Economy

Nigeria to Export New Cawthorne Crude in March

Published

8 months ago

February 25, 2026

Q Tinny

Nigeria will begin exporting Cawthorne crude in March to boost oil output, diversify exports, and strengthen its position in global energy markets

Nigerian National Petroleum Company Limited has announced that Nigeria will begin exporting a new light, sweet crude grade known as Cawthorne in March, as part of efforts to increase oil production and consolidate recent output gains.

Also read: Nigeria Earns Strong N55.5tn from Crude Oil Sales in 2025

A company spokesperson confirmed to Reuters that the first cargo is expected in the third week of March.

The introduction of Cawthorne crude is expected to enhance Nigeria’s standing within the Organisation of the Petroleum Exporting Countries, supporting the country’s aim of achieving higher production targets amid improving output.

Cawthorne crude has an API gravity of 36.4, comparable to Nigeria’s flagship Bonny Light crude, which is highly valued by refiners for producing high yields of gasoline and diesel.

A tender issued by NNPC last week outlined loading schedules between March 24 and 25.

Energy intelligence firm Kpler noted that Cawthorne will be exported via the Floating Storage and Offloading vessel Cawthorne, with a storage capacity of about 2.2 million barrels.

The facility is designed to streamline crude transportation and production from Oil Mining Lease 18 and adjacent assets in the eastern Niger Delta.

The new grade could increase Nigeria’s crude and condensate supply from approximately 1.65 million barrels per day to around 1.7 million barrels per day for the remainder of 2026, depending on operational stability and market demand.

Nigeria’s current crude quota under the OPEC+ framework stands at 1.5 million barrels per day, with actual production recorded at about 1.48 million barrels per day in January.

Cawthorne is the third new crude grade introduced by Nigeria in recent years, following Utapate in 2024 and Obodo in 2025.

Analysts say diversifying crude streams allows Nigeria to target different market segments, enhance pricing flexibility, and improve resilience in global oil trade.

The announcement comes as the government and NNPC intensify security measures across pipelines and oil infrastructure, reducing losses from theft and gradually restoring output.

Experts highlight that sustained production growth and additional crude grades could boost Nigeria’s oil revenues at a time of volatile but supportive global oil prices.

Also read: Petrol Prices May Spike as Crude Hits $66

Under President Bola Tinubu, Nigeria is pursuing reforms in the oil and gas sector, with a focus on increasing investment, expanding production, and strengthening government revenue.

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Economy

NRS Assures Taxpayers VAT Remains at 7.5% Amid Tax Reform Concerns

Published

9 hours ago

October 27, 2026

Peculiar Adirika

NRS VAT rate remains 7.5%, the agency says, while addressing concerns over bank deductions, loans and the implementation of Nigeria’s tax reforms

The Nigeria Revenue Service (NRS) has assured taxpayers that Nigeria’s standard Value Added Tax (VAT) rate remains 7.5 per cent, while addressing concerns over the implementation of the country’s new tax reforms.

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The assurance was given by the Tax Administrator responsible for Kano, Jigawa and Katsina states, Samaila Abdullahi, during an NRS stakeholders’ engagement and tax reform sensitisation programme in Kano.

Abdullahi said concerns raised by individuals, traders, business owners and other stakeholders about the new tax laws were understandable, particularly questions relating to bank transactions, loans, family transfers, business income and the potential impact on small businesses.

He urged taxpayers to understand the reforms through the provisions of the law rather than rely on assumptions or misinformation.

According to him, the tax laws do not automatically authorise deductions from personal bank accounts.

He stressed that tax collection and recovery must follow the applicable legal provisions and procedures.

Abdullahi also clarified that money received as a loan should not automatically be classified as business income or profit, explaining that proper documentation is essential to establish the nature of a transaction.

“For instance, when a trader receives a loan of N500,000, the amount should not automatically be treated as N500,000 in sales or profit, provided the transaction is properly documented,” he said.

The NRS official’s comments were aimed at addressing public concerns about how the new tax framework would affect personal finances and business transactions.

He emphasised the importance of distinguishing between taxable business receipts and other funds, such as documented loans, when determining a taxpayer’s obligations.

The clarification comes amid heightened public interest in Nigeria’s tax reforms and questions about their implications for individuals, traders and small businesses.