Business

Non-Oil Sector Records Decrease In Six Months

Published

3 years ago

July 19, 2023

The Executive Director/CEO of the Nigerian Export Promotion Council, Ezra Yukusak, has said Nigeria’s non-oil sector recorded a slight decrease in the value of exports to $2.54bn representing a 0.09 per cent dip in the first half of 2023.
Yukusak, who disclosed this in a statement during a presentation on the non-oil export sector for the first half of 2023, explained that the recorded figure was a slight decrease from the sum of $2.593bn in the corresponding period of 2022.
“I wish to inform you today that the sector recorded a slight dip in the value of exports in the first half of 2023. The non-oil export returns from various pre-shipment inspection agents indicated that 3, 94 million metric tons of products worth $2.54bn were exported in the first half of the year from January to June as against the sum of $2.593bn to the corresponding period of 2022. From these figures, it is apparent that a slight decrease of 0.09% was recorded in the period under review”, he said.
The NEPC boss blamed the transition to a new government and changes in global market conditions as reasons for the slight dip.
“The reason for this slight decrease could be attributed to the 2023 general election that was held in February 2023 and subsequent transition to a new government which might have largely affected economic activities.
“The second reason is the changes in global economic conditions, such as a slowdown in global demand or decline in productive prices, which may have negatively impacted non-oil export performance”, he stated.

Business

Super Tanker Rates Soar Amid Sanctions, Supply Shifts, and Strategic Hoarding

Published

19 seconds ago

February 27, 2026

The Tide

Geopolitics, growing oil supply, longer voyages, and disruptions due to sanctions and altered shipping lanes pushed crude oil tanker rates to multi-year highs at the end of 2025.

After a dip in January, rates started climbing again this month in what shipping executives described as a fundamental shift in the market for very large crude carriers (VLCC) capable of carrying around 1.9 million barrels to 2.2 million barrels of crude.

This shift is a major buying spree from South Korea’s Sinokor shipping group and Italian billionaire Gianluigi Aponte, founder of MSC Mediterranean Shipping Company, according to Bloomberg interviews with shipping brokers, vessel owners, and executives.

Shipbroker reports and shipping executives noted in recent reports and earnings call that Sinokor’s move to control more than a hundred VLCCs of the available non-sanctioned fleet is changing the way other owners act and is pushing freight rates higher.

Rates were soaring at the end of last year, even before the market became aware of an unprecedented consolidation shift.

Growing demand for crude oil shipments, particularly from buyers in East Asia, boosted crude tanker rates to multi-year highs at the end of last year, as the number of vessels available for bookings began to shrink due to higher oil shipments demand, the U.S. Energy Information Administration (EIA) said in an analysis in January.

As higher oil production and lower oil prices created additional demand for crude, VLCC rates spiked by 118% year on year in November from the Persian Gulf to the U.S. Gulf Coast. Rates from the Persian Gulf to Asia jumped by 139%, according to Argus data cited by the EIA.

Moreover, supertanker rates on the route between the Middle East and China hit their highest in five years as traders sought alternatives to Russian crude after the U.S. sanctioned Russia’s biggest oil producers and exporters, Rosneft and Lukoil.

Seasonal factors pushed tanker rates lower in January, before the next leg higher, driven by geopolitical concerns over U.S.-Iran tensions.

In addition, the new oil order in Venezuela imposed by the Trump Administration prompted the world’s top traders to charter more legitimate vessels to ship and sell Venezuela’s crude to U.S. refineries on the Gulf Coast or in Europe and Asia.

Adding to all these factors is Sinokor’s massive bet to control an estimated number of 120 VLCCs.

Because of the Sinokor deals to buy and charter vessels, the supertanker rates have now jumped fourfold over the past month, market sources told Bloomberg.

This fleet consolidation was confirmed in the latest weekly report by shipbroker Fearnleys, which said that the week to February 11 saw “healthy daily earnings upwards of USD 120k/day and above.”

Geopolitical tension was one reason for the high rates. The other was “Sinokor’s continued appetite for tonnage, and by and large, pricing the spot market higher than the prevailing rate level has underpinned the strong sentiment and left charterers with slim pickings for alternatives.”

Kpler, for its part, noted earlier this month that the VLCC market has seen increased volatility in rates.

“The combination of vessels migrating into the shadow fleet last year, more vessels fixed on time charters and a smaller group of owners acquiring larger fleets is creating greater rate volatility,” Kpler’s Matt Wright said in a Q1 2026 tanker market outlook.

One-year charters have jumped by 20% over two months, Ole Hjertaker, chief executive officer of SFL Corporation, said on the shipping company’s earnings call last week.

