Business
Nigeria-India oil trade strengthened
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
The ongoing disruptions to global oil trade routes caused by tensions around the Strait of Hormuz are creating unexpected opportunities for Nigeria’s oil industry, with India increasingly turning to Nigerian crude to secure its energy needs amid uncertainty in the Middle East.
Industry analysts say the shift is strengthening commercial ties between Africa’s largest oil producer and one of the world’s fastest-growing major economies, potentially opening a new chapter in bilateral energy relations.
India, the world’s third-largest crude oil importer and consumer, has been actively diversifying its sources of crude supply as concerns grow over the security of shipments from the Gulf region. The Strait of Hormuz, a critical maritime chokepoint through which roughly a fifth of global oil supplies pass, has faced renewed geopolitical tensions, prompting major importing nations to seek alternative suppliers.
As a result, Nigerian crude grades are attracting increased attention from Indian refiners looking to reduce exposure to supply disruptions and shipping uncertainties associated with the Middle East.
Market participants report that Indian refiners have increased inquiries and purchases of Nigerian crude cargoes in recent months, particularly premium light sweet grades such as Bonny Light, Qua Iboe, Brass River and Escravos. These grades are prized for their low sulphur content and high yield of valuable petroleum products, making them attractive alternatives to some Middle Eastern blends.
The renewed demand from India comes at a critical time for Nigeria’s petroleum sector, which has been working to boost production levels, improve export earnings and attract fresh investment into upstream operations.
Energy economists note that Nigeria is uniquely positioned to benefit from changing global trade flows because of its established export infrastructure, strategic location on the Atlantic coast and reputation for producing high-quality crude oil. Unlike Gulf exporters whose shipments must transit the Strait of Hormuz, Nigerian exports reach international markets through Atlantic shipping routes, reducing exposure to the current geopolitical risks affecting the Middle East.
The surge in Indian demand is also expected to provide support for Nigeria’s foreign exchange earnings at a time when the federal government is seeking to strengthen external reserves and stabilize the naira.
According to industry experts, increased exports to India could help absorb some of the cargoes that previously faced slower demand due to competition from discounted Russian crude and fluctuating global refinery margins. The emerging market opportunity may also improve pricing for Nigerian grades as buyers compete for reliable supplies outside the Gulf region.
Beyond immediate trade gains, analysts believe the development could encourage deeper energy cooperation between Nigeria and India. Discussions are expected to focus not only on crude supply agreements but also on investments in refining, petrochemicals, natural gas development and energy infrastructure.
India has long maintained strong commercial ties with Nigeria, with Indian companies holding investments across sectors including manufacturing, pharmaceuticals, agriculture and energy. The latest shift in crude procurement patterns could further strengthen economic relations between the two countries.
For Nigeria, the development represents a rare opportunity to capitalize on changing global energy dynamics. While geopolitical instability in the Middle East has created challenges for international oil markets, it has simultaneously increased the attractiveness of alternative producers capable of delivering reliable supplies to major consuming nations.
Oil traders caution, however, that the long-term sustainability of the trend will depend on the duration of disruptions in the Gulf region, global crude price movements and Nigeria’s ability to maintain stable production levels. Persistent challenges such as oil theft, pipeline vandalism and underinvestment in some producing areas continue to affect the country’s output potential.
Nevertheless, industry observers believe that if managed effectively, the growing appetite for Nigerian crude among Indian refiners could generate billions of dollars in additional export revenues, strengthen Nigeria’s position in the global oil market and provide a significant boost to economic activity at a time when the country is seeking new sources of growth.
As global energy markets adjust to the uncertainty surrounding the Strait of Hormuz, Nigeria appears poised to emerge as one of the unexpected beneficiaries, with India increasingly looking westward across the Atlantic to secure the fuel needed to power its expanding economy.
Business
North African Airline incurs Nigeria’s wrath
By Philippine Duru
philippineobetoduru@gmail.com
08034905774
Nigeria has warned EgyptAir to modernise the aircraft deployed on its Nigerian routes, stressing that continued use of ageing planes could affect the airline’s operations in the country.
The Minister of Aviation and Aerospace Development, Festus Keyamo, gave the warning during a bilateral meeting with his Egyptian counterpart, Sameh El-Hefny, on the sidelines of the ongoing El-Alamein International Airshow (EIAS 2026) in Egypt.
According to a statement issued by Keyamo’s media aide, Tunde Moshood, the meeting focused on improving air connectivity between Nigeria and Egypt and strengthening cooperation between the two countries’ civil aviation authorities.
The discussions also covered the expansion of technical and professional capacity, as well as opportunities for greater collaboration among airlines, airports, regulators and other aviation stakeholders.
Keyamo specifically urged EgyptAir to deploy newer-generation aircraft on its Nigerian routes, rather than continuing with what Nigeria considers ageing aircraft.
