The amount of money spent on importing petroleum products into Nigeria in 2020 is $ 43.46 billion more than the country’s revenue from exporting petroleum products in the same year.
In its 2021 report on the latest values of petroleum exports and imports of member countries of the Organization of the Petroleum Exporting Countries (OPEC), Nigeria exported $ 27.73 billion worth of petroleum products in 2020.
He also revealed that the value of the country’s oil imports in 2020 was $ 71.285 billion, indicating that Nigeria’s oil imports exceeded its exports by $ 43.56 billion during the period under review.
Further analysis of the latest OPEC oil import and export figures showed that Nigeria’s imports of petroleum products have consistently exceeded the country’s exports for five years.
Although Nigeria is a major producer of crude oil and gas, the country relies heavily on imported petroleum products that are refined in foreign countries.
Indeed, the Nigerian refineries remained dormant for several years, despite the repeated maintenance carried out by successive governments on the installations.
It was reported in August this year that foreign refineries were processing crude oil worth 2.39 trillion naira to ensure the domestic supply of refined petroleum products to Nigeria.
The report said figures obtained from the Nigerian Nigerian National Petroleum Corporation showed that 2.39 trillion naira crude oil was processed over a 13-month period.
He said foreign refiners processed 145.86 million barrels of oil for Nigeria between March 2020 and March 2021, as this was due to the non-functional state of Nigerian refineries located in Warri, Port Harcourt and Kaduna.
OPEC figures therefore showed that the country had spent more than billions of dollars to import petroleum products than the amount of foreign exchange derived from sales of crude oil.