“I think one very important underlying factor here on the tanker side, which I would call almost unprecedented in the market, at least in the history I have seen, is that you have one party or group of people who are working together who effectively control around a third of the available or traded tanker VLCC fleet out there,” Hjertaker said, without mentioning names.

“We believe they are willing to hold back ships if they do not get the charter rate where they want it to be, which implicitly would give also the other owners out there confidence to hold back and not just drop their rates,” the executive added.

Svein Moxnes Harfjeld, CEO of another crude tanker firm, DHT, said the company believes the supply squeeze in the supertanker is real, also because of the major fleet consolidation.

“As you may have read in the news, a fundamental shift in the fleet ownership is taking place, with fleet consolidation by private actors gaining meaningful traction,” Harfjeld said on DHT’s earnings call in early February, without naming any names.

“We estimate that the aggregators to have gained control of some 120 ships, and we expect their efforts to continue, and in not too long, to control at least 25% of the compliant tramping VLCC fleet, a critical market share,” the executive added.

“This consolidation is shifting the pricing dynamics and is putting pressure on timely availability of ships,” Harfjeld noted.

Looking forward, the tanker market now accounts for another major development on top of the various geopolitical and fundamental factors at play.

By Tsvetana Paraskova for Oilprice.com

Business

Customs Operation Whirlwind Siezes Fuel Tankers Hand Over To NMDPRA, Auctions 1,275 Jerrycans

Published

24 seconds ago

February 27, 2026

The Tide

The Operation Whirlwind ,a special unit of the Nigeria Customs service has again dealt a big blow on recalcitrant economic saboteurs who specialize on trans-border smuggling as its operatives last week intercepted four tankers laden with a combined 154,000 litres of Petroleum products,hand over to the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for appropriate sanctions.

The coordinator of the special unit, Deputy comptroller general,Lucky Aliyu speaking with journalists at the Customs Training College in Lagos on Friday, quoted the Comptroller General of Customs, Adewale Adeniyi as saying that the intercepted tankers with capacities of 60,000, 49,000, and 45,000 litres respectively were seized for illegal diversion along the Owode Apa, Seme and Baragry axis.

Represented by the National Coordinator of Operation Whirlwind, Deputy Comptroller General, Lucky Aliyu, Adeniyi added that 1,630 jerry cans of 25 litres each amounting to 40,750 litres were also seized across notorious smuggling routes including Ado- Odo, Seme, Seme- Owode Apa, Ajilete, Ijoun, Iaro, Badagry, Idiroko, Eree and Imeko Axis within nine weeks. The products valued at N40, 750,000 were subsequently auctioned to members of the public.

“In a space of nine weeks, our operatives relentlessly intestified surveillance and enforcement operation across critical borders communities. As a result, a monumental volume of 1,630 jericans of 25 litres each of PMS yielding a total of 40,750 litres were seized across notorious smuggling routes including Ado- Odo, Seme, Seme- Owode Apa, Ajilete, Ijoun, Iaro, Badagry, Idiroko, Eree and Imeko Axis “The total duty paid value of intercepted 1,630 jericans litres each of PMS product is in the tune of N40,750,000, ” he said. Adeniyi emphasized that the operation is intelligence driven and aimed at safeguarding Nigeria’s energy security.

He explained that the transportation and movement of petroleum products are governed by a clearly defined regulation framework and standard operating procedure established to prevent diversion, smuggling, hoarding and economic sabotage.

“The items in question were found to have contravened the established SOP of Operation Whirlwind. Such violation undermines government policy, distorts market stability and deprives our nation of critical revenue.

The border corridors of Owode Apa, Seme and Baragry remain sensitive economic actors.

“These routes have historically been exploited by illegal cross-border petroleum movement.

However, let it be clearly stated, under our watch, there will be no safe haven for economic sabotage, ” he warned.

Adeniyi said the seized tankers were handed over to NMDPRA authority in line with established interagency collaboration for appropriate sanctions.

“This singular action underscores institutional synergy. While the Nigeria Customs Service enforces border control and smuggling mandate, NMDPRA regulates distribution and ensures compliance with the downstream state.

This collaboration ensures due process, transparency and regulates safety and integrity. “The public auction is in line with the regulatory procedure that demonstrates our commitment to accountability.

They are processed strictly in line with external law and guidelines, ” he said.

Adeniyi clarified that Operation WhirlWind is not against legitimate trade but against those who circumvent national laws for personal gains.

He lauded NMDPRA for their technical expertise, noting that their robust regulatory framework.ensures that enforcement actions align with global best practices while at the same time addressing systemic vulnerabilities within the petroleum distribution chain.

The Customs boss also commended operatives of Operation Whirlwind, attributing the success of the operation to their professionalism, vigilance, discipline and courage.

