Surge in Imports Sparks Debate
Nigeria’s total imports from Malta reached an unprecedented N766.81 billion in the third quarter of 2024, according to the National Bureau of Statistics (NBS). The surge represents 5.23% of Nigeria’s total imports, valued at N14.67 trillion during the quarter.
The NBS report did not specify the products imported from Malta, but the increase follows allegations by Aliko Dangote, chairman of Dangote Industries Limited, against the Nigerian National Petroleum Company Limited (NNPCL). Dangote accused NNPCL and its partners of operating a blending facility in Malta to produce finished motor gasoline.
No Imports in Earlier Quarters
Interestingly, Nigeria recorded no imports from Malta in the first and second quarters of 2024. However, in Q3, Malta became Nigeria’s fifth-largest import partner. The top import sources for Q3 2024 were:
- China: N3.57 trillion (24.36%)
- India: N1.66 trillion (11.33%)
- Belgium: N1.63 trillion (11.13%)
- USA: N1.02 trillion (6.98%)
- Malta: N766.81 billion (5.23%)
Highest Import Value on Record
The Q3 2024 figure is the highest value of imports from Malta ever recorded, surpassing the cumulative import value of N1.03 trillion in 2023.
The N766.81 billion imported in Q3 2024 alone accounts for 74.1% of the total imports from Malta in 2023. Analysts suggest that the devaluation of the naira contributed to this spike by inflating the value of imports in naira terms.
Trends from 2023: A Sharp Contrast
A review of 2023 trade data reveals an emerging pattern in Nigeria-Malta trade relations:
- Q1 2023: No imports recorded.
- Q2 2023: Imports reached N181.55 billion (3.17% of total imports).
- Q3 2023: Imports soared to N561.37 billion (6.64% of total imports), marking a 209.20% increase from Q2.
- Q4 2023: A sharp decline to N291.98 billion (2.07% of total imports).
Overall, Malta accounted for approximately 3.5% of Nigeria’s total imports from Q2 to Q4 2023.
Speculation Around the Spike in Trade
The dramatic rise in imports from Malta has fueled speculation and controversy.
Aliko Dangote alleged that the NNPCL and certain oil traders have set up a blending facility in Malta. This facility reportedly combines oxygenates with motor gasoline and other components to produce finished motor gasoline, despite lacking refining capabilities.
What to Watch
The unexpected trade growth with Malta, a nation not renowned for significant oil market activity, raises questions about transparency and strategic trade partnerships. Ongoing scrutiny into these developments will likely continue as stakeholders seek clarity on the nature and purpose of these imports.
