Value of Nigeria’s Petroleum Imports Hit $264.57bn in Five Years

The Organisation of the Petroleum Exporting Countries (OPEC) has said Africa’s largest exporter of crude oil, Nigeria, spent more on petroleum imports than its generated from exports in five years.

The oil cartel, in its latest 2020 OPEC Annual Statistical Bulletin, said the value of petroleum imports into Nigeria stood at $264.57 billion between 2015 and 2019 while the nation exported $206.07 billion during the same period. Representing a deficit of $58.5 billion.

Nigeria has been struggling with dilapidated oil refineries despite billions of dollars spent on maintenance every year. Lack of adequate refineries to meet the nation’s daily demand of over 52 million litres of petrol per day has forced the nation to dedicate a substantial part of its limited foreign reserves to petroleum importation.

According to the OPEC report, Nigeria exported petroleum worth of $41.17 billion in 2015.

This dropped to $27.29 billion and $37.98 billion worth of petroleum exports in 2016 and 2017, respectively.

In 2018 and 2019, Nigeria exported petroleum valued at $54.51 billion and $45.12 billion, respectively.

On imports, the oil cartel said the country imported $53.53 billion, $46.55 billion and $49.51 billion worth of petroleum in 2015, 2016 and 2017, respectively.

The value of petroleum imports improved in 2018 and 2019 to $57.23 billion and $58.75 billion, respectively.

OPEC, however, said Africa’s largest producer of crude oil produced 33.87 billion barrels in 2019. A daily production rate of 1.74 million barrels.