According to the latest foreign trade statistics from the National Bureau of Statistics (NBS), Nigeria’s total imports from Malta reached N766.81 billion in the third quarter of 2024. This notable rise has garnered attention, especially in light of the previous controversies surrounding the surge in imports.
Although the specific goods imported from Malta are not listed by the NBS, the sudden increase in trade has sparked worries. The Nigerian National Petroleum Company Limited (NNPCL) was earlier accused of involvement in Malta-related activities by Aliko Dangote, chairman of Dangote Industries Limited, which fuelled speculation regarding the spike in imports from the small Southern European nation.
There were no records of imports from Malta in the first and second quarters of 2024. However, by Q3 2024, imports from Malta account for 5.23% of Nigeria’s total imports, which amount to N14.67 trillion. Malta becomes Nigeria’s fifth-largest import partner for the quarter.
The NBS report also reveals imports from other