Nigeria spent N5.22trn on fuel import in 2022

Ike Amos

Dublin, Ireland — Nigeria continues to reel under the hardship brought upon its economy and citizens as a result of its failure to fix its non-functioning refineries, as the country spent N5.217 trillion on the import of Premium Motor Spirit (PMS), also known as petrol, in 2022, according to latest data released by the National Bureau of Statistics (NBS).

The NBS reported that the amount spent on petrol import in 2022 was 14.31 per cent higher than the N4.564 trillion the country spent on the importation of the commodity in 2021.

Giving a breakdown of the commodity import, the NBS noted that in the first and second quarter of 2022, the country spent N1.507 trillion and N948.758 billion on fuel import, respectively, while N1.2 trillion and N1.558 trillion worth of petrol was imported in the third and fourth quarter of 2022, respectively.

Cumulatively, the NBS disclosed that total petrol and lubricants import stood at N10.002 trillion in 2022, rising by 57.76 per cent compared with N6.34 trillion recorded in 2021.

The amount spent on petrol import in 2022 was equivalent to 30.51 per cent of the country’s N17.1 trillion budget in the same year, and 23.91 per cent of the 2021 budget of N21.8 trillion.

In general, the statistics agency stated that the total import in 2022 stood at N25.591 trillion, as against N20.844 trillion in 2021, and accounted for 48.85 per cent of total trade of N52.387 trillion recorded in the year under review.

On the other hand, total export for 2022 stood at N26.797 trillion, accounting for 51.15 per cent of total trade recorded in the year.

In its analysis of trade in the fourth quarter of 2022, the NBS said: “In the fourth quarter of 2022, Nigeria’s total trade stood at N11.722 trillion of which total exports stood at N6.359 trillion and total imports amounted to N5.363 billion. On an annual basis, total trade was N52.387 trillion, total imports amounted to N25.591 trillion, and total exports were recorded at N26.797 trillion.”

In addition, the NBS disclosed PMS was the country’s highest import 2022, in monetary terms, accounting for 29.06 per cent of total import, with N1.558 trillion; followed by gas oil, accounting for 4.11 per cent of the country’s total import, with N220.474 trillion; while kerosene imports gulped N52.562 billion, accounted for 0.98 per cent of total import, and ranked 6th most imported commodity in the year under review.

Furthermore, the statistical agency reported that the country spent N29.22 billion on the importation of other petroleum oils and N29.158 billion on the import of Polypropylene, each accounting for 0.54 per cent of the country’s total import, respectively, and ranking 14th and 15th most imported commodities, respectively.