The National Bureau of Statistics (NBS) has said the value of Nigeria’s importation of petroleum products reduced to N3.786 trillion in the first quarter (Q1) of 2025.
In its ‘Foreign Trade in Goods Statistics for Q1 2025’, NBA stated that the decline represents a 21.21 percent decline from N4.805 trillion recorded in the fourth quarter (Q4) of 2024.
According to the NBS, petroleum products’ importation also dropped by 75.55 percent from N15.48 trillion in the first quarter (Q1) of 2024.
The decline is coming in the face of increased production by refineries in the country, including the 650,000 barrels-per-day Dangote refinery.
The bureau noted that crude oil exports fell to N12.95 trillion in the same quarter, a 16.35 percent drop from N15.48 trillion in the period under consideration
“Other oil product exports in Q1 2025 stood at N4,475.58 billion, showing an increase of 134.24% rise from N1,910.71 billion in Q1 2024 and as well as increase of 32.07% from N3,388.80 billion in Q4, 2024,” the NBS said.
“Exports of agricultural goods in the period under review amounted to N1,704.15 billion representing a 64.65% rise from N1,035.02 billion in Q1 2024 and a 10.63% increase from N1,540.46 billion in Q4 2024.
“The value of raw material exports in Q1 2025 stood at N1,044.59 billion, representing a rise of 196.12% from N352.75 billion in Q1 2024 and 55.65% from N671.12 billion in Q4, 2024.”
