Business

Petrol Import Jumps By 88% In 12 Months, Hits N3.97tn –Report

Published

4 years ago

March 26, 2022

Editor

The value of imported Premium Motor Spirit, also known as petrol, jumped by 88.15 per cent to N3.97tn in 2021, data obtained from the National Bureau of Statistics have revealed.

The NBS report shows that the value of petrol import rose by N1.86tn or 88.15 per cent higher than the N2.11tn worth of PMS imported in 2020.

The Nigerian National Petroleum Corporation is the sole importer of petrol into the country in recent years. Private marketers are yet to resume petrol importation due to a lack of full deregulation of petrol prices and access to foreign exchange at the official rate.

The NBS report further revealed that PMS, used vehicles and durum wheat topped the list of items imported by Nigeria in 2021, jointly accounting for 28.9 per cent of the total import bill recorded in the year under review.

Following the war between Russia and Ukraine, the prices of crude oil have increased significantly in the global market, which has also affected the landing cost of petrol, indicating that Nigeria will spend more this year.

According to the NBS report, Nigeria imported goods worth over N20.84tn in 2021, indicating an increase of 64 per cent compared to the N12.7tn recorded in the preceding year.

This is also the highest import bill recorded by Nigeria, based on available data.

Nigeria recorded a 58 per cent surge in total international trade to N39.75tn in 2021 from N25.22tn recorded in the previous year.

However, the significant surge in import bills led to a trade deficit of N1.94tn, further placing Nigeria as a net importing nation.

A further breakdown of the report indicated that Nigeria exported crude oil worth N14.41tn in 2021, which represents a 53 per cent increase compared to the N9.44tn recorded in 2020, while also accounting for 76 per cent of Nigeria’s total export earnings.

A sum of N1.29tn was spent on Nigeria’s importation of durum wheat in 2021, which accounts for 6.2 per cent of the total import bill in the year under review, and the second most imported item by value.

According to the Central Bank of Nigeria, wheat is the third most widely consumed grain in the country after maize and rice.

Nigeria imported used vehicles worth N770.13bn in 2021, representing 3.7 per cent of the total import bill recorded in the year under review.

According to the NBS, the used vehicle popularly referred to as ‘Tokunbo’ is stated as used vehicles, with diesel or semi-diesel engines, of cylinder capacity >2500cc.

Aside from the increasing cost of petrol importation, the Federal Government has also incurred increasing cost of petrol subsidy, also known as under-recovery.

In 2021, the NNPC said fuel subsidy gulped N1.43tn, although there was no record for under-recovery in January.

In February, March, April, May, and June 2021, under-recovery for PMS amounted to N25.37bn, N60.39bn, N61.96bn, N126.29bn, and N164.33bn, respectively.

In July, August, September, October, November and December, the NNPC spent N103.28bn, N173.13bn, N149.28bn, N163bn, N131.4bn, and N270.83bn, respectively.

Economic and energy experts have continued to decry the rising cost of fuel subsidy to the Federal Government.

The World Bank and the International Monetary Fund have decried the Federal Government’s huge spending on petrol subsidy, urging the government to end the regime.

Although the Federal Government had planned to stop subsidising fuel subsidy by June 2022, the government later backtracked on the plan.

Despite the increase in the cost of fuel subsidy, Nigerians have had to pay more for fuel and transportation over the years.

PUNCH.

Business

Why We Sited Our Multi-Billion Naira Automobile Firm Branch in Benin – Skyewise Group CEO

Published

23 hours ago

May 4, 2026

Editor

Dr. Elvis Abuyere, Chief Executive Officer and Managing Director of Skyewise Group, an automobile firm, has explained the reason for establishing a branch of the company in Benin City, the Edo State capital, describing the ancient city as “a growing economy full of enormous potential for vibrant youth.”

He added that the company considers Edo State one of the most interesting states, noting that the decision aligns with its long-term vision.

Abuyere, who spoke in Benin on Monday while taking journalists on a tour of the new automobile facility, said:
“We started very small — from Abuja to Lagos and now Benin. It is a joy and privilege for us to have completed this amazing regional office with Skyewise Group.”

According to him, beyond the automobile business, Skyewise Group is in Benin to invest in real estate, logistics, youth empowerment, and credit management. “Aand also to lend our support to what the Edo State Government is doing, knowing the fact that there is an agenda,” he added.

The young CEO urged youths in Nigeria, particularly those in Edo State, to embrace entrepreneurship, stressing that “we believe it is the future of Africa,” especially Nigeria.

He said Nigeria stands as the giant of Africa and that its youth must take bold steps in the entrepreneurship landscape.

According to Abuyere, to ensure Edo youths actualise their entrepreneurial potential, the company has prepared soft loans to help them start businesses, adding that Skyewise Group is not limited to automobile operations.

He said: “More importantly to us is youth empowerment. We want our youth to be empowered, and this is where the Skyewise Foundation comes in.

“We believe the future of Africa is entrepreneurship, and that future lies in the hands of the young people of Nigeria. We want to empower them to stand the test of time, build something meaningful, and reduce unemployment and insecurity in our land.

“I believe we need to begin taking bold steps by refining the mindset of our young people. We need to give them a sense of belonging and direction.

“We have been addressing the liquidity gap in society by providing microloans to support businesses in our environment and in Benin City.”

When asked why he chose Benin City for the multi-billion naira automobile firm, Abuyere noted: “I think this is the first automobile showroom in Edo State where you can see a car lifted from the ground floor to the first floor and beyond.”

Business

JUST IN: Nigerian Filling Stations Reduce Fuel Price After Hike

Published

3 days ago

May 2, 2026

Editor

Nigerian filling stations reduced their Premium Motor Spirit price on Saturday, barely 24 hours after the hike.

Checks by DAILY POST showed that Ranoil, Empire Energy, and other filling stations in Abuja adjusted their petrol pumps to N1,365 and N1,375 per litre respectively, down from N1,440 per litre on Friday.

This means that petroleum marketers dropped their fuel price by N65 and N75 per litre. DAILY POST reports that the move was to attract patronage from customers.

Recall that three days ago, Nigerian filling stations had raised their petrol pump price to between N1,365 and N1,440 nationwide after Dangote Refinery and depot owners increased ex-depot prices to around N1,275 and N1,290 per litre.

According to DAILY POST, while the Nigerian National Petroleum Company Limited and MRS Bovas filling stations raised their petrol price to around N1,365 per litre, others adjusted theirs above N1,440 per litre.

However, with the latest fuel price reduction by Ranoil and Empire Energy, the majority of filling station outlets now dispense petrol between N1,365 and N1,375 per litre.

This development comes as the ripple effect of crude oil prices continues to impact Nigeria’s domestic fuel price.

Brent and West Texas Intermediate crude rose to $114 and $105 per barrel before dropping to $108 and $101 after the filing of this report.

Business

Dangote Refinery Hikes Petrol Price

Published

6 days ago

April 29, 2026

Editor

Dangote Refinery has increased the ex-depot price of petrol by N75.

The refinery announced the increase on Wednesday, hiking the the price from N1,200 to N1,275 per litre.
In the same way, coastal prices have gone up to N1,215 per litre.

This adjustment amid Brent crude trading at $114.80 per barrel marks a 3.15% increase.

DAILY POST reports that Brent crude has increased to $115 per barrel, while West Texas Intermediate rose to $103 per barrel on Wednesday.