BUSINESS DAY
Nigeria’s importation of petroleum from Malta has skyrocketed 43 folds, amounting to $2.08 billion in 2023, a development amidst the ongoing rift between the Dangote Group and the Nigerian National Petroleum Company (NNPC).
Data sourced from Trade Map, a global database on international trade statistics showed Nigeria imported petroleum oils and oils obtained from bituminous minerals worth $ 2.8 billion in 2023, a 342 percent increase from $47.5 million as of 2013.
Between 2013 and 2016, import values fluctuated. There was a peak in 2015 at $117.01 million, followed by a significant drop in 2016 to $13.32 million.
For six consecutive years, from 2017 to 2022, petroleum imports from Malta recorde
In 2023, there was a substantial jump in petroleum imports, reaching $2.08 billion. This represents a massive increase compared to previous years and the years with no imports.
Facts about Malta
Malta is one of the smallest countries in the world, with a total area of just 316 square kilometres.
The sudden surge in imports from Malta, a relatively minor player in global oil markets, has raised eyebrows and fueled speculation following allegations from Aliko Dangote, chairman of Dangote Industries Limited, that some personnel of Nigerian National Petroleum Company (NNPC) Limited, oil traders and terminals have opened a blending plant in Malta.
“Some of the terminals, some of the NNPC people and some traders have opened a blending plant somewhere off Malta,” Dangote spoke at the House of Representatives on Monday, noting that the areas of the blending plants are well-known by all the stakeholders.
An oil blending plant has no refining capability but can be used to blend re-refined oil (a used motor oil that has been treated to remove dirt, fuel, and water) with additives to create finished lubricant products.
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