Aviation fuel import up by 287% to N293bn in Q1’2022

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The National Bureau of Statistics (NBS) has said in its ‘Foreign trade statistics report for first quarter of 2022’ that Nigeria spent N292.56 billion in the importation of aviation fuel between January and March 2022.

According to the report, aviation fuel accounted for 4.96 per cent of the country’s total import of N5.9 trillion, with the commodity ranking the second most imported item in the country in the first quarter.

According to the NBS, aviation fuel import in the first quarter of 2022 represented a significant increase of 287.29 per cent compared to the N75.54 billion spent on its import in the fourth quarter of 2021.

In the fourth quarter of 2021, the NBS disclosed that the product the sixth most imported commodity, accounting for 1.27 per cent of the period’s total import figure of N5.94 trillion.

In the first quarter of 2021, there was no mention of Jet A1 import in the foreign trade statistics of the NBS, despite the country recording total imports of N6.85 trillion for the period.

Furthermore, the NBS reported that the most notable import item in the period was petrol which gulped N1.67 trillion of Nigeria’s import bill.

The first quarter 2022 fuel import figure, according to the NBS, represented an increase of 15.97 per cent and 142.73 per cent when compared to N1.44 trillion and N687.74 billion spent on the import of the same commodity in the fourth quarter of 2021 and first quarter of 2021, respectively.

“The value of total imports in first quarter 2022 stood at N5.90 trillion, this decreased by 0.67 per cent when compared with the value recorded in the fourth quarter of 2021 (N5.94 trillion); but increased by 21.04 per cent compared to the value recorded in the corresponding quarter of 2021, which is N4.875 trillion.

“In terms of Imports, in the first quarter of 2022, China, The Netherlands, Belgium, India and the United States were the top five countries of origin of imports to Nigeria.

“The values of imports from the top five countries amounted to N3.44 trillion representing a share of 58.34 per cent of the total value of imports.

“The commodity groups with the largest values among the top imported products were ‘motor spirit ordinary’ – N1.507 trillion), ‘kerosene type jet fuel’ – N292.56 billion, and ‘durum wheat (not in seeds)’ – N258.31 billion,” the report stressed.

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