3 months ago
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Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.
Nigeria's petroleum imports from Malta have surged dramatically, increasing 43 times to $2.08 billion in 2023.
This spike occurs amid the ongoing conflict between the Dangote Group and the Nigerian National Petroleum Company (NNPC).
Source: UGC
According to Trade Map, a global trade statistics database, Nigeria's importation of petroleum oils and bituminous minerals amounted to $2.8 billion in 2023, marking a 342% rise from $47.5 million in 2013.
Between 2013 and 2016, the values of petroleum imports varied, peaking at $117.01 million in 2015 before plummeting to $13.32 million in 2016. From 2017 to 2022, there were no recorded petroleum imports from Malta.
However, in 2023, there was a significant surge, with imports soaring to $2.08 billion, marking a dramatic increase compared to previous years and the period with no imports.
The unexpected spike in imports from Malta, a relatively small entity in the global oil markets, has garnered attention and sparked speculation.
This follows claims by Aliko Dangote, chairman of Dangote Industries Limited, suggesting that certain Nigerian National Petroleum Company (NNPC) Limited personnel, along with oil traders and terminal operators, have established a blending plant in Malta.
In response to the allegations, Mele Kyari, the NNPC's group chief executive officer, refuted claims of owning a blending plant, stating that the company's only involvement was with a local mini-agriculture venture.
He also denied any knowledge of NNPC employees participating in such activities.
Source: Legit.ng
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