Nigeria’s Petrol Imports Hit Record N3.22 Trillion in Q2 2024

Nigeria’s importation of Premium Motor Spirit (PMS), commonly known as petrol, reached an unprecedented N3.22 trillion in the second quarter of 2024, the highest figure ever recorded in the nation’s history.

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

Petrol imports accounted for 25% of Nigeria’s total imports in the second quarter of 2024. Additionally, the N3.22 trillion spent on petrol during this period represents a 100% increase compared to the same quarter in 2023, when the value stood at N1.6 trillion.

In the first quarter of 2024, Nigeria’s petrol import bill amounted to N2.6 trillion, bringing the cumulative total for the first half of the year to N5.8 trillion.

Comparing this to the same period in 2023, the country’s petrol import bill rose from N3.1 trillion to N5.8 trillion, marking an 87.09% increase over the year.

The sharp rise in petrol imports is attributed to soaring crude oil prices combined with a weakened naira. At the beginning of the year, the naira traded at N907 to the US dollar but has since depreciated by about 44.43%, currently trading at over N1,550 to the dollar.

This increase occurs despite the naira once being considered the world’s best-performing currency around April 2024, amidst significant volatility in the foreign exchange market.

The surge in petrol imports coincides with the commencement of operations at the $20 billion Dangote refinery in Lekki, Lagos State, following several delays and postponements.