The value of petroleum imports into Nigeria exceeded the value of exports by $58.5bn within a five-year period, the latest figures from the Organisation of Petroleum Exporting Countries have shown.
In its 2020 OPEC Annual Statistical Bulletin released recently, 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.
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.OPEC stated that Nigeria’s cumulative crude oil production in 2019 was 33.87 billion barrels. “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, told our correspondent.
Findings showed 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.
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