December 10, 2024
Reports released by the National Bureau of Statistics(NBS) has shown that Nigeria’s total import from Malta increased to N766.81 billion in the third quarter of 2024, according to an analysis of the foreign trade (NBS).
According to a report by Niarametrics, although the specific product imported from Malta was not disclosed by the NBS, there were earlier controversies on the sudden increase in Nigeria’s import from the small Southern European country
However, there was an accusation by chairman of Dangote Industries Limited, Aliko Dangote, against Nigerian National Petroleum Company Limited, NNPCL, over alleged importation of petroleum products from Malta.
While it was observed that there was no record of import from Malta in the first and second quarters of 2024 but by the Q3 the import from the country accounted for 5.23% of Nigeria’s total import of N14.67 trillion.
NBS report indicates that Malta was Nigeria’s fifth largest import trading partner in this quarter.
The report read, “Analysis by trading partners reveals that imports from China were valued at N3,574.79 billion, representing 24.36% of total imports. This was followed by imports from India with N1,662.68 billion (11.33% of total imports), Belgium with imports valued at N1,632.89 billion or 11.13% of total imports, United States of America with goods valued at N1,024.44 billion (6.98% of total imports) and goods from Malta valued at N766.81 billion or 5.23% of total imports.”
READ MORE; NBS Report Says Nigeria Spent N5.14tn On Mineral Fuels Import In Q3 of 2024
It was further observed that the figure recorded in the third quarter of 2024 is the highest value of import from Malta on record.
The N766.81 billion recorded in only Q3 2024 is 74.1% of the total imports from Malta recorded in three quarters of 2023.
However, this may be largely due to naira devaluation, which has increased the value of imports in naira terms.
According to an earlier analysis of the foreign trade statistics reports released by the NBS, Nigeria’s total import from Malta rose from zero to about N1.03 trillion in 2023,
A critical review of the NBS reports show that Nigeria’s total import for 2023 was N35.92 trillion, which indicates that about 2.87% of Nigeria’s total imports were from Malta, despite no record of any international trade between the two countries in 2022.
It was also observed that the import from Malta was 8.41% of the total import from Europe, which was about N12.25 trillion in 2023.
Chairman of Dangote Industries Limited, Aliko Dangote, had alleged that personnel from the Nigerian National Petroleum Company Limited (NNPCL), along with oil traders and terminal operators, have established a blending facility in Malta.
This plant, which lacks refining capabilities, produces finished motor gasoline by blending oxygenates with motor gasoline and other components.
Dangote publicly accused the owners of the Malta blending plant of undermining Nigeria’s oil production potential.
Although the group chief executive officer of NNPCL, Mele Kyari, had categorically denied any association with the blending plant, except for a minor local agricultural venture, he also dismissed any knowledge of NNPCL employees being involved in such activities.
