Nigeria spent N1.713 trillion on importation of Premium Motor Spirit, also known as petrol, in 2019, representing 42% decline from N2.95 trn spent in 2018. National Bureau of Statistics, NBS, disclosed this in its Foreign Trade Statistics for the 4th Quarter of 2019.

According to the NBS data, fuel import accounted for 10.1% of Nigeria’s total import in 2019, compared to 22.4% recorded in 2018. In addition, the report noted that PMS import accounted for 66.9% of the total of N2.56 trn spent on fuels and lubricants.

The report noted that total imports of goods stood at N16.96 trn, about 28.8% increase from N13.17 trn recorded in 2018. The NBS disclosed that Europe remained Nigeria’s major trading partner in 2019, with N7.62 trn, followed by Asia and Africa, with N5.42 trn and N3.92 trn, while Nigeria’s trading with Oceania stood at N183 billion.

India emerged Nigeria’s highest trading partner in 2019 with N2.96 trn; followed by the ECOWAS sub-region with N2.24 trn; Spain N1.9 trn and United States N1.01 trn. The NBS added that, “On an annual basis, the value of total trade in 2019 was recorded at N36.152 trn, representing a 14.05% increase over 2018. However, this was lower than 36.86% increase recorded in 2018 over 2017.

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

Specifically, for Q4-2019, the NBS stated that “The value of Nigeria’s total trade stood at N10.12 trn in 4th quarter 2019, representing a 10.15% increase over the value recorded in Q3-2019 and 25.9% increase relative to Q4-2018.

SOURCE: https://www.vanguardngr.com/2020/03/nigerias-fuel-import-drops-by-42-to-n1-7trn-in-2019/

B

Less cars, less Generators due to stable electricity or less corruption/diversion of vessels?

Everybody say i heard!

so what happened? the criminals repented or what? maybe stats is not accurate.