By Michael Eboh

Nigeria spent N1.713 trillion on importation of Premium Motor Spirit, also known as petrol, in 2019, representing 42 percent decline from N2.95 trillion spent in 2018.

National Bureau of Statistics, NBS, disclosed this in its Foreign Trade Statistics for the Fourth Quarter of 2019.
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.

The report noted that total imports of goods stood at N16.96 trillion, about 28.8 per cent increase from N13.17 trillion recorded in 2018.

READ ALSO: Nigeria spent N1.7trn to import fuel in 2019

The NBS disclosed that Europe remained Nigeria’s major trading partner in 2019, with N7.62 trillion, followed by Asia and Africa, with N5.42 trillion and N3.92 trillion, while Nigeria’s trading with Oceania stood at N183 billion.
India emerged Nigeria’s highest trading partner in 2019 with N2.96 trillion; followed by the ECOWAS sub-region with N2.24 trillion; Spain N1.9 trillion and United States N1.01 trillion.

The NBS added that, “On an annual basis, the value of total trade in 2019 was recorded at N36.152 trillion, representing a 14.05 per cent increase over 2018. However, this was lower than 36.86 per cent increase recorded in 2018 over 2017.

“The level of imports stood at N16.959 trillion while exports were valued at N19.192 trillion, resulting in a trade balance of N2.232 trillion. Imports rose by 28.8 per cent in 2019 over 2018, exports rose by only 3.6 per cent, while the trade balance was 58.4 per cent less than in 2018.”

Specifically, for fourth-quarter 2019, the NBS stated that “The value of Nigeria’s total trade stood at N10.12 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.

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