Nigeria Spends N719bn on Fuel Import in 3 Months

5 years ago | 58

First Bank
NIGERIA spent N719.425 billion on the importation of Premium Motor Spirit, PMS, fondly called petrol, and gas oil in the first quarter of 2017. National Bureau of Statistics, NBS, in its Foreign Trade Statistics Report for the First Quarter of 2017, stated that N507.94 billion was spent on the importation of PMS, while gas oil import cost the country N211.487 billion in the period under review. The amount spent on the importation of PMS and gas oil represented 22.21 percent and 9.25 percent of total imports for the period respectively. Also, the report stated that the country spent N16.032 billion on lubricating oils to be mixed, representing 0.70 percent of total imports for the period under review. On the other hand, the NBS declared that Nigeria earned N2.823 trillion from the export of petroleum products in the period under review, accounting for 93.93 percent of Nigeria’s total export. Specifically, crude oil export fetched N2.377 trillion for the country, representing 79.07 percent of total exports, while the country earned N372.44 billion from the export of Liquefied Natural Gas, LNG, representing 12.39 per cent of total export. The report also stated that the country exported Liquefied Petroleum Gas, LPG, valued at N28.565 billion, representing 0.95 percent of total export; other petroleum gases export stood at N30.318 billion, representing 1.01 percent of total export. The NBS report added that Nigeria earned N8.152 billion and N7.2 billion, representing 0.27 per cent and 0.24 per cent of total export from the export of liquefied butanes and liquefied propane respectively. —  Jun 26, 2017 @ 01:00 GMT  

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