The Organisation of Petroleum Exporting Countries (OPEC) in its 2021 report on values of petroleum exports and imports of member nations, said that the amount spent on importation of petroleum products into Nigeria in 2020 was $43.46bn higher than the revenue which the country earned from the export of petroleum products in the same year.
According to the report, Nigeria exported $27.73bn worth of petroleum products in 2020.
It also revealed that the value of the country’s petroleum imports in 2020 was $71.285bn, which indicated that Nigeria’s petroleum imports exceeded its exports by $43.56bn during the review period.
Further analysis of OPEC’s latest petroleum imports and exports’ figures showed that Nigeria’s imports of petroleum products consistently exceeded the nation’s exports for five years.
Although Nigeria is a major producer of crude oil and gas, the country largely depends on imported petroleum products that are refined in foreign nations.
This is because Nigeria’s refineries have remained dormant for several years, despite repeated turn around maintenance which were done by successive governments on the facilities.