Petrol, used vehicles, gas oil, Nigeria’s largest imports in Q2 2023, says NBS

Premium Motor Spirit, also known as petrol, used vehicles, and gas oil, were Nigeria’s largest import in the second quarter of 2023.

This was disclosed in the National Bureau of Statistics’ latest Foreign Trade in Goods Statistics.

Accordingly, with a value of N1,230.95 billion, fuel accounted for 21.50% of Nigeria’s imports in the second quarter of 2023.

In the meantime, ‘Used vehicles with diesel or semi-diesel engines of cylinder capacity >2500cc’ represented 12.82% of imports valued at N733.92 billion.

Similarly, ‘Gas oil’ comprised 4.03% of the country’s imports, valued at N230.83 billion.

The implication is that Nigeria spent N2.194.87 billion in Q2 on petrol imports, used vehicles, and gas oil in Q2 2023.

Recall that Nigeria spent N5,726.25 billion on imports in Q2 2022.