Economy
US oil imports from Nigeria to drop as Trump plans energy emergency order
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The President Trump planned an executive order and declaration of a national energy emergency, targeted at enhancing the United States oil and gas production could impact on Nigeria’s oil demand and revenue generation.
This was even as prices of oil, including Nigeria’s Bonny Light dropped to $80 per barrel from $83 per barrel, yesterday, as traders await U.S. President-elect Donald Trump’s inauguration in the hope of some clarity on his policy agenda.
However, the United States used to import a bulk of its crude oil from Nigeria, but the commencement of shale oil, deliberate government policy and other factors, reduced the nation’s oil and gas import in recent times.
Despite the reduction, recent data indicated that the United States oil and gas import from Nigeria was worth $4.73 billion in 2023.
According some experts, the revenue would likely decrease in 2025 and beyond following President Trump executive order and declaration of a national energy emergency.
In an interview with Vanguard, yesterday, an economist and Chief Executive Officer, Centre for the Promotion of Private Enterprise, CPPE, Dr Muda Yusuf, said: “Naturally, if investments in oil and gas increase in the United States and the US of course is a major oil producer that will increase the global supply. If global supply increases, energy prices are likely to fall.
“So, if energy prices fall, of course, that has implications for our own revenue. So it’s likely to negatively impact on our oil price, on our oil revenue but it may be positive for businesses because a reduction in crude oil price or commodity or global oil price typically reduces the cost of petroleum products, including the Premium Motor Spirit, PMS, also known as petrol, diesel and jet fuel.
“However, it’s a double-edged sword as changes, if the price increases; it will favour the government and penalize the private sector, who uses energy. If the price drops, it penalizes the government and benefits the citizens and investors because their energy costs will drop.
“That is one implication of the Trump presidency. The second implication is, if he’s able to calm down the situation between Russia and Ukraine. Russia is a major oil producer as well, a major gas producer.
“So, he’s able to calm down Russia and Ukraine and he has the potential to do that because it is part of the commitment that he has made.
“If he’s able to do that, then we are likely to see more production of oil. We are likely to see the lifting of sanctions on Russia and if that happens, oil production will increase and prices will fall. Again, that will affect revenue negatively, but it will benefit businesses because cost of energy will drop.
“So, that is the nexus for me between what is happening with Trump policies and our domestic economy, especially the oil and gas sector.”
On his part, a Port Harcourt-based energy analyst, Dr. Bala Zakka, said: “Major importers from Nigeria, indirectly encourage our nation to be lazy, exporting crude oil instead of processing to add more value to the economy.
“I strongly believe that by reducing importation through his policies, President Trump would encourage increased refining in Nigeria and other African nations. We need to expand our refining capacity to refine more petroleum product and derivatives, capable of adding value to the domestic economy.”
Also, the National President of Oil and Gas Service Providers Association of Nigeria, OGSPAN, said: “Every nation continuously reviews its environment and takes decisions on the best ways and means to grow its economy. Nigeria should do the same in order to reduce dependence on oil and other economies.”
Meanwhile, the Petroleum Products Retail outlets Owners Association of Nigeria, PETROAN, has assured consumers that the coming on stream of the Dangote Refinery and the NNPC Limited owned Port Harcourt refinery would ensure easy flow of petrol during the Yuletide season.
PETROAN in a statement by its National Public Relations Officer, Dr Joseph Obele said the petrol supply agreement reached with the 650,000 barrels per day Dangote Refinery would avert any possible shortage of premium motor spirit during the period.
This, according to Dr Obele, is due to the efforts of PETROAN distribution technical committee incharge of planning and execution of zero-fuel scarcity strategy.
“We are happy that Nigerians are going to travel effortlessly during this period of the year”, the Group added.
Recall that the National President of PETROAN, Dr Billy Gillis-Harry, on Monday 2nd December 2024 led the negotiation team of the association to a fruitful strategic business meeting with the management of Dangote Refinery in Lagos.
PETROAN noted that the “sealing of a transactionary deal with Dangote Refinery was the aftermath of a successful buyer-seller negotiation and agreement secured by PETROAN at the strategic meeting.
“PETROAN National President commended the Vice President of Dangote group & Managing Director of Dangote Refinery, Mr. Devakumar V. G. Edwin, for his cooperation and strategies deployed so far to make petroleum products available to all Nigerians throughout the end of year festivities and beyond.”
…eyes big pie in telecom sector
Swift Telephone Network Limited, STN, has announced the award of a Unified Access Service Licence, UASL, by the Nigerian Communications Commission, NCC, as it joins Nigeria’s fast growing telecoms industry.
The milestone marks STN’s formal evolution from its early beginnings as a telephone call service operating under an umbrella structure, into an independent Nigerian telecommunications company positioned to build the next generation of digital infrastructure in Nigeria.
Chief Executive Officer of STN, Oluwole Adetuyi said: “This UASL is not just a licence. It is a new chapter. It represents where we started, what we have endured, how we have evolved, and where we are going. We are building in Nigeria, for Nigeria.”
STN’s journey mirrors the story of Nigerian enterprise. From humble beginnings providing basic telephony, the company has endured changing economic conditions, evolving regulations, and market challenges.
Through perseverance and adaptation, STN has transformed into a full-service operator ready to compete and create value at scale.
The UASL grants STN the ability to provide a full range of telecommunications services such as voice, data, and access across Nigeria.
Reflecting on the resilience of STN, Adetuyi said this milestone reinforces a larger truth about Nigerian businesses to stand the test of time.
“They can evolve, compete globally, and build institutions of lasting value from Nigeria. At a time when the digital economy is central to national growth, STN is proof that local ambition, backed by resilience, can deliver world-class infrastructure”, said Adetuyi.
As STN enters this new phase, the company is committing to building a truly Nigerian telecommunications ecosystem.
Some of the key pillars of the telecom firm include, “Investment in skills development and training for Nigerian engineers, technicians and digital professionals; Prioritising partnerships with Nigerian service providers, contractors and vendors across the value chain as well as collaborations with global technology partners to deepen indigenous technical capabilities.
Other key areas, according to the company, include infrastructure development, as it intends to roll-out telecommunications infrastructure to expand access and bridge the digital divide and creation of direct employment and opportunities for Nigerian entrepreneurs in distribution, retail and support services, including increasing Nigerian ownership and leadership in the telecoms value chain.
“Our ambition is simple: to help build Nigeria’s digital economy from the ground up,” Adetuyi said.
He added: “This licence gives us the platform. Nigerian talent, Nigerian partners, and Nigerian innovation will give us the momentum.”
Director,Legal and Regulatory Services,Mrs Yetunde Okafor,explained further that “STN will in the coming weeks announce strategic partnerships, infrastructure rollout plans, and programmes to engage investors and stakeholders as it begins commercial operations under the UASL.”
Swift Telephone Network Limited is an independent Nigerian telecommunications company.
Okafor said “from its origins as a telephone call service, STN has evolved into a UASL-licensed operator committed to building resilient, inclusive, and innovative digital infrastructure for Nigeria.”
Recall that the UASL issued by the NCC authorises the holder to provide a comprehensive range of telecommunications services including fixed, mobile, voice and data services across Nigeria.
Dangote Refinery-backed MRS filling stations have reduced their petrol pump price.
A market survey by DAILY POST on Monday showed that MRS filling stations in Abuja had adjusted their petrol pump price to N1,370 per litre from N1,395 per litre.
This represents a reduction of N25 per litre.
The new price has been implemented at MRS filling stations in Katampe and along the Lugbe Expressway in Abuja.
The development comes a week after Dangote Refinery reduced its gantry petrol price to N1,325 per litre from N1,350.
With the latest downward adjustment, petrol now sells for between N1,370 and N1,450 per litre in Abuja and its environs.
The price reduction by MRS filling stations could signal a possible downward adjustment by other filling stations, including the Nigerian National Petroleum Company Limited, NNPCL, which rely on petrol from Dangote Refinery.
The Black Market Dollar-to-Naira Exchange Rate for 28th September 2026 Can Be Accessed Below.
IMPORTANT NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
READ ALSO: Goodluck Jonathan, Olu of Warri, Others To Headline Megastar Awards 2026
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
The exchange rate fluctuates hourly based on the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 28th September 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1385 and buy at ₦1375 on Monday, 28th September, 2026, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1385
Buying Rate ₦1375
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1329
Lowest Rate ₦1328
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