Nigeria’s Spending on Jet Fuel Importation Drops by 87% to N31bn – NBS

Nigeria’s spending on kerosene type jet fuel importation fell quarter-on-quarter (QoQ) by 87 percent to N31 billion in the first quarter of 2024 (Q1’24) from N239.18 billion in Q4’23.

Meanwhile, according to a report on ‘Foreign Trade in Goods Statistics’ by the National Bureau of Statistics (NBS) for Q1’24, also indicated that the product was among the top traded in West Africa during the period.

Jet A-1 is a kerosene-type fuel compatible with most jet aircraft, both civil and military, helicopter turbine engines, turboprops and compression-ignition piston engines.

Recall that in March 2024, a statement by the Director of Public Relations and Information, AVM. Edward Gabkwet, noted that the Chief of Air Staff, Air Marshal Hassan Abubakar, decried the high costs of fuel prices as well as the introduction of surcharges, while pleading with the National Assembly to permit the Air Force to import Jet A-1 fuel to sustain ongoing air operations.

According to Abubakar, the cost of Jet A-1 was about N1,200 per litre as against the N360 per litre the service budgeted for adding that this issue was affecting the effectiveness of the NAF.

This comes at the backdrop of a shipment of jet fuel to Europe by Dangote Refinery, with stakeholders expecting that in-country distribution would have addressed the issue of high cost of the product in Nigeria.

The inaugural shipment, loaded onto the “Doric Breeze” vessel, departed from the Lekki Free Zone in Lagos on May 27th and is currently en route to Rotterdam, Netherlands, according to S&P Global Commodities at Sea data.

The cargo, containing 45,000 metric tons of jet fuel, was awarded to BP as part of a 120,000-metric-ton tender offered by the refinery. Spanish refiner Cepsa also secured a portion of the tender.