Nigeria imported motor spirit ordinary, otherwise known as petrol worth N782.5 billion in the second quarter of 2021, representing a 799% year-on-year increase compared to N87.08 billion recorded in the corresponding period of 2020.
This is according to the recently released foreign trade report by the National Bureau of Statistics (NBS). The petrol import recorded is 14% higher than N687.74 billion recorded in the previous quarter, and also represents the highest petrol import value recorded since Q3 2018.
Recall that Nigeria’s foreign trade increased to N12.03 trillion in Q2 2021, from N9.76 trillion and N6.37 trillion recorded in Q1 2021 and Q2 2020 respectively. However, it recorded a trade deficit of N1.87 trillion in the period as imports (N6.95 trillion) surpassed export value of N5.08 trillion.