Nigeria’s three-month petrol imports rise to N3.22trn

Petrol imports cost Nigeria N3.22 trillion in the second quarter of this year, up from N2.63 trillion in the first three months, according to new official data.

Its petrol imports accounted for more than a quarter of the total value of goods imported into the country, according to data released by the National Bureau of Statistics (NBS) on Wednesday.

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 7.5 percent stake, is expected to start supplying petrol into the domestic market this month.

The value of the country’s total imports fell to N12.47 trillion in Q2 from N13.97 trillion in Q1, while exports increased to N19.42 trillion from N19.17 trillion, according to NBS data.