Meetings for Transcorp Plc and Transcorp Power Plc, the market anticipates a formal ratification of these record dividends, further cementing Transcorp’s status as Nigeria’s premier diversified conglomerate.

Global payments giant Mastercard has reached an agreement to acquire stablecoin infrastructure provider BVNK in a deal valued at up to $1.8bn, as the company deepens its push into digital assets and blockchain-based payments.

The agreement, announced on Tuesday, includes up to $300m in contingent payments and is expected to close before the end of the year, subject to regulatory approvals and customary closing conditions.

The acquisition marks one of Mastercard’s most significant moves yet into digital currencies, as financial institutions increasingly explore stablecoins and tokenised deposits to improve cross-border payments, remittances and business transactions.

In a statement, Mastercard said evolving technology continues to reshape how value moves between individuals and businesses, with blockchain-powered digital assets offering the potential to make payments faster, more efficient and programmable. Digital currency payment use cases are expanding rapidly, reaching at least $350bn in transaction volume in 2025, according to the company.

Mastercard said growing regulatory clarity around digital currencies across several markets has encouraged banks and fintech firms to consider offering customers payment options enabled by stablecoins and other tokenised financial instruments.

“We expect that most financial institutions and fintechs will in time provide digital currency services, be it with stablecoins or tokenised deposits,” Chief Product Officer at Mastercard, Jorn Lambert, stated. “We want to support them and their customers with a best-in-class, highly compliant, interoperable offering that brings the benefits of tokenised money to the real world.”

Lambert added that integrating on-chain payment rails into Mastercard’s network would enable greater speed and programmability across a wide range of transactions while maintaining the security and compliance standards associated with traditional payment systems.

While card payments currently dominate consumer transactions globally due to their reach and protections, Mastercard noted that crypto wallets increasingly rely on cards as the preferred credential for enabling everyday spending using digital currencies. Stablecoins, the company said, present growing opportunities in areas such as peer-to-peer transfers, cross-border remittances, payouts and business-to-business payments.

Founded in 2021, BVNK has developed infrastructure designed to bridge traditional fiat currencies and stablecoins. The platform enables businesses to send and receive payments across major blockchain networks in more than 130 countries, positioning it as a key player in payment orchestration between conventional and digital financial systems.

“For all of the advancements made in simplifying the digital currency opportunity, we have only scratched the surface of what’s possible,” Co-founder and Chief Executive Officer of BVNK, Jesse Hemson-Struthers, stated. “This deal brings together complementary capabilities to define and deliver the future of money. Together, we’re able to deliver an unprecedented infrastructure for digital currency-based financial services.”

Mastercard said combining its global payments network with BVNK’s blockchain infrastructure would help create interoperable payment solutions capable of connecting fiat and digital currency systems seamlessly across multiple blockchain networks.

The acquisition also builds on Mastercard’s broader digital asset strategy, including initiatives such as its Crypto Partner Program, aimed at expanding collaboration with fintech firms and accelerating innovation in on-chain payments.