Welcome to Monday Moneying, a rundown of the biggest financial stories shaping Nigeria, delivered straight to you every Monday.
In this week’s episode…
Nigeria Custom Service Generates N1.3 Trillion in Q1 2025, Doubling 2023 Figures
The Rundown
The Nigeria Customs Service (NCS) reported a historic N1.3 trillion in revenue for Q1 2025 — more than double its 2023 figure — driven by operational reforms, not increased imports. Comptroller-General Bashir Adeniyi credited the boost to digital transformation, better enforcement, and the federal government’s Renewed Hope Agenda.
The Details
- Revenue surged from N600 billion in Q1 2023 to N1.3 trillion in Q1 2025, despite a decline in import volumes.
- Key drivers include improved efficiency, digitalisation, stricter enforcement, and better transparency across Customs operations.
- The E-Customs Modernisation Project ($3.2 billion) aims to fully digitise cargo processes and is expected to generate $250 billion in revenue over 20 years.
- Anti-smuggling operations recovered over N64 billion, with major syndicates dismantled and border surveillance enhanced through tech and military collaboration.
- Trade facilitation efforts include a National Single Window system, reduced port clearance times, export fast-track lanes, and the launch of the B-Odogwu registration portal.
European Union Launches EUNAP to Boost Nigeria’s Agriculture and Food Security
The Rundown
The European Union has launched the EU–Nigeria Agribusiness Platform (EUNAP) to connect key stakeholders, drive innovation, and accelerate investment in Nigeria’s agricultural sector. The digital platform aims to make Nigerian agribusiness globally competitive, sustainable, and inclusive.
The Details
- EUNAP is a multi-stakeholder digital platform funded by the EU and implemented by Agribusiness Register Limited (ARL).
- It connects producers, processors, investors, financiers, and policymakers across Nigeria and the EU to boost trade and innovation.
- The platform is expected to generate up to €575 million in additional trade value for Nigeria’s agribusiness sector.
- Features include intelligent matchmaking tools, real-time collaboration, and access to export and investment opportunities across 28 EU member states.
- A Technical Steering Committee (TSC) has been set up to guide policy dialogue and ensure the platform’s strategic impact on agricultural transformation.
Nigeria to Contribute Another $100 Million to ECOWAS Development Bank
The Rundown
Nigeria is preparing to inject another $100 million into the ECOWAS Bank for Investment and Development (EBID), reinforcing its position as the bank’s largest shareholder and backing critical development projects across West Africa.
The Details
- Nigeria holds about 33% of EBID’s total shares and is the regional bank’s biggest contributor.
- The new $100 million contribution will support EBID’s goal of driving regional integration and sustainable development.
- Since 1999, EBID has disbursed over $2.5 billion, backing more than 300 projects in infrastructure, energy, health, agriculture, education, and digital transformation.
- In 2024 alone, 10 projects worth $439.74 million were approved, with 21 more appraised.
- EBID is also financing MSME growth, agro-processing, and manufacturing initiatives, and has supported projects in Nigeria via partnerships with the Bank of Industry.
- The Indian government provided $1 billion to EBID for infrastructure and private sector development across West Africa.
- Notably, the bank recently approved $180 million for the Kano–Maradi railway project, expected to create over 100,000 jobs during construction and 20,000 permanent jobs post-completion, boosting trade between Nigeria and Niger.
Dangote Refinery Cuts Petrol Price to N875 – N905 per Litre Nationwide
The Rundown
The Dangote Petroleum Refinery has cut petrol prices by ₦15 per litre nationwide, with new rates ranging from ₦875 to ₦905 depending on the region. This move comes amid growing competition in the downstream sector and the return of a refund benefit policy.
The Details
- New pump prices: Lagos – ₦875, South-West – ₦885, North-West & Central – ₦895, North-East & South-South – ₦905.
- The price cut applies to all major partner retailers including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy.
- Dangote is expecting 9 million barrels of U.S. light sweet crude in June — the highest volume since its launch.
- Over 4,900 independent retail outlets have shut down due to unsustainable conditions and lack of access to bank loans.
- Consumers are urged to buy only from certified outlets and report non-compliance via the official hotline.
Aliko Dangote Named Among TIME’s 100 Most Influential Philanthropists
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The Rundown
Aliko Dangote has been named among TIME Magazine’s 2025 list of the 100 most influential figures in global philanthropy. He is the only Nigerian on the list and one of 23 recognised in the ‘Titans’ category, alongside global icons like Oprah Winfrey and Warren Buffett.
The Details
- The TIME100 Philanthropy list honours changemakers across four categories: Titans, Leaders, Trailblazers, and Innovators.
- Dangote’s foundation, endowed with $1.25 billion in 2014, spends an average of $35 million annually on initiatives across Africa.
- Key focus areas include nutrition, health, education, and economic empowerment, including a $100 million project against child malnutrition.
- His foundation contributed significantly to eradicating polio in Nigeria and recently donated $10 million to a university in Kano.
- Dangote also funds vocational training, scholarships, and early childhood education through programmes like Mu Shuka Iri in Kano State.