Earlier, the representative of NMDPRA, Mrs. Grace Dauda, said that the agency has the responsibility to ensure that petroleum products produced in the country are consumed here.

“It is unfortunate that some few businessmen, instead of ensuring that this product is consumed within Nigeria attempt to take it across neighboring countries.

It is in the light of this that the NMDPRA, in conjunction with the Nigeria Customs, the Office of the ONSA. and the Office of the Attorney General of the Federation, have ensured that all products that is being attempted to be smuggled out of the country are intercepted,” she said.

By: Nkpemenyie mcdominic, Lagos

Business

NSC Sensitises Cross-Border Traders, Business Community Use Of Border Information Centre

Published

34 minutes ago

February 27, 2026

The Tide

The Nigerian Shippers’ Council (NSC), in collaboration with the Economic Community of West African States (ECOWAS) Commission, Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ), Nigeria Customs Service (NCS) on Wednesday carried out a sensitization exercise for traders and farmers around the Seme border axis on the need to make use of its Border Information Centre (BIC) located at the border.

The BIC according to the agency was established in 2014 to encourage cross border trade. It is to solve challenges faced by traders at the borders who are not aware of what is required of them in getting goods across the border.

Speaking at the event theme: “Trade Now: Empowering Cross-Border Traders through the Trade Information Desk (TID),” the Executive Secretary of NSC, Dr. Akutah Pius expressed satisfaction at the recent surge in the use of the BIC

“We are encouraging you all to start using the BIC, we are happy that the use of the facility has increased” he said

Akutah thanked the GIZ and ECOWAS Commission for their strategic roles in organising the event, even as he also appreciated their efforts at the Seme Border to simplify cross-border business.

Earlier, the Director of Consumer Affairs Department of the ShippersCouncil, Mrs. Ify Okolue, said the mandate of the Council goes beyond seaport, and covers the border posts.

She noted that the BIC initiative aligns with the Council’s mandate as Port Economic Regulator and complements other interventions, including Inland Dry Ports, Vehicle Transit Areas, and dispute resolution platforms.

According to her, the Council’s Border Information Centre (BIC) at Seme Border provides traders with accurate information on tariffs, documentation, standards, and dispute resolution, reducing delays and trade costs.

Noting that BICs are already operational at Seme-Krake, Jibia-Maradi, Illela-Birnin Koni, and Mfum-Nkot borders, she observed that Idiroko BIC will become operational before the end of the second quarter of 2026.

She urged traders, especially women and youth, to utilise the centres to enhance transparency, compliance, and regional trade efficiency.

“The BIC serves as a structured platform for transparency, guidance, and dispute resolution. It provides traders with accurate information on tariffs, documentation requirements, import and export procedures, standards, sanitary and phytosanitary measures, and other regulatory obligations. By reducing information gaps, the Centre directly addresses one of the key barriers to trade formalisation and competitiveness” she said

Meanwhile, the Director of Trade, ECOWAS Commission, Mr. Kolawole Sofola, stressed the need for regular sensitisation and awareness campaigns on the best approaches, documentation and dispute resolution at the Seme Border area.

Sofola, who was represented by Sarah Okporufe, also observed that the role of e-Commerce, gender-inclusive trade and sustainable practices should be prioritised in the sensitisation campaigns.

The ECOWAS team observed that a lot of traders at the Seme border corridor aren’t exploring the ECOWAS Trade Liberalization Scheme (ETLS) to enjoy the export or import of goods that are devoid of Customs tariffs, especially goods that originate from the subregion.

“Another right that traders have is that as soon as they have a valid passport, they can move to any ECOWAS country to reside or transact businesses.

There is a process to have a biometric ECOWAS identity card that we expect will be adopted by Nigeria to allow traders and residents enjoy better access for businesses and other purposes,” the ECOWAS Commission representative said.

Speaking on behalf of the Comptroller-General of Nigeria Customs Service (NCS), Dr. Bashir Adewale Adeniyi, the Customs Area Controller, Seme Border Command, Comptroller Wale Adenuga, assured a maximum of 40 hours for the processing of legitimate imports and exports via the Seme Border.

According to him, farmers are particularly given consideration because of their perishable items.

While observing that trade facilitation is the core philosophy of the NCS under Adeniyi’s leadership, Comptroller Adenuga pledged the NCS’s continuous support at the Seme Border towards facilitating legitimate trade.

He encouraged traders to visit Seme Customs and the BICs to seek information about their trade in order to be informed about the requisite documentation, duties and goods that are prohibited.

“At Seme Customs, we will give you adequate information and adequate support.

By: Nkpemenyie mcdominic, Lagos