Business
Petrol Imports Gulped N1.71tn in 2019 – NBS
The amount spent on petrol imported into the country dropped by 42 per cent to N1.71tn in 2019, data obtained from the National Bureau of Statistics have shown.
The N1.71tn represented 10.75 per cent of the amount spent on all imported goods last year, compared to 2018 when petrol accounted for 22.4 per cent of total imports (N13.16tn).
The decline in the amount spent on petrol imports last year was partly due to the fall in the average price of Brent crude oil, the international benchmark. The price of Brent crude averaged $64 per barrel in 2019, down from $71 per barrel in 2018, according to Energy Information Agency.
Nigeria, Africa’s largest oil producer, relies largely on importation for petrol and other refined products as its refineries have remained in a state of disrepair for many years.
The Nigerian National Petroleum Corporation has been the sole importer of petrol into the country for more than two years, after private oil marketers stopped importing the commodity due to crude price fluctuations among other issues.
The refineries, located in Port Harcourt, Kaduna and Warri, have a combined installed capacity of 445,000 barrels per day but have continued to operate far below the installed capacity.
Petrol imports gulped N190.78bn in the first quarter of last year; N572.28bn in Q2; N371.79bn in Q3, and N574.88bn in Q4.
The amount spent on petrol imports rose by 49.75 per cent to N2.95tn in 2018 from N1.97tn in 2017, according to the NBS data.
Petrol imports gulped N1.63tn in 2016, representing 18.4 per cent of total imports.
Latest data from the NBS showed that the country imported a total of 4.87 billion litres of petrol in Q1 2019; 5.61 billion litres in Q2, and 5.09 billion litres in Q3.
The NNPC had said in July 2019 that petrol was being smuggled out of the country to Ghana, Burkina Faso, Mali and Cote d’Ivoire as a result of the price disparity of petrol between Nigeria and the other West African countries.
The corporation, through the ‘Direct-Sale-Direct-Purchase’ arrangement introduced in 2016, supplies petroleum products into the country.
Under the DSDP scheme, selected overseas refiners, trading companies and indigenous companies are allocated crude supplies in exchange for the delivery of an equal value of petrol and other refined products to the NNPC.
While diesel and kerosene prices have been deregulated, the government still pays subsidy to make petrol cheaper at the pump.
The PUNCH reported last week that the landing cost of petrol had dropped below the approved pump price of N145 per litre on the back of the sharp decline in crude oil prices.
The international oil benchmark, Brent crude, which has been on a downward trend since coronavirus broke out in China, fell to the $30 per barrel range this week.
The Punch
Fidelity Bank Plc, a leading financial institution, has partnered with Greenfingers Wildlife Initiative to plant trees at Elegushi Beach, Lekki, in Lagos.
Speaking during the event, Dr Meksley Nwagboh, the Divisional Head, Brand and Communications of Fidelity Bank Plc, highlighted the bank’s resolve to consistently champion initiatives that preserve the environment and reduce the impact of climate change.
“Environmental preservation is a key Corporate Social Responsibility (CSR) pillar for us at Fidelity Bank. We believe that protecting the earth is a shared responsibility.
“That is why this initiative is not a one-time activity, but part of our ongoing efforts to promote sustainable best practices.
“We are committed to ensuring that our environment, including marine habitats, remains protected from pollution and degradation,” Nwagboh said.
In addition to planting trees, the Fidelity Bank team also conducted a beach clean-up exercise to remove waste materials from the shoreline and surrounding marine areas.
Nwagboh noted that the bank continues to support environmental conservation through various initiatives nationwide and remains a proud partner of the Nigerian Conservation Foundation (NCF).
“Tree planting is an integral part of our climate action and resilience plan, and our goal is to consistently expand our environment-friendly operations.
“We are delighted for this partnership with Greenfingers Wildlife Initiative. It is one we intend to nurture, as we believe there’s more to be done to protect our environment,” Nwagboh added.
In his speech, Mr Chinedu Mogbo, the Founder of Greenfingers Wildlife Initiative, commended Fidelity Bank for its proactive commitment to environmental sustainability.
He explained that the partnership aligns with the NGO’s mission to foster safer, cleaner environments for both humans and wildlife.
“Our partnership with Fidelity Bank is driven by a shared mission to create a safer, greener environment for both humans and wildlife. Beyond enhancing environmental safety, planting trees contributes to beautifying our surroundings and restoring balance to nature,” Mogbo stated.
The exercise marks another significant step in Fidelity Bank’s environmental CSR efforts aimed at promoting sustainable living across communities, combating climate change, protecting biodiversity, and conserving aquatic ecosystems.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels. The bank has 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
Nigeria’s retail lender, Unity Bank Plc, has launched an upgraded version of its mobile banking platform, Unifi, as part of ongoing efforts to improve customer experience on the Bank’s digital Banking platform and reinforce its proposition in ebusiness.
The latest update, Unifi version 2.3, introduces a suite of improved features designed to enhance usability, security, and convenience for customers. Key upgrades include enhanced security protocols, expanded quick-action functionalities, improved bill payment options, and an updated Nigeria Quick Response (NQR) feature to support faster and more secure QR code transactions.
A key aspect of the rollout builds on the Bank’s continued investment in digital and security infrastructure, aimed at safeguarding customer data, ensuring secure payments and enabling safe, real-time transactions across channels.
Speaking on the upgrade, Adenike Abimbola, Divisional Head, Retail, SME, Digital Banking & Fintech Partnerships at Unity Bank, said the improvements are built on the back of continuous interrogation of the platform to be more responsive to customer feedbacks which are being received overtime in our interactions and engagements.
“Digital banking has become an integral part of everyday life, particularly for retail customers who expect speed, dependability, convenience, and security as standard. With the latest upgrade to Unifi, we are responding directly to these expectations by enhancing functionality, strengthening security, and simplifying key payment and transaction journeys. Our goal is to ensure that customers can carry out their banking activities seamlessly, confidently, and without friction, anytime and anywhere.”
She added that the Bank remains committed to continuous improvement of its digital channels in line with evolving customer needs and emerging industry trends.
“As mobile banking increasingly defines how people interact with financial services, Unifi is central to our strategy of delivering intuitive, reliable, and inclusive digital solutions. We will continue to invest in technology partnerships and platform enhancements that support financial inclusion, drive adoption, and improve overall customer experience.”
Originally introduced as part of Unity Bank’s strategic push to expand its retail footprint, particularly among young and digitally savvy customers, Unifi has grown into a core engine of the Bank’s retail banking expansion. The platform plays a critical role in driving customer acquisition, deepening engagement, and reinforcing Unity Bank’s broader digital transformation agenda.
The Unifi mobile app is available for download on Android and iOS devices, offering customers access to a wide range of services, including transfers, bill payments, airtime purchases, and QR-enabled transactions.
Unity Bank Plc has disbursed over N270 million in grants to young Nigerian entrepreneurs under its Youth Entrepreneurship Development Initiative: Corpreneurship Challenge, bringing the total number of beneficiaries since inception in 2019 to 608 corps members nationwide.
The initiative, implemented in partnership with the National Youth Service Corps (NYSC) through its Skill Acquisition and Entrepreneurship Development (SAED) programme, continues to equip fresh graduates with the funding, confidence, and support required to launch and scale viable businesses.
In the most recent edition of the Corpreneurship Challenge, held between November 18 and December 9, 2025, across 10 NYSC orientation camps nationwide, 30 youth corps members emerged as winners during the Batch C, Stream I, 2025 exercise of the programme.
The latest beneficiaries were selected from orientation camps in Lagos, Delta, Kaduna, Jigawa, Kwara, Enugu, Abia, the Federal Capital Territory (FCT), Akwa Ibom, and Plateau (Jos), after pitching innovative business ideas across diverse sectors of the economy.
Unity Bank’s cumulative investment in the Corpreneurship Challenge underscores the Bank’s long-standing commitment to youth empowerment, MSME development, and job creation in Nigeria.
Speaking on the continued impact of the initiative, Unity Bank’s Divisional Head, Retail & SME, Mrs. Adenike Abimbola, reaffirmed the Bank’s belief in entrepreneurship as a catalyst for economic transformation.
“At Unity Bank, we recognise that entrepreneurship remains one of the most effective tools for tackling youth unemployment and driving inclusive economic growth. Through the Corpreneurship Challenge, we are not only providing financial support, but also instilling confidence in young graduates to transform viable ideas into sustainable businesses. Reaching over 600 beneficiaries since inception reinforces our belief in the immense potential of Nigeria’s youth,” she said.
Mrs. Abimbola further emphasised the programme’s role in strengthening Nigeria’s MSME ecosystem and creating long-term economic value.
“Small and medium-scale enterprises are the backbone of any resilient economy. By supporting corps members at the earliest stage of their entrepreneurial journey, we are helping to build businesses that can create jobs, stimulate local economies, and contribute meaningfully to national development. Our focus is on impact that goes beyond grants, impact that translates into lasting livelihoods,” she added.
The Corpreneurship Challenge provides a competitive platform where corps members pitch business ideas, assessed on originality, feasibility, market demand, scalability, and job-creation potential. Successful participants receive financial grants to kick-start or expand their ventures, alongside exposure to business guidance and mentorship.
Since its launch, the initiative has supported youth-led businesses across value chains, including fashion, agribusiness, food processing, creative services, manufacturing, and retail. Over the years, it has become an integral part of the NYSC experience, attracting thousands of applications annually and earning national recognition for its contribution to youth empowerment.
By sustaining and expanding the Corpreneurship Challenge, Unity Bank continues to reinforce its role as a strategic partner in Nigeria’s entrepreneurial and MSME development landscape.
