Malta Takes Stand In The List Of Nigeria’s Major Import Trading Partners In Q3 2024 – NBS
Malta Maintains Stand In The List Of Nigeria’s Major Import Trading Partners In Q3 2024 – NBS
Malta, the tiny European island country in the Mediterranean Sea, off the Italian coast, was among Nigeria’s top five trading countries in terms of import in the third quarter of the year (Q3 2924), according to data from the National Bureau of Statistics (NBS).
The NBS which showed this in its Foreign Trade in Goods Statistics report released on Friday, December 6, listed China, India, Belgium, United States and Malta in the league of top 5 countries of origin in Nigeria’s import trade.
The countries accounted for 24.36 percent, 11.33 percent, 11.13 percent, 6.98 percent and 5.23 percent of total imports for the quarter, respectively.
The featuring of Malta in Nigeria’s trading merchandise reports came into prominence in July 2024, when the founder of the Dangote Petroleum Refinery, Alhaji Aliko Dangote, alleged that some officials of the Nigerian National Petroleum Company Limited (NPPCL) have blending plants in Malta from where they shipped substandard petrol to Nigeria.
The allegation came on the heels of attempts by some government officials to demarket Dangote Refinery, which prompted the billionaire businessman to fire back, leading to media outlets priming into the Malta affair.
Indications thereafter emerged that Nigeria imported fuel worth $2.25 billion from the small foreign country in nine years. Amid the crisis surrounding his $20 billion refinery, Dangote had said, “Regarding some of the terminals, some of the NNPC people and some traders have opened blending plants somewhere off Malta. We all know these areas. We know what they are doing.”
According to information on Trade Map, Nigeria imported petroleum oils obtained from bituminous minerals worth $2.8 billion in 2023, jumping by a 342 percent increase from $47.5 million in 2013.
Furthermore, Nigeria imported fuel worth $59.98 million in 2014; $117.01 million in 2015 and $13.32 million in 2016.
It was also observed that from 2017 to 2022, there was no fuel importation into Nigeria from Malta. However, there was a geometric leap in 2023 when Nigeria imported fuel worth $2.08 billion from Malta.
But the Group Chief Executive Officer of the NNPC, Mele Kyari, denied owning a blending plant outside Nigeria. He also said he was not aware of any employee of the NNPC that owned or operated a blending plant in Malta or anywhere else in the world.
In the latest foreign trade in statistics report, the NBS revealed that Nigeria’s total merchandise trade stood at N35.16 trillion in Q3, 2024. This represents an increase of 81.35 percent, compared to the value recorded in the corresponding period of 2023 and a rise of 13.26 percent over the value recorded in the preceding quarter.
In the quarter under review, exports accounted for 58.27 percent of total trade with a value of N20.48 trillion. This showed an increase of 98.00 percent rise over the value recorded in the third quarter of 2023 (N10.34 trillion) and 16.76 percent, compared to the value recorded in Q2 2024 (N17.54 trillion).
Nigeria’s exports trade continued to be dominated by crude oil exports, in the third quarter of 2024. Crude oil export was valued at N13.40 trillion, representing 65.44 percent of total exports. In that growth trajectory, the value of non-crude oil exports stood at N7.08 trillion accounting for 34.56 percent of total exports; of which non-oil products contributed N2.5 trillion or 12.21 percent of total exports.
On the other hand, the share of imports accounted for 41.73 percent of total trade in Q3 2024 with the value of imports amounting to N14.67 trillion in Q3, 2024.
This value indicates an increase of 62.30 percent, compared to the value recorded in Q3 2023 (N9.04 trillion) and 8.71 percent over the value recorded in Q2 2024 (N13.49 trillion).
The merchandise trade balance for Q3 2024 remained positive at N5.81 trillion, indicating an increase of 43.60 percent compared to the value recorded in the preceding quarter.
The value of total imports stood at ₦14,67 trillion in the quarter under review, representing a rise of 62.30 percent from the value recorded in the corresponding quarter of 2023 (₦9.04 trillion) and increased by 8.71 percent compared with the value recorded in Q2, 2024 (₦13.49 trillion).
“China remains Nigeria’s highest trading partner on the import side in the third quarter of 2024, followed by India, Belgium, United States of America and Malta.
“The most traded commodities imported during the quarter were Motor spirit ordinary, Gas oil, Durum wheat, Cane sugar meant for sugar refinery and Used Vehicles, with diesel or semidiesel engine, of cylinder capacity >2500cc,” the report stated.
The boom in Nigeria’s merchandise trade is attributed majorly to the devaluation of the naira which crashed from N467 to a dollar on June 13, 2023 a day before the floating of the Naira, to N1,535 to a dollar on the official window on Friday, December 6, 2024.
