Nigeria imported $2.8 billion worth of petroleum products from Malta in 2023, marking a 342 per cent increase from $47.5 million in 2013.
According to data from Trade Map, a global database on international trade statistics, import values fluctuated between 2013 and 2016, peaking at $117.01 million in 2015 before dropping significantly to $13.32 million in 2016.
However, from 2017-2022, Nigeria did not import any petrol products from Malta. In 2023, there was a huge leap in petroleum imports, reaching $2.08 billion. The dramatic increase in imports from Malta has caught many by surprise.
Data from the National Bureau of Statistics for the third quarter of 2023 revealed that Malta ranked among Nigeria’s top five import sources. In just that quarter, Nigeria imported goods worth ₦561.37 billion from Malta.
Petroleum products imports accounted for about 33 per cent of total imports of about N36trn in 2023, while PMS imports accounted for about 21 per cent of total imports.
Year
Petroleum import value
2013
$47.5 million
2014
$59.85 million
2015
$117.01 million
2016
$13.32 million
2017
NIL
2023
$2.08 billion
The recent development comes in the wake of allegations from Aliko Dangote, chairman of Dangote Industries Limited, that some personnel of Nigerian National Petroleum Company (NNPC) Limited, oil traders, and terminals have opened a blending plant in Malta.
“Some of the terminals, some of the NNPC people and some traders have opened blending plants somewhere off Malta. We all know these areas. We know what they are doing,” Dangote said.
Reacting to the accusation, Mele Kyari, Group Chief Executive Officer of NNPC, denied owning a blending plant or having any knowledge of NNPC employees being involved in such activities.
“To clarify the allegations regarding the blending plant, I do not own or operate any business directly or by proxy anywhere in the world except a local mini Agric venture,”
“Neither am I aware of any employee of the NNPC, that owns or operates a blending plant in Malta or anywhere else in the world”, Kyari said through his official X account on Tuesday.
In recent days, Dangote Refinery and the Nigerian Midstream and Downstream Petroleum Regulatory Authority have been entangled in a dispute.
Amidst the controversy, Africa’s richest man, Aliko Dangote, has expressed his willingness to transfer ownership of his $20 billion oil refinery to the state-owned energy company, NNPC Limited.
Source link : https://africa.businessinsider.com/local/markets/nigerias-petrol-imports-from-malta-soar-342-to-dollar208-billion-in-2023/8s5586f
Author :
Publish date : 2024-07-25 17:13:33
Copyright for syndicated content belongs to the linked Source.
