News
US Slashes Nigerian Crude Imports by Nearly 50%
The United States sharply reduced its imports of Nigerian crude oil in January 2026, with purchases falling by approximately 47.16% month-on-month, according to the latest data from the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.
Figures from the U.S. International Trade in Goods and Services report indicate that U.S. crude imports from Nigeria fell to 1.664 million barrels in January 2026, down from 3.149 million barrels recorded in December 2025. This represents a decline of 1.485 million barrels within one month, showing a significant contraction in Nigeria’s share of the U.S. crude market.
In value terms, the drop was equally steep. The customs value of Nigerian crude imports declined from $217.36m in December to $115.99m in January, while the cost, insurance, and freight value fell from $223.10m to $118.95m over the same period. The difference between the two measures reflects additional costs such as shipping and insurance included in CIF values, which are excluded from customs valuation.
This means that in January, the CIF value of Nigerian crude was about $2.96m higher than its customs value, compared to a wider gap of about $5.74m in December. The narrowing gap suggests relatively lower freight or insurance costs, or shorter shipping distances within the period.
The contraction comes amid a broader slowdown in total U.S. crude imports, which declined from 198.29 million barrels in December to 188.21 million barrels in January, representing a drop of about 5.1 per cent. Total import value also fell, with customs value decreasing from $11.41bn to $10.56bn, while CIF value dropped from $12.04bn to $11.15bn.
Within Africa, Nigeria lost ground to some peers. While total African crude exports to the U.S. remained flat at 6.933 million barrels, Angola recorded a sharp increase, rising from 575,000 barrels in December to 2.062 million barrels in January.
Ghana also emerged as a new supplier with 738,000 barrels, having recorded no measurable exports in December. By contrast, Libya saw its exports to the U.S. decline from 2.137 million barrels to 1.086 million barrels over the period.
Nigeria’s share of total U.S. crude imports also weakened. The country accounted for roughly 0.88 per cent of total U.S. crude imports in January, down from about 1.59 per cent in December, reflecting the sharp reduction in volumes.
Further analysis of U.S. trade data shows that crude oil remains the dominant component of Nigeria’s exports to the United States. Total U.S. imports from Nigeria stood at $183m in January 2026, compared to $297m in December 2025.
With crude oil imports valued at $115.99m (customs basis) and $118.95m on a CIF basis, crude accounted for approximately 63.4 per cent to 65.0 per cent of total U.S. imports from Nigeria in January. This compares with about 73.2 per cent in December on a customs basis, indicating a relative moderation in crude dominance as overall imports declined.
Newsmen further observed that the U.S. recorded a goods trade surplus of $419m with Nigeria in January, up from $84m in December. This was driven by a rise in U.S. exports to Nigeria, which increased from $381m to $602m, even as imports from Nigeria declined.
Across Africa, the U.S. posted a trade deficit of $503m in January, reversing a $174m surplus recorded in December. Total U.S. imports from Africa rose from $2.88bn to $3.54bn, while exports to the region edged slightly lower from $3.05bn to $3.04bn.
According to an earlier report that Nigeria accounted for about 52 per cent of Africa’s crude oil exports to the United States in 2025. According to the previous report, total U.S. crude imports from Africa stood at 89.371 million barrels in 2025, down from 103.631 million barrels in 2024, representing a decline of 14.26 million barrels or 13.8 per cent.
Of the 89.371 million barrels of crude imported from Africa in 2025, Nigeria supplied 46.618 million barrels, down from 50.793 million barrels in 2024—a year-on-year decline of 4.175 million barrels, or 8.2%.
News
BREAKING: Court Nullifies NDC Registration
A Federal High Court in Lokoja, Kogi State, on Friday set aside its earlier judgment directing the Independent National Electoral Commission (INEC) to register the Nigeria Democratic Congress (NDC) as a political party.
Justice Isah Dashen, the presiding judge held that all relevant parties must be heard before any substantive decision can be made in the matter.
The court upheld the application filed by the Peace Movement Party (PMP), ruling that the party was a necessary party to the suit.
According to the judge, the earlier judgment was constitutionally defective as it was delivered without hearing from all interested parties.
He declared that such an omission rendered the entire process null and void.
Justice Dashen further ruled that the status quo be restored to what it was before the December 2025 judgment, pending the determination of the substantive suit.
He also observed that certain material facts were suppressed in the earlier proceedings, which justified the decision to set aside the judgment.
Consequently, the court ordered that the substantive suit should begin afresh, with INEC, the PMP and the NDC as parties to the case.
Counsel to the applicant, Chikezie Ekeocha, told journalists that the PMP approached the court after discovering that NDC’s registration was based on a logo it had previously submitted to INEC before the commencement of the suit.
According to Ekeocha, the court agreed that the applicant’s rights had been affected and consequently vacated the earlier judgment.
“The court has ordered all parties to return to the position they occupied before the judgment of December 10, 2025, and directed the claimants to join all necessary parties to ensure the issues in dispute are effectually and completely determined,” he said.
He explained that the implication of the ruling is that every action taken by INEC in compliance with the now-vacated judgment stands reversed.
“The recognition of the NDC, the issuance of its certificate of registration, its inclusion in INEC’s records, and any appearance on ballot papers arising from that judgment must be withdrawn pending the final determination of the substantive suit,” Ekeocha stated.
He, however, clarified that the substantive case remains before the court and has not been decided.
“The matter has not been concluded. The court merely set aside its previous judgment and directed that the party whose interests were affected be joined so that all sides can be heard before a fresh decision is reached.”
Ekeocha also dismissed suggestions that the court merely ordered parties to maintain the status quo, insisting that the ruling specifically directed a restoration of the position that existed before the December 10, 2025 judgment.
The ruling effectively returns the dispute over the registration of the NDC to the Federal High Court for a fresh hearing, with all relevant parties expected to participate before a new determination is made.
(NAN)
International News
W/C Round Of 32 Matchup: Brazil vs Japan, Netherlands vs Morocco
The FIFA World Cup group stage has concluded, with the Netherlands securing first place in Group F and Japan finishing second. According to the knockout stage bracket, the top two teams from Group F will face the top two teams from Group E.
Two more Round of 32 matchups have been confirmed: Brazil vs. Japan and Netherlands vs. Morocco. The first Round of 16 matchup was announced yesterday, featuring South Africa vs. Canada.
International News
‘Please Stop The Nonsense’ – Germany Coach Tells Journalist After Ecuador Defeat
Julian Nagelsmann defended question marks surrounding Germany’s commitment during their defeat by Ecuador, telling journalists: “Please stop the nonsense!”
Germany, already guaranteed top spot in Group E, were beaten 2-1 in their final group outing, as their opponents came from behind to snatch all three points at New York New Jersey Stadium.
Nagelsmann’s side saw their 11-match winning streak brought to an end, while they have now failed to register a clean sheet in any of their last nine games at the finals, equalling their longest streak along with their opening nine matches across 1934 and 1954.
And since the start of the 1998 World Cup, this was just the second time Germany had lost a game at the tournament in which they opened the scoring (W25 D2) following a 1-2 loss to Japan in 2022.
While not impressed by his players’ performance, he was quick to reject claims it was due to a lack of commitment, with their place in the knockout phase already secured.
“Please stop the nonsense, honestly!” Nagelsmann told reporters. “Didn’t the boys want to go full throttle?
“Of course, we made different changes than we might have done in moments when we urgently needed another goal.
“But we can’t tell any player that he didn’t step on the gas, that’s far too striking for me.
“We have to learn that after a good start and an early lead, we can play with more composure, instead of suddenly switching positions too much. We just need to be more patient and stay a bit more structured in our positions.
“We deliberately made a lot of changes. You could see that we also had a few tired legs. You can’t blame anyone for the fact that everything is a little slower and takes longer. We trust every player in the squad, and have to give the players the chance to show that.”
Coincidentally, it was in New York that Germany crashed out of the 1994 World Cup after surrendering a lead, losing 2-1 in the quarter-finals against Bulgaria at the Giants Stadium.
Joshua Kimmich, who won his 113th cap to move to joint-eighth with Philipp Lahm on his nation’s all-time list, conceded the four-time world champions were worthy losers against Ecuador.
“We started well, but then we gave the ball away too cheaply and kept inviting them on,” he added.
“We made it easy for them and let them grow into the game. In the second half, the defeat was deserved.”
-
Health & Wellness10 months agoPresident Tinubu Directs Cut in Dialysis Cost from ₦50,000 to ₦12,000
-
News11 months agoPICTURE: In Lagos Couple Sentenced to 22½ Years for Cannabis Trafficking
-
Trending News11 months agoNELFUND Disburses ₦86bn To 449,000 Beneficiaries
-
Business3 months agoDangote Refinery Reduces Petrol Gantry Price To ₦1,200 Per Litre
-
International News3 months agoIndian Police Arrest Nigerian Over ₦290m Drug Haul
-
Business3 months agoAfter Plea Bargain, Court Discharges Stella Oduah of ₦2.5bn Fraud
-
Business2 years agoHeritage Bank Customers’ Path to Securing ₦5m Insured Funds: A Step-By-Step Guide by NDIC”
-
Business2 years ago
Dangote; We Did Not Fix ₦600/Litre Petrol Price
