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China, Belgium, India Lead List of Top Nigeria Import Sources As Petrol Alone Costs Over N5 trillion
Energy

China, Belgium, India Lead List of Top Nigeria Import Sources As Petrol Alone Costs Over N5 trillion

by  Dave Ibemere 2 min read
  • A new report has revealed that the Nigerian government spent over N5 trillion importing petrol into the country
  • The fuel was imported from different countries around the world which, include Belgium
  • Petrol import is part of the trillions Nigerians spent bringing goods from India, and China, among others

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The National Bureau of Statistics (NBS) has revealed that a total of N25.59 trillion was spent by Nigerians and the government to import goods from around the world.

Out of this amount, petrol import cost N5.2 trillion in 2022, the highest in six years.

NBS disclosed this in its foreign trade report for the fourth quarter published on its website.

Foreign trade
Snapshot of Nigeria's foreign trade movement Photo credit: NBS
Source: Facebook

Petrol import breakdown over the years

Nigeria wholly depends on fuel imports to meet its energy needs, resulting in significant expenses to procure these products as refineries in the country remained in disrepair for many years

Read also

Nigeria sold N21tn worth of crude oil in 2022, with US and India among the biggest customers

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NBS revealed that petrol accounted for 25.54%, 17.46%, 21.18%, and 29.06% of all imports in Q1, Q2, Q3, and Q4 of 2022, respectively.

Nigeria's petrol import in five years

  • N3.9 trillion in 2021
  • N1.9 trillion in 2020
  • N1.7 trillion in 2019
  • N2.1 trillion in 2018
  • N1.7 trillion in 2017

List of countries from which Nigeria Importing from the most in the fourth quarter of 2022

  • China- N1.35trn
  • Belgium- N585.62bn
  • India - N368.94bn
  • Netherlands - N365,278,263,921.00
  • United States- N319.22bn
  • United Arab Emirates- N198.52bn
  • Malaysia- N181.27bn
  • Korea, South- N180.14bn
  • France- N175.51bn
  • Norway - N146.72bn

Nigeria loses 80% of oil production to theft - Pastor Adeboye

Meanwhile, in another report, Pastor Enoch Adeboye of the Redeemed Christian Church of God (RCCG) recently claimed that 80% of the country’s oil production is lost to theft.

Read also

Delta State earns highest as oil-producing states share N970.20 billion in 2022

The revered cleric added also that 90% of oil revenue is used to service debt in Nigeria.

His words:

“More than 80 per cent of all the oil we are producing is been stolen and nobody has denied it, it came from the government."

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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