“The minister also used the engagement to emphasise the need for a stronger and more modern fleet deployment by EgyptAir on its Nigerian routes,” Moshood said.
He said Keyamo urged the airline’s management to move away from the continued deployment of ageing aircraft and prioritise newer-generation aircraft in the Nigerian market.
According to the minister, fleet modernisation was essential to improving passenger experience, operational efficiency and the airline’s competitiveness.
Keyamo further stressed the strategic importance of Nigeria-Egypt aviation relations, noting that both countries occupy important positions within Africa’s aviation ecosystem.
He reaffirmed Nigeria’s commitment to expanding strategic international partnerships to improve air connectivity, promote tourism and trade, support airline growth and deliver greater value to passengers and the aviation industry.
The Nigerian delegation also expressed the country’s readiness to work with Egypt’s Ministry of Civil Aviation to identify areas of mutual cooperation, particularly within the framework of the Single African Air Transport Market (SAATM).
Responding, El-Hefny welcomed the engagement and reaffirmed Egypt’s commitment to deepening aviation cooperation with Nigeria.
He called for closer collaboration between the two countries to advance air transport development and strengthen links between their aviation industries.
The Egyptian minister also advocated stronger institutional cooperation between the African Civil Aviation Commission (AFCAC) and the League of Arab Civil Aviation (LACA).
“Enhanced collaboration between the two regional aviation bodies could promote stronger partnerships and facilitate greater cooperation among African and Arab States,” El-Hefny said.
The meeting ended with both ministers reaffirming their commitment to sustained dialogue, stronger institutional cooperation and initiatives aimed at delivering tangible benefits to the aviation sectors of Nigeria and Egypt.
Business
₦10m monthly made from akara and bread business -Umo Eno
Philippine Duru
philippineobetoduru@gmail.com
08034905774
Akwa Ibom State Governor, Umo Eno, has recounted his early experience in entrepreneurship, revealing that he once made not less than ₦10 million in a month from selling akara and bread.
Eno, who spoke while reflecting on his journey before entering public service, said the business experience played an important role in shaping his understanding of enterprise, hard work and wealth creation.
According to the governor, he started from a modest venture involving the sale of akara and bread before gradually expanding his business activities.
“I started selling akara and bread. I made not less than ₦10m in a month,” Eno said.
The governor’s account highlights the entrepreneurial path he pursued before rising through the ranks in business and eventually becoming governor of Akwa Ibom State.
Eno has frequently emphasised the importance of entrepreneurship and economic empowerment, particularly as a means of creating opportunities for young people and reducing dependence on government employment.
His recollection of the akara and bread business also underscored his view that small businesses, when properly managed and supported, can grow into significant sources of income and employment.
The governor’s comments come amid growing conversations around entrepreneurship, youth empowerment and the need to create sustainable livelihoods in Nigeria, where many young people are turning to small and medium-scale enterprises to earn a living.
Eno has continued to advocate policies and initiatives aimed at expanding economic opportunities and encouraging residents to become self-reliant through productive ventures.
His story of moving from selling akara and bread to occupying the highest political office in Akwa Ibom has also been presented as an example of how entrepreneurship, persistence and business experience can shape an individual’s journey to leadership.
Business
All share index gains about 0.81% as NGX rebounds
The Nigerian Exchange Limited (NGX) rebounded last week, with the All-Share Index (ASI) gaining about 0.81 per cent to close at 241,298.47 points, as renewed investor interest in oil and gas and banking stocks lifted market sentiment.
The week’s gain translated into an estimated ₦1.29 trillion increase in market capitalisation, pushing the value of listed equities to about ₦155.83 trillion.
With the latest appreciation, the NGX’s year-to-date return remained strong at approximately 55 per cent, underscoring the market’s substantial gains despite intermittent periods of profit-taking and volatility.
The recovery was largely driven by buying interest in oil and gas and banking stocks, with Seplat Energy among the notable gainers during the week.
Market sentiment also received a boost from developments in Nigeria’s international financial-market standing. FTSE Russell confirmed the country’s reclassification to Frontier Market status, effective September 21, 2026, a move expected to influence international investor positioning toward Nigerian equities.
Further support came from Moody’s decision to revise Nigeria’s outlook to positive, reinforcing expectations that ongoing economic and fiscal reforms could improve the country’s credit profile.
Despite the positive performance, trading activity was relatively subdued, partly reflecting the shortened trading week. Market volume declined as investors adopted a more cautious approach amid prevailing economic uncertainties and profit-taking pressures.
Analysts said the latest rebound highlights continued investor appetite for fundamentally strong sectors, although the sustainability of the market’s upward trajectory will depend on macroeconomic conditions, corporate earnings, foreign investor participation and policy developments.
As investors enter a new trading week, attention is expected to remain on the performance of banking and energy stocks, while the implications of Nigeria’s forthcoming Frontier Market reclassification could further shape sentiment and capital flows into the equities market.
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