NBS: Malta’s Exports to Nigeria Reach N766bn

According to the latest foreign trade statistics from the National Bureau of Statistics (NBS), Nigeria’s imports from Malta hit an unprecedented N766.81bn in the third quarter of 2024.

The figure marked a sharp rise, placing Malta as Nigeria’s fifth-largest import partner for the period, accounting for 5.23 per cent of the country’s total imports, valued at N14.67tn.

However, the NBS report did not specify the exact products imported from Malta, but the surge has raised eyebrows following earlier accusations from Aliko Dangote, chairman of Dangote Industries Limited, against the Nigerian National Petroleum Company Limited.

Dangote had alleged that a blending facility in Malta was undermining Nigeria’s oil production potential, further fueling controversy over the spike in imports from the small Southern European country.

The PUNCH observed that there had been no recorded imports from Malta in the first two quarters of 2024.

However, in Q3 2024, Malta emerged as a significant trading partner for Nigeria.

The report read, “Analysis by trading partners reveals that imports from China were valued at N3,574.79 billion, representing 24.36 per cent of total imports.

“This was followed by imports from India with N1,662.68bn (11.33 per cent of total imports), Belgium with imports valued at N1,632.89bn or 11.13 per cent of total imports, United States of America with goods valued at N1,024.44bn (6.98 per cent of total imports) and goods from Malta valued at N766.81bn or 5.23 per cent of total imports.”

The import figure for Q3 2024 represents the highest recorded value of imports from Malta.

At N766.81bn in just Q3 2024, this amount constitutes 74.1 per cent of the total imports from Malta in the entire three quarters of 2023.

This surge could be partly attributed to the naira’s devaluation, which has inflated the value of imports in local currency terms.

In 2023, Nigeria’s total imports from Malta rose sharply from zero to N1.03tn, contributing about 2.87 per cent to the total imports of N35.92tn for the year.

Malta accounted for 8.41 per cent of Nigeria’s total imports from Europe, which stood at approximately N12.25tn in 2023.

The first quarter of 2023 showed no imports from Malta, but by the second quarter, the country’s imports had risen to N181.55bn, or 3.17 per cent of total imports for that period.

The trend continued in Q3 2023 with a sharp increase to N561.37bn, marking a 209.20 per cent rise from the previous quarter.

However, by Q4 2023, imports from Malta fell by 48.01 per cent, dropping to N291.98bn.

The unexpected spike in imports from Malta has led to speculation, especially as the country is not typically associated with global oil markets.

Dangote’s allegations about a blending plant in Malta producing finished motor gasoline, which he claimed was undermining Nigeria’s oil industry, further stirred controversy.

In response, Mele Kyari, Group CEO of NNPCL, denied any involvement with the facility, clarifying that NNPCL had no ties to the plant, aside from a small local agricultural venture.

SOURCE: The PUNCH