Nigeria’s three-month petrol imports jump 45% to N2.63trn

Nigeria, Africa’s top oil producer, spent 45 percent more on the importation of petrol in the first three months of this year compared to the previous quarter, new official data shows.

Its petrol imports surged to N2.63 trillion from N1.81 trillion in the fourth quarter of 2023, accounting for more than a fifth of the total value of goods imported into the country, according to data released by the National Bureau of Statistics (NBS) on Sunday.

Africa’s most populous nation relies wholly on imports to meet its petrol needs as all its refineries that were shut down more than four years ago are undergoing rehabilitation. Dangote refinery, in which the government has a 20 percent stake, is expected to start producing petrol this month.

The value of the country’s total imports rose to N12.64 trillion in Q1 2024 from N9.05 trillion in Q4 2023, while exports increased to N19.17 trillion from N12.69 trillion, according to NBS data.