By Elizabeth Adegbesan

Driven by an 18.7 percent decline in import bill, Nigeria’s trade surplus rose by 32.06 percent month-on-month (MoM) to $3.46 billion in April 2026 from $2.62 billion in March 2026.

The Central Bank of Nigeria, CBN, disclosed this yesterday in its April 2026 Economic Report.

CBN said: “The goods account recorded a higher trade surplus, mainly driven by a decline in import bill. Provisional data showed that the trade account recorded a surplus of $3.46 billion, compared to $2.62 billion in the preceding month.

“The performance was driven by 18.70 per cent decrease in import bills to $3.13 billion from $3.85 billion in March, as imports of both oil and non-oil products declined.”

Export receipts increased by 1.85 per cent to $6.59 billion from $6.47 billion, owing to higher non-oil export earnings.

In a breakdown of the trade receipts by composition, CBN said that oil exports accounted for 85.41 per cent of total export receipts, while non-oil exports constituted the balance.

In terms of imports, non-oil imports accounted for 81.75 per cent, while oil imports made up the balance.

On oil export, CBN said: “Oil export earnings moderated during the review period, driven by lower receipts from gas and refined petroleum product exports.

“Aggregate oil export earnings fell slightly to $5.62 billion in April, from $5.70 billion in March.

“A breakdown shows that receipts from gas exports and refined petroleum product exports decreased to $0.84 billion and $0.79 billion, respectively, compared with $0.86 billion and $1.35 billion in the preceding month.

“In contrast, receipts from crude oil exports increased to $3.99 billion, from $3.49 billion in March, driven by higher global crude oil prices.”

The apex bank noted that Non-oil export earnings improved in April, owing to a rise in global commodity prices.

“Earnings from non-oil products exports increased to $0.96 billion from $0.77 billion, driven largely by improved export receipts from cashew nuts and fertiliser.

“Analysis of Nigeria’s top 10 non-oil export destinations indicated India as the leading destination, accounting for 16.51 per cent, followed by Vietnam (10.96 percent), the US (8.71 percent), China (8.48 percent), and Germany (5.88 percent)”

On imports, CBN said: “Merchandise imports decreased, driven by lower oil and non-oil imports.

“A disaggregation showed that non-oil imports decreased to $2.56 billion from $2.81 billion in the preceding month, due to a decline in imports of agricultural goods and raw materials.

“Similarly, oil import fell to $0.57 billion from $1.05 billion, owing to increased domestic refining capacity.”

By Godwin Oritse

The Nigerian Maritime Administration and Safety Agency (NIMASA) has reaffirmed its commitment to building an efficient, transparent and globally competitive maritime administration through sustained reforms and stronger stakeholder collaboration.

Director-General of NIMASA, Dr. Dayo Mobereola, gave the assurance while receiving the leadership of the Alumni Association of the Maritime Academy of Nigeria (AMANO) during a courtesy visit to the agency’s headquarters in Lagos.

Mobereola said NIMASA would continue to strengthen regulatory oversight, promote innovation and create more opportunities for Nigerian seafarers in line with the policy direction of the Federal Ministry of Marine and Blue Economy.

“Our vision is to build a maritime administration that is efficient, transparent and globally competitive,” he said.

He described the maritime sector as a key driver of Nigeria’s economic growth and identified industry associations such as AMANO as critical partners in developing policies that would unlock the sector’s full potential.

Earlier, AMANO President, Emmanuel Maiguwa, commended NIMASA for deploying an electronic platform for issuing Seafarers’ Certificates, describing it as a major step towards improving efficiency, transparency and accessibility.

By Cynthia Alo

The Nigeria Deposit Insurance Corporation (NDIC) and the House of Representatives Committee on Insurance and Actuarial Matters have intensified efforts to strengthen Nigeria’s financial safety net following the completion of the banking sector recapitalisation exercise.

The move came as more than 60 members of the House Committee met with NDIC officials in Lagos at a stakeholders’ retreat to examine the implications of the recapitalisation programme and emerging risks posed by financial technology.

Speaking at the retreat, themed “Strengthening the Financial Safety Net in an Era of Banking Sector Recapitalisation and Fintech Innovation,” Chairman of the Committee, Ahmadu Jaha, said stronger bank capital must be supported by effective supervision, sound corporate governance and robust depositor protection.

“Stronger capital must be complemented by stronger supervision, effective deposit insurance, sound corporate governance, enhanced crisis management arrangements, and improved coordination among members of the financial safety net,” he said.

NDIC’s Managing Director and Chief Executive Officer, Mr. Thompson Sunday, said the successful conclusion of the recapitalisation exercise on March 31, 2026, should be followed by stronger governance, risk management and regulatory compliance across the banking industry.

“While recapitalisation enhances the resilience of financial institutions, it must be complemented by effective regulation, sound governance practices, strong risk management frameworks and good compliance culture, all attributes of a reliable financial safety net,” he said.