Nigeria's Petrol Imports From Malta Soar to $2.8billion Amid Dangote's Allegations Against NNPC
- A global trade statistics database has shown that Nigeria's petrol imports from Malta have hiked by 342% in ten years
- The sudden spike in imports from Malta, which is a smaller oil-producing country compared to Nigeria, has sparked suspicion
- These concerns are valid, especially since Aliko Dangote claimed some NNPC personnel established blending plants in the tiny nation
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
Massive hike in petrol imports in 10 years
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.
Concerns over Dangote allegations against NNPC
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.
According to TheCable, an oil blending plant is a facility with no refining capability but is either capable of producing finished motor gasoline through mechanical blending or blends oxygenates with motor gasoline.
In response to the allegations, Mele Kyari, the NNPC's group chief executive officer, refuted claims of owning a blending plant.
He also denied any knowledge of NNPC employees participating in such activities.
Dangote has been speaking up following allegations made by Farouk Ahmed, the Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority, who claimed that the diesel produced by the Dangote Refinery had a higher sulfur content than imported diesel.
Dangote described these allegations as an attempt to undermine and discredit his refinery.
Speaking on the matter, Wale Ogundeji, an energy analyst, told Legit.ng that the new data requires stakeholders' attention.
He said:
"The recent spike in Nigeria's petrol importation from Malta raises serious concerns, especially in light of Dangote's allegations against NNPC. This situation underscores systemic inefficiencies and potential malpractices within the Nigerian oil sector.
"While Dangote's refinery project promises to reduce dependency on imports, the accusations highlight the need for transparency and accountability within NNPC. The government must investigate these claims thoroughly to restore public trust."
He added that diversifying energy sources and boosting local refining capacity are crucial steps towards achieving energy security and reducing the financial burden of petrol imports on the Nigerian economy.
Dangote offers to sell refinery to NNPC
In related news, Legit.ng reported that Dangote has asked the NNPC Limited to buy him out of his refinery.
Dangote made the offer amid a row with the NMDPRA over the sulphur level in petroleum products from his refinery and a reported misunderstanding with NNPC.
Dangote asked the NNPC to buy him out and run the refinery the best way they could, stating that some Nigerians had labelled him a monopolist.
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Source: Legit.ng
