Nigeria’s petrol import bill hits N3.2tr

The value of Nigeria’s import of petrol in the second quarter of 2024 rose to N3.22 trillion, the highest on record in the country’s history.

This was disclosed in the foreign trade report published by the National Bureau of Statistics (NBS).

In the second quarter of 2024, the importation of petrol made up 25% of total imports during the period.

In the first quarter of 2024, the N3.2 trillion petrol import bill marks a 100% rise in the value of petrol imports compared to the same period in 2023, which was N1.6 trillion.

So far, in the first quarter of 2024, the value of petrol imports reached N2.6 trillion, while cumulatively, the country’s petrol import bill stood at N5.8 trillion in the first six months of 2024.

When compared to the same period in 2023, the country’s petrol import bill has increased from N3.1 trillion to N5.8 trillion, indicating an increase of 87.09% during the period.

It could be said that the significant increase in petrol imports is a result of high crude oil prices coupled with a weakened naira.

The naira opened the year exchanging at N907 to the dollar. It has depreciated by about 44.43% against the dollar, currently trading at over N1,550.

The increase in petrol imports comes following the commencement of petrol from the $20 billion Dangote Refinery in Lekki, Lagos State, after many delays and postponements of operations.

However, the commencement of refining and the onward supply of petrol by the Dangote refinery to the Nigerian market has encountered an obstacle over the pricing of its product.