The NBS, in its Foreign Trade Statistics for the Fourth Quarter of 2015, stated that the amount spent on fuel import in 2015 represented an increase of 3.08 per cent or N37 billion when compared to the N1.202 trillion spent in the importation of fuel in 2014.
The 2015 figure also represented a 367.55 per cent increase or N974 billion higher than the 2013 fuel imports figure of N264.85 billion. Giving a breakdown of the 2015 figures on a quarterly basis, the NBS disclosed that in the first quarter of 2015, the country spent N288.871 billion on the importation of petrol, while in the second quarter, the country spent N389.257 billion.
In the third quarter, the NBS said the country spent N250.329 billion; while in the fourth quarter, N310.866 billion was expended in the importation of petrol, which the NBS termed mineral fuel. On a month-by-month basis, in the months of January to June, the country spent N49.2 billion; N105.973 billion; N133.697 billion; N139.237 billion; N133.793 billion and N116.227 billion respectively on the importation of petrol. For the months of July to December 2015, N134.14 billion, N85.451 billion, N30.737 billion, N68.083 billion, N120.519 billion and N122.263 billion respectively were spent on the importation of petrol.
Furthermore, the report explained that the bulk of Nigeria’s PMS and other products imports were from Asia, as it spent N2.833 trillion on imports from the continent. Europe followed on the chart, as Nigeria imported goods valued at N2.502 trillion; while it spent N871.275 billion on imports from the Americas, and total imports from Africa stood at N420.379 billion, with ECOWAS countries accounting for N213.768 billion of trade in the continent.
Further breakdown of imports from Asia showed that Nigeria’s imports from Japan, India and China stood at N89.74 billion, N408.572 and N1.567 trillion respectively. In the case of Europe, the NBS revealed that imports from Germany stood at N210.36 billion; United Kingdom (UK) accounted for N283.759 billion; Netherlands – N415.404 billion, while imports from Italy, France and Spain stood at N157.457 billion, N157.187 billion and N140.074 billion respectively.
In the Americas, Nigeria spent N581.996 billion, N49.725 billion and N171.462 billion on imports from United States of America (USA), Canada and Brazil respectively. In addition, data from the report also pointed out that the country’s import from countries in Oceania stood at N71.133 billion in 2015. However, the NBS stated: “The total value of Nigeria’s merchandise trade during the fourth quarter of 2015 stood at N3.653 trillion, 9.2 per cent lower than the value of N4.021 trillion recorded in the preceding quarter.
For the 2015 calendar year, the country’s total trade was recorded at N16.427 trillion, amounting to N7.252 trillion or 30.6 per cent less than the total trade value recorded for 2014. “This development arose largely due to sharp decline in the value of exports; from N16.304 trillion in 2014 to N9.729 trillion in 2015, a decline of 40.3 per cent. A decrease of N676.4 billion or 9.2 per cent in the total imports in 2015 helped to mitigate the declining trade balance, which stood at N3.031 trillion, N5.899 trillion less than the value in 2014.
“The crude oil component of total trade decreased by N4.946 trillion or 41.6 per cent as against the level recorded in 2014. The value of Nigeria’s imports stood at N1.576 trillion at the end of fourth quarter 2015. This was 6.6 per cent less than the value (N1.688 trillion) recorded in the preceding quarter.
Comparison with the corresponding quarter of 2014, showed a decrease of N454.6 billion or 22.4 per cent.”