Petroleum Products Import Drop By N1.1tn In First Quarter—NBS
The National Bureau of Statistics (NBS) has reported a significant decline in Nigeria’s importation of petroleum products, with the total value dropping to ₦3.786tn in the first quarter of 2025.
According to its Foreign Trade in Goods Statistics for Q1 2025, this marks a 21.21 per cent decline from the ₦4.805tn recorded in Q4 2024 and a sharp 75.55 per cent drop from ₦15.48tn in Q1 2024.
The drop coincides with increased domestic output from refineries such as the 650,000 barrels-per-day Dangote refinery.
The NBS also reported that crude oil exports fell to ₦12.95tn in Q1 2025, down 16.35 per cent from ₦15.48tn recorded in Q1 2024 and 6.01 per cent from ₦13.78tn in Q4 2024.
“Other oil product exports in Q1 2025 stood at ₦4.47tn, showing an increase of 134.24 per cent rise from ₦1.91tn in Q1 2024 and as well as increase of 32.07 per cent from ₦3.388.8bn in Q4, 2024,” the NBS said.
The agency added that agricultural exports grew substantially during the period.
“Exports of agricultural goods in the period under review amounted to ₦1.7tn representing a 64.65 per cent rise from ₦1.035bn in Q1 2024 and a 10.63 per cent increase from ₦1.54bn in Q4 2024.”
The value of raw material exports also climbed in Q1 2025, reaching ₦1.04tn, a 196.12 per cent surge from ₦352.75bn in Q1 2024 and a 55.65 per cent increase from ₦671.12bn in Q4 2024.
However, solid mineral exports dropped by 7.17 per cent to ₦58.87bn, compared to ₦63.41bn in Q1 2024, and decreased by 3.03 per cent from ₦60.70bn in Q4 2024.
Petroleum Products Import Drop By N1.1tn In First Quarter—NBS is first published on The Whistler Newspaper
