Welcome to Monday Moneying, a rundown of the biggest financial stories shaping Nigeria, delivered straight to you every Monday Morning.
In this week’s episode…
The Dangote Refinery is ramping up crude imports from global suppliers like the US, Angola, and Algeria, marking a major pivot as the Naira-for-Crude deal winds down. Meanwhile, lawmakers have adopted the Tax Reform Bills, keeping VAT steady at 7.5% while setting the stage for a unified tax system.
On the trade front, China and India dominated Nigeria’s import market in 2024, contributing over ₦20 trillion worth of goods. But exports tell a different story — for the first time, Africa has overtaken Europe and Asia as Nigeria’s top export destination, helping push the country’s trade surplus to ₦21.85 trillion.
Tony Elumelu has officially joined the billionaire club with a net worth of $2.15 billion, while the Federal Government is betting big on electric transport in the North-East with a ₦151.9 billion investment in EV infrastructure. And in entertainment, Nigerian artists earned over ₦58 billion from Spotify streams in 2024 alone.
Let’s get into it!
Dangote Refinery Increases Crude Imports Amid End of Naira-for-Crude Deal
The Rundown
he Dangote Refinery is scaling up operations and now sourcing crude from multiple international suppliers, including the US, Angola, and Algeria. This shift comes as the Naira-for-Crude deal with the federal government winds down, and the refinery looks to price-competitive global sources.
The Details
- The refinery has received over 3 million barrels of US crude this month alone.
- Crude deliveries now average 450,000 barrels per day, up from 380,000 bpd in January–February.
- NNPC has supplied 48 million barrels since the October 2023 crude supply agreement, with over 10 million barrels in February alone.
- The refinery, aiming for 650,000 bpd full capacity by H1 2025, may expand sourcing to Libya, the North Sea, and the Mediterranean based on market conditions.
- Once fully operational, Dangote Refinery is expected to process 650,000 barrels of oil per day, making it Africa’s largest refinery and surpassing any single refinery in Europe.
Reps Committee Adopts Tax Reform Bills, Keeps VAT at 7.5%
The Rundown
Nigeria’s House of Representatives has adopted the Tax Reform Bills as a working document and maintained VAT at 7.5%, shelving a proposed gradual increase to 15% by 2030. The bills aim to restructure tax administration through the creation of a unified Nigeria Revenue Service.
The Details
- VAT rate stays at 7.5%, scrapping earlier proposals to raise it to 15% by 2030.
- Reforms include replacing FIRS with Nigeria Revenue Service and establishing a Joint Revenue Board.
- Tax reforms aim to harmonize revenue collection and improve efficiency.
- All 36 states and FCT backed the report, a first in legislative consensus.
- The second reading saw over 4 hours of debate, with a focus on tax relief for low-income earners and stakeholder consultations.
China, India Dominate Nigeria’s Import Market, Totaling N20.31 Trillion
The Rundown
China and India emerged as Nigeria’s top sources of imports in 2024, contributing a combined N20.31 trillion—over 54% of total imports.
The Details
- Total imports in 2024: N37.59 trillion
- China: N14.14 trillion (37.6%) — electronics, machinery, textiles
- India: N6.17 trillion (16.4%) — pharmaceuticals, food products, raw materials
- Other top import sources:
- USA: N4.07 trillion
- Netherlands: N2.31 trillion
- France: N1.65 trillion
- In Q4 2024:
- China led again with N4.61 trillion (27.8%)
- India: N1.90 trillion (11.4%)
- Belgium: N1.39 trillion
The Shift
Nigeria’s trade is increasingly East-bound due to competitive pricing, credit terms, and geopolitical ties. This trend supports Nigeria’s push toward deeper integration with BRICS and G20 economies.
Africa Tops Nigeria’s Export Markets as Trade Surplus Hits N21.85 Trillion
The Rundown
Africa emerged as Nigeria’s largest export destination in 2024, accounting for N8.74 trillion in exports — outpacing Europe and Asia for the first time ever.
The Stats
- Total exports: N59.44 trillion
- Total imports: N37.59 trillion
- Trade surplus: N21.85 trillion
- Top export markets:
- Africa – N8.74 trillion
- Spain – N8.13 trillion
- France – N6.96 trillion
- India – N5.78 trillion
- USA – N5.51 trillion
Export Highlights
Key products: Petroleum oils, electrical energy, dredgers, urea, and tobacco.
Top African partners: South Africa, Ivory Coast, Senegal, Cameroon, Togo.
Why It Matters
Thanks to AfCFTA, Nigeria is deepening regional trade ties—reducing reliance on Western markets and reinforcing economic resilience
Tony Elumelu is Now a Billionaire with $2.15 Billion Net Worth
The Rundown
Tony Elumelu, Nigerian businessman and Chairman of Heirs Holdings, has hit a net worth of $2.15 billion, driven by soaring valuations across his business empire. The billionaire status was calculated based on his significant stakes in Transcorp, UBA, Heirs Energies, and other investments.
The Details
- Elumelu’s Transcorp stake is now valued at $125 million, while his UBA stake stands at $63.69 million.
- Heirs Energies, 100% owned by Heirs Holdings, is worth an estimated $1.75 billion.
- Other assets include Heirs Insurance ($28 million), United Capital ($61.5 million), real estate ($75 million), and cash holdings ($50 million).
- His businesses span power, energy, finance, hospitality, and more across 24 countries, reflecting his Africapitalism philosophy.
FG Approves N151.9 Billion for Electric Buses, Tricycles, and Charging Stations in North-East
The Rundown
The Federal Government has greenlit N151.9 billion for a major electric vehicle transportation project in North-East Nigeria. The plan includes electric buses, tricycles, and EV charging infrastructure, with funding from the North East Development Commission to cut carbon emissions and boost energy efficiency.
The Details
- 10 electric 17-seater buses to be delivered by Bluecrest Integrated Concept Ltd for N2.9 billion.
- 10,000 e-tricycles from multiple suppliers, with costs ranging from N37.2 billion to N49.6 billion.
- 237 BYD electric cars to be supplied for N16.3 billion; charging stations to be built for N8.4 billion.
- This follows President Tinubu’s October 2024 approval and aligns with similar EV efforts underway in Lagos.
Nigerian Music Exports Grow 49% on Afrobeats Boom
The Rundown
Nigerian music exports have surged by 49% in the past three years, thanks to the global Afrobeats craze, according to Spotify’s 2024 Loud & Clear report. With millions of global streams and billions in payouts, Nigerian music is making waves and money across borders.
The Details
- Global listeners now stream over 1.1 million hours of Nigerian music, with 250 million playlists featuring Nigerian artistes.
- Local consumption of Nigerian content has grown 782% over three years.
- Nigerian artistes earned over ₦58 billion from Spotify in 2024 — double the previous year.
- Challenges remain: poor metadata knowledge, weak rights systems, and low financial literacy still affect fair payouts.
Nigerian Artists Earn Over ₦58bn from Spotify Streaming in 2024
The Rundown
Nigerian artists raked in over ₦58 billion in royalties from Spotify in 2024 alone — doubling 2023 earnings and marking a massive leap in the country’s music revenue growth. The global demand for Nigerian sound is not just loud — it’s profitable.
The Details
- Spotify artist payouts doubled from 2023 and are 5x higher than in 2022.
- Number of artists earning over ₦10 million from streaming also doubled.
- Over 1 billion first-time discoveries of Nigerian artists happened on Spotify.
- Global streaming hours crossed 1.1 million, with 250 million playlists featuring Nigerian acts.
