Nigeria Records Substantial Decline in Petroleum Products Importation

According to the latest Foreign Trade Statistics released by the Nigeria Bureau of Statistics, the country has witnessed a substantial decline in the importation of Premium Motor Spirit (PMS), also known as petrol, in the first quarter of 2025.

The data reveals that the value of PMS importation in Q1 2025 dropped to ₦1.761 trillion, representing a significant decrease from the ₦2.635 trillion recorded in the same period of 2024. This translates to a decline of approximately 33% in the value of PMS imports.

Furthermore, the proportion of PMS imports to total imports also decreased from 20.84% in Q1 2024 to 11.42% in Q1 2025, indicating a shift in the country’s import priorities.

The decline in PMS importation is a welcome development, as it suggests that Nigeria is making progress in reducing its reliance on imported fuel.

This reduction is likely to have a positive impact on the country’s trade balance and foreign exchange reserves.

In related news, Nigeria recorded a trade surplus of ₦5.172 trillion in Q1 2025, with total exports valued at ₦20.598 trillion and total imports valued at ₦15.426 trillion. The total trade volume for the period stood at ₦36.024 trillion.

The significant trade surplus is a positive indicator of the country’s economic performance, suggesting that Nigeria is generating more revenue from its exports than it is spending on imports.

This surplus can be used to finance critical infrastructure projects, pay off debts, and stabilize the economy.

The Nigeria Bureau of Statistics will continue to monitor the country’s trade trends and provide updates on the performance of the economy.

As the country continues to diversify its economy and reduce its dependence on imported goods, Nigerians can expect to see improvements in the trade balance and overall economic growth.