N3.3Trillion In Refined Petroleum Imported In Q4 2024 - NBS

A review of foreign trade statistics released by the National Bureau of Statistics (NBS) confirms this trend.

Despite the touted functionality of local refineries in Nigeria, the country continues to import refined petroleum in increasing quantities. 

A review of foreign trade statistics released by the National Bureau of Statistics (NBS) confirms this trend.

According to the NBS document, as of the fourth quarter of 2023 (October to December 2023), the value of imported motor spirit (ordinary) or petrol stood at N1.807 trillion.

Between October and December 2024, the total value of imported refined petroleum increased to N3.303 trillion, representing an additional N1.496 trillion spent on refined petroleum imports in the last quarter of 2024 compared to the same period in 2023. 

This figure is also higher than the amount spent in previous years. In the last quarter of 2022, N1.558 trillion was spent on refined petroleum imports, while N1.443 trillion was recorded in the last quarter of 2021. In the fourth quarter of 2019, the country spent N574.8 billion on refined petroleum importation.

In November 2024, the Nigerian National Petroleum Company Limited (NNPCL) announced that its Port Harcourt Refinery in Rivers State had commenced crude oil processing. This announcement was made by the company’s Chief Corporate Communications Officer, Femi Soneye, who revealed that the refinery would operate at 60% capacity, processing 60,000 barrels per day (bpd).

 

“Port Harcourt Refinery Begins Production; Truck Loading Starts Today, Tuesday,” he announced via X (formerly Twitter).