Nigeria spent N1.62 trillion to import Premium Motor Spirit, PMS, also known as petrol, between January and September 2020, according to data obtained from the National Bureau of Statistics, NBS.

According to the NBS, in its Third Quarter 2020 Foreign Trade Statistics, PMS import in the nine-month period accounted for 11.65 per cent of Nigeria’s total import in the period under review, which stood at N13.91 trillion.

Nigeria had over the last two decades relied solely on petroleum products import to meet its local fuel supply needs, especially as the country’s refineries had remained comatose and largely inefficient over the years despite the huge resources expended on it on a yearly basis.

The refineries have continuously served as major drainpipes for the country’s scarce resources, as successive governments had pumped in billions into the refineries, either in the name of turnaround maintenance, revamp or rehabilitation, without any significant impact.

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Source: SweetCrudeReports