Nigeria imports N1.273trn fuel from Netherlands

Adewale Akintaro

Data from the National Bureau of Statistics has revealed that Nigeria imported Premium Motor Spirit (PMS) also known as petrol or fuel, which value was put at N1.273 trillion in the first quarter of 2024, from two countries — Belgium and The Netherlands.

The NBS, in its Foreign Trade Statistics for the First Quarter of 2024, stated that the country spent a total of N2.635 trillion on the importation of petrol in the quarter under review.

According to the NBS, the amount spent on fuel import in the quarter under review was 29.54 per cent higher than the N2.034 trillion spent in the same period in 2023 and 45.76 per cent higher than the N1.807 trillion spent on the import of the commodity in the fourth quarter of 2023.

In addition, the NBS reported that total amount spent on fuel and lubricants import appreciated by 48.46 per cent to N4.391 trillion in the quarter under review, compared with N2.958 trillion recorded in the same period in 2023 and also rose by 33.64 per cent, compared with N3.286 trillion recorded in the fourth quarter of 2023.

The NBS noted that the fuel import in the first quarter of 2024 accounted for 20.84 per cent of total imports of N12.684 trillion, while total fuel and lubricant import for the same period accounted for 34.73 per cent of total imports.

Giving a breakdown of the source of the commodity, the NBS reported that fuel import from Belgium in the quarter under review stood at N873.602 billion; while fuel import from The Netherlands stood at N399.486 billion.

The NBS stated that: “The value of total imports stood at N12.643 trillion in the first quarter of 2024, representing an increase of 39.65 per cent compared with the value recorded in the fourth quarter of 2023 (N9.054 billion) and a rise of 95.53 per cent from the value recorded in the corresponding quarter of 2023 (N6.466 trillion).

“In the first quarter of 2024, China ranked highest among the top trading partners on the import side, followed by India, United States of America, Belgium, and The Netherlands. The most traded commodities were motor spirit ordinary, gas oil, durum wheat (not in seeds), cane sugar meant for sugar refinery, and other Liquefied petroleum gases and other gaseous hydrocarbons.”

In contrast, the NBS reported that in the quarter under review, the value of imported manufactured goods was N5.738 trillion, representing a 44.47 per cent increase from N3.972 trillion recorded in the fourth quarter of 2023 and a 139.47 per cent rise from N2.396 trillion in the first quarter of 2023.