OPEC reports Nigeria’s oil imports exceeded exports by $58.5bn over 5yrs

OPEC reports Nigeria’s oil imports exceeded exports by $58.5bn over 5yrs

The Organisation of Petroleum Exporting Countries (OPEC), on Saturday, August 1, revealed that the value of petroleum imports into Nigeria exceeded the value of exports by $58.5bn within a five-year period.

According to a recently-released 2020 OPEC Annual Statistical Bulletin, the oil cartel said Nigeria’s petroleum imports from 2015 to 2019 was valued at $264.57bn, while its exports during the same period was $206.07bn.

The country exported $41.17bn, $27.29bn, and $37.98bn worth of petroleum exports in 2015, 2016, and 2017 respectively.

In 2018 and 2019, the values of Nigeria’s petroleum exports were $54.51bn and $45.12bn respectively.

On OPEC members’ values of petroleum imports, the organisation’s figures showed that Nigeria spent $264.57bn importing petroleum products during the five-year period.

A breakdown of the imports showed that in 2015, 2016, and 2017, petroleum imports valued at $53.53bn, $46.55bn, and $49.51bn were imported into Nigeria.

The country’s petroleum imports in 2018 and 2019 were valued at $57.23bn and $58.75bn respectively.

OPEC stated that Nigeria’s cumulative crude oil production in 2019 was 33.87 billion barrels.

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The cartel further noted that the country’s daily crude oil production in 2019 was 1.74 million barrels.

However, Nigeria’s massive petroleum imports have been criticised by industry observers and players.

They have repeatedly called on the Federal Government to make the country’s refineries functional; saying this would help reduce the importation of refined petroleum products.

“We will continue to import petroleum products massively as far as our refineries remain in a state of disrepair,” a former President, Association of National Accountants of Nigeria, Dr Sam Nzekwe explained.

Meanwhile, the latest figures from the Nigerian National Petroleum Corporation (NNPC) on the performance of the refineries, for instance, showed that two of the facilities managed by the NNPC processed no crude oil in April this year.

1st News gathered that the last time Kaduna Refining and Petrochemical Company processed crude oil was in July 2019; when it refined 38,977 metric tonnes. It had stayed dormant since then.

For the Warri Refining and Petrochemical Company, it was observed that the facility last processed crude oil in May 2019; as it refined 32,967MT before relapsing into a state of dormancy.

Among the country’s three refineries, only the Port Harcourt Refining Company processed crude oil in April; as it refined 41,878MT.

However, the volume of crude processed by PHRC in April was less than what it refined in the preceding month. Findings showed that the facility processed 81,772MT in March 2020.

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