Nigeria spent N2.596 trillion to import 24.4 billion litres of petroleum products consumed in the country last year, a report released by the National Bureau of Statistics (NBS) has shown. Analysis of the NBS petroleum products imports statistics for the last quarter of 2016 released at the weekend showed that the country spent N2.019 trillion on petrol, N505.8 billion on diesel and N70.76 billion on kerosene imports last year.
Premium motor spirit (PMS) otherwise called petrol dominated the 24.42bn litres volume of petroleum product imported with 18.81bn litres. 4.89 billion litres of diesel was shipped into the country while 713.79 million litres of kerosene was imported in the year under review.
Fuel imports often account for around 16-20 percent of Nigeria’s total imports, according to NBS data, ranking among the world’s top 15 countries where fuel imports comprise large share of total imports, data sourced from World atlas showed.