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 National Bureau of Statistics (NBS).
This is as controversy continues to trail the sudden increase in Nigeria’s import from the small Southern European country, following recent accusation by Aliko Dangote, chairman of Dangote Industries Limited, against Nigerian National Petroleum Company (NNPC) Limited.
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.
What is the data saying
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 total import was N29.45 trillion, which further suggest that the percentage of import from Malta was about 3.5% of total import 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, has caused a stir and spurred speculation.
- Aliko Dangote, chairman of Dangote Industries Limited, alleged that personnel from the Nigerian National Petroleum Company (NNPC) Limited, 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 NNPC, categorically denied any association with the blending plant, except for a minor local agricultural venture.
- He also dismissed any knowledge of NNPC employees being involved in such activities. Kyari asserted that the blending plant in Malta, or any similar facility worldwide, has no impact on NNPC’s operations or strategic decisions.
Nevertheless, he pledged to take disciplinary action against any NNPC staff found to be involved in these allegations.
The NBS reports, however, did not specify the products imported from Malta. (Nairametrics)
