Dublin, Ireland — Nigeria spent N782.458 billion on the importation of Premium Motor Spirit, PMS, also known as petrol, in the second quarter of 2021, according to data released by the National Bureau of Statistics, NBS.
The NBS, in its Foreign Trade Statistics for the Second Quarter of 2021, disclosed that the amount spent on fuel import was 362.3 per cent higher than the N169.256 billion spent on the importation of the same commodity into the country in the corresponding period of 2020.
In addition, the NBS noted that the second quarter 2021 fuel import bill was 13.77 per cent higher than the N687.74 billion spent on importing the commodity in the first quarter of 2021.
NBS further stated that in the second quarter of 2018, Nigeria imported PMS valued at N43.267 billion; while in the same period in 2019, it spent N575.282 billion.
The statistical agency noted that PMS remained Nigeria’s biggest import, accounting for 11.26 per cent of the country’s import; followed by wheat, which accounted for 4.67 per cent of total import, with N324.722 billion.
Used vehicles valued at N172.07 billion were imported into the country, accounting for 2.48 per cent of Nigeria’s total import, while gas oil import stood at N152.523 billion, representing 2.19 per cent of Nigeria’s total import.
The NBS also reported that Nigeria spent N74.11 billion, N68.78 billion and N62.62 billion, on the importation of polypropylene, lubricating oils and petroleum bitumen, respectively, representing 1.07 per cent, 0.99 per cent, and 0.90 per cent of the country’s total imports.
The statistical agency further stated that the bulk of Nigeria’s total import were from China, India, Netherlands, United States and Russia, with imports valued at N2.079 trillion, N570.01 billion, N557.15 billion, N526.92 billion and N284.36 billion, representing 29.91 per cent, 8.20 per cent, 8.02 per cent, 7.58 per cent and 4.09 per cent, respectively, of Nigeria’s total imports.
Generally, the NBS disclosed that: “During quarter 2, 2021 the total merchandise trade stood at N12.029 trillion, representing 23.28 per cent increase over the N9.758 trillion recorded in the first quarter of 2021 and 88.71 per cent increase compared to second quarter of 2020.
“This increase resulted from the sharp increase in export value during the quarter under review. The export component of this trade was valued at N5.079 trillion or 42.22 per cent of total trade, while the import was valued at N6.950 trillion or 57.78 per cent of total trade. The trade balance stood at a deficit of N1.871 trillion.”