Abuja — Nigeria spent N574.88 billion on fuel importation in three months, in the fourth quarter of 2019, according to data obtained from the National Bureau of Statistics, NBS.
The NBS, in its Foreign Trade Statistics for the Fourth Quarter of 2019 disclosed that fuel import alone accounted for 10.75 per cent of Nigeria’s total import in the fourth of 2019.
It added that the country also spent N149.27 billion on the importation of gas oil, accounting for 2.79 per cent of total import in the period under review and N67.48 billion on the import of kerosene type jet fuel, accounting for 1.26 per cent of total imports in the fourth quarter.
The report declared that India emerged Nigeria’s highest import destination with N1.207 trillion trade; followed by China and the United States, with N1.096 trillion and N484.34 billion respectively.
Netherlands, Belgium, United Arab Emirates and France followed on the import chart with N460.58 billion, N308.3 billion, N302.51 billion and N149.18 billion respectively; while Germany, United Kingdom and South Korea accounted for N133.48 billion, N111.28 billion and N93.75 billion of Nigeria’s import respectively.
Specifically, for fourth quarter 2019, the NBS stated that the value of Nigeria’s total trade stood at N10.120 trillion in fourth quarter 2019, representing a 10.15 per cent increase over the value recorded in third quarter 2019 and 25.9 per cent increase relative to fourth quarter 2018.
The NBS said, “The value of the export component (N4.771 trillion) fell by 9.79 per cent against third quarter 2019 but rose by 7.06 per cent when compared with the corresponding quarter in 2018.
“On the other hand, the import component (valued at N5.349 trillion) increased by 37.20 per cent in fourth quarter against third quarter 2019 and 49.34 per cent against fourth quarter 2018.
“The faster increase in imports resulted in a negative trade balance of N579.06 billion during the quarter under review, the first since mid-2016.”
Cumulatively, the NBS report stated that Nigeria spent N1.713 trillion on the importation of Premium Motor Spirit in 2019.
The NBS revealed that the amount the country spent on fuel import in 2019 declined by 41.9 per cent from N2.95 trillion spent on the import of the commodity in 2018.
According to the NBS data, fuel import accounted for 10.1 per cent of Nigeria’s total import in 2019, compared to 22.4 per cent recorded in 2018.
In addition, the report noted that PMS import accounted for 66.9 per cent of the total of N2.56 trillion spent on fuels and lubricants.