Nigerians adore imported products.
A new report has revealed that the Nigerian government spent over N5 trillion importing petrol into the country.
Petrol was the most heavily imported product.
The National Bureau of Statistics (NBS) has revealed that a total of N25.59 trillion was spent by Nigerians and the government to import goods from around the world. Out of this amount, petrol import cost N5.2 trillion in 2022, the highest in six years. NBS disclosed this in its foreign trade report for the fourth quarter published on its website.
NBS revealed that petrol accounted for 25.54%, 17.46%, 21.18%, and 29.06% of all imports in Q1, Q2, Q3, and Q4 of 2022, respectively.
Nigeria's petrol import in five years
N3.9 trillion in 2021
N1.9 trillion in 2020
N1.7 trillion in 2019
N2.1 trillion in 2018
N1.7 trillion in 2017
Nigeria wholly depends on fuel imports to meet its energy needs, resulting in significant expenses to procure these products as refineries in the country remained in disrepair for many years.