Details released by the National Bureau of Statistics have shown that Nigeria has spent a total of N1.506 trillion to import Motor Spirit, otherwise known as Petroleum in the first quarter of 2022.

The figure represents the highest spent on fuel imports in the last four quarters between Q2, 2021 and Q1, 2022.

As of Q4, 2021, petroleum importation took 24.31% of Nigeria’s total imports, up from 12.91% recorded in Q3 2021 and 11.26% recorded in Q2 2021.

The share of petrol imports in Q1 2022, is also the highest of the last four quarters from Q2, 2021 to Q1, 2022. Petroleum imports took 25.54% of Nigeria’s total imports as of Q1, 2022.

Despite the increased amount spent on importing petroleum, Nigerians have continued to experience intermittent petrol scarcity especially in the Federal Capital. Today, long queues are still commonplace in the FCT.

Dataphyte reports had highlighted how Nigerians suffer hardship and long queues to get petroleum and fuel scarcity also has been blamed in part for Nigeria’s rising inflation.


Although, the increasing cost of petroleum imports may have been influenced by rising price of crude oil globally, Nigeria’s continual importation of petroleum has been condemned as having negative effects on its economy.

Going by Nigeria’s estimated daily consumption, put at 65.7 million litres and if the figure has not changed, it would mean that a total of 5.902 billion litres of petroleum was consumed by Nigerians in the first quarter of 2022. With the import bill of N1.506 trillion then the country paid an average of N301 per litre of imported fuel.

There have been repeated calls for Nigeria to revive its refineries and enable local refining of its crude oil, so as to reduce the burden of petroleum products importation.

cc: seun, onila, farano, prettythicksme, mynd44, lalasticlala

Source: https://www.dataphyte.com/latest-reports/extractive/oil-and-gas/nigerias-petroleum-imports-in-q1-2022-is-highest-in-last-four-quarters-amid-scarcity/

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