Nigeria’s total import from Malta rose was N766.81 billion in the third quarter of 2024, according to an analysis of the foreign trade statistics reports released by the National Bureau of Statistics (NBS).
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, following an accusation by Aliko Dangote, chairman of Dangote Industries Limited, against Nigerian National Petroleum Company Limited (NNPCL).
Nairametrics observed that there was no record of import from Malta in the first and second quarters of 2024.
However, by the Q3 2024, the import from this country accounted for 5.23% of Nigeria’s total import of N14.67 trillion.
Malta was Nigeria’s fifth largest import trading partner in this quarter, according to the NBS.
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.”
Highest import from Malta on record
Nairametrics further observed that the figure recorded in Q3 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.
- Nairametrics earlier reported that Nigeria’s total import from Malta rose from zero to about N1.03 trillion in 2023, according to an analysis of the foreign trade statistics reports released by the NBS.
- A cursory 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.
Nairametrics further observed that the import from Malta was 8.41% of the total import from Europe, which was about N12.25 trillion in 2023.
In the first quarter of 2023, Nigeria’s imports from Malta recorded a value of zero, representing 0% of the total imports for that period. This lack of imports set a stark contrast for the subsequent quarters.
By the second quarter, import from Malta was N181.55 billion, accounting for 3.17% of Nigeria’s total imports for the period.
- The upward trend continued into Q3 2023, with imports from Malta soaring to N561.37 billion, representing a 6.64% share of the total imports for the quarter, showcasing a significant increase of 209.20% when compared to the previous quarter.
- However, by Q4 2023, there was a sharp decline in the value of imports from Malta. The imports dropped by 48.01% to N291.98 billion, contributing to only 2.07% of Nigeria’s total imports for the quarter.
- Since there was no import from Malta in the first quarter of 2023, it likely means that importation from this Southern European country started in Q2 to Q4 2023.
For these three quarters, Nigeria’s total imports was N29.45 trillion, which further suggest that the percentage of imports from Malta was about 3.5% of total imports within that period.
What you should know
The unexpected spike in imports from Malta, a country not typically known for its prominence in global oil markets, caused a stir and spurred speculation.
- Aliko Dangote, chairman of Dangote Industries Limited, 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.
- In response to these claims, Mele Kyari, the group chief executive officer of NNPCL, 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. Kyari asserted that the blending plant in Malta, or any similar facility worldwide, has no impact on NNPCL’s operations or strategic decisions. (Nairametrics)
