AVIATION FUEL: NIGERIA IMPORTS HIT N293bn IN THREE MONTHS
Bureau of Stastic says Nigeria has spent over N292.56 billion on the importation of aviation fuel, known as Jet A1 in the first three months of the year – January to March 202.
First Quarter of 2022, aviation fuel, accounted for 4.96 per cent of Nigeria’s total import of N5.9 trillion, with the commodity ranking the second most imported commodity in the country in the first quarter.
It added that aviation fuel import in the first quarter of 2022, represented a significant increase of 287.29 per cent compared to the N75.54 billion spent on its import in the fourth quarter of 2021.
According to the report,in the fourth quarter of 2021, jet fuel import was the sixth most imported commodity, accounting for 1.27 per cent of the period’s total import figure of N5.94 trillion.
There was no mention of jet fuel import in the foreign trade statistics of the NBS, despite the country recording total imports of N6.85 trillion for the period in the first quarter of last year,the report said.
Besides,the agency reported that the most notable import item in the period was Premium Motor Spirit (PMS), also known as petrol, which gulped N1.67 trillion of Nigeria’s import bill.
According to the agency, fuel import figure in the first quarter of this year,represented an increase of 15.97 per cent and 142.73 per cent, when compared to N1.44 trillion and N687.74 billion spent on the import of the same commodity in the fourth quarter of 2021 and first quarter of 2021, respectively.
It added : “The value of total imports in first quarter 2022 stood at N5.90 trillion, this decreased by 0.67 per cent when compared with the value recorded in the fourth quarter of 2021 (N5.94 trillion); but increased by 21.04 per cent compared to the value recorded in the corresponding quarter of 2021, which is N4.875 trillion.
“In terms of Imports, in the first quarter of 2022, China, The Netherlands, Belgium, India and the United States were the top five countries of origin of imports to Nigeria. The values of imports from the top five countries amounted to N3.44 trillion representing a share of 58.34 per cent of the total value of imports.“The commodity groups with the largest values among the top imported products were ‘Motor Spirit ordinary’ – N1.507 trillion), ‘Kerosene type jet fuel’ – N292.56 billion, and ‘Durum wheat (not in seeds)’ – N258.31 billion