Michael Eboh
Dublin, Ireland — Nigeria spent N3.221 trillion on the importation of premium motor spirit (PMS), also known as petrol, in the second quarter of 2024, rising by 99.2 per cent compared with the N1.617 trillion spent on the import of the commodity in the same period in 2023, according to latest data by the National Bureau of Statistics (NBS).
The NBS, in its Foreign Trade Statistics for the second quarter of 2024, reported that fuel import accounted for 25.83 per cent of the country’s total import valued at N12.474 trillion, making it rank as the country’s highest import in the period under review.
The statistics agency revealed that majority of the petrol imported into the country in the second quarter of 2024 was sourced from Belgium, with the commodity valued at N1.681 trillion imported from the European country.
Fuel import from the Netherlands in the second quarter of 2024, according to the NBS report, was valued at N357.523 billion; while fuel import from the United States was valued at N93.315 billion.
In its analysis of trade in the period under review, the NBS stated that the value of total imports stood at N12.474 trillion in the second quarter of 2024, representing a decrease of 10.71 per cent compared with N13.971 trillion recorded in the first quarter of 2024, and a rise of 97.93 per cent from N6.302 trillion recorded in the corresponding quarter of 2023.
It noted that: “In the second quarter of 2024, China remains Nigeria’s highest trading partner on the import side, followed by Belgium, India, United States of America, and The Netherlands. The most traded commodities during the quarter were Motor spirit ordinary, Gas oil, Durum wheat, Butanes and Cane sugar meant for sugar refinery.
“In the second quarter of 2024, solid mineral imports were valued at N96.80 billion. This represents a 35.61 per cent increase from N71.38 billion in the first quarter of 2024 and a 206.08 per cent increase from N31.63 billion in the second quarter of 2023.
“In the reviewed quarter, the value of imported manufactured goods was N5.577 trillion, reflecting a 2.82 per cent decline from N5.738 trillion in the first quarter of 2024 and an 84.67 per cent rise from N3.019 trillion in the second quarter of 2023.
“The value of other oil products imports in the second quarter of 2024 stood at N4.425 trillion, showing a decrease of 23.34 per cent from N5.772 trillion in first quarter 2024 and a 98.64 per cent rise from N2.228 trillion in second quarter 2023.”
In general, the NBS reported that Nigeria’s total merchandise trade stood at N31.892 trillion in second quarter 2024, representing a decrease of 3.76 per cent over the value recorded in the preceding quarter and a rise of 150.39 per cent compared to the value recorded in the corresponding period of 2023.
It added that in the quarter under review, exports accounted for 60.89 per cent of total trade with a value of N19.419 trillion, showing a marginal increase of 1.31 per cent compared to N19.167 trillion recorded in first quarter 2024, and a 201.76 per cent increase rise over the N6.435 trillion recorded in the second quarter of 2023.
This article was originally posted at sweetcrudereports.com
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