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

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

  • 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

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

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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.

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."


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