Lagos — Newly released statistics by the Organization of the Petroleum Exporting Countries, OPEC, has shown that Nigeria’s value of petroleum products imports was more than its exports in 2018.
The report, Annual Statistics Bulletin, ASB 2019, stated that the value of exports of petroleum products by the country in 2018 amounted to $54,513 million.
While exports grew by $16, 530 million in 2018 from $37,983 million in 2017, no gain was made as the value of imports already override its exports.
According to ASB 2019, Nigeria’s value of petroleum products import in 2018 was $54, 645 million.
A recent statement by a state oil company, NNPC, said the country recorded a total export sale of crude oil and gas of $490.03million in February 2019 alone, which is 32.45 percent higher than the previous month’s sale.
According to the Monthly Financial and Operations Report, MFOR released in Abuja, crude oil export sales contributed $350.29million (71.48 percent) of the dollar transactions compared with $240.23million contribution in the previous month.
The report, the 43rd edition of the NNPC MFOR, explained that the export gas sales amounted to $139.74million in the month under review, stating that the February 2018 to February 2019 crude oil and gas transactions indicated that crude oil and gas worth of $5.94billion was exported.
However, the country does not refine its crude oil, rather spends huge money on importation of petroleum products for its over 200 million inhabitants. The country’s population grew 5.3 million within the space of one year alone, 2017-2018, according to OPEC’s ASB 2019.
Nigeria spent N2.582 trillion on fuel importation in nine months, from January to September 2018, rising by 12.9 percent from N2.289 trillion recorded in the first three quarters of 2017.
According to data obtained from the National Bureau of Statistics, NBS, Foreign Trade Statistics for the Third Quarter of 2018, Nigeria’s fuel import stood at N845.12 billion, N720.4 billion for the first and second quarters of 2018 respectively.
Other figures in the ASB 2019 showed that Nigeria made more money from exports of petroleum products within the space of five years in 2014 which amounted to $75, 196 million.
During the crude oil price crash which started in 2015, the country’s value of exports dropped to $41, 168 million, and got worse in 2016 as the country made a meager $27, 295 million.
However, the country did not gain as such, as its value of imports last year which amounted to $54, 645 million, was higher than its value of export of $54,513 million same year.
On the other hand, the country’s value of import in 2014 was $70,778 million, dropped to $52,525 million in 2015, further dropped to $46,552 million in 2016, $49,508 million in 2017, and shooting upwards to $56,645 million last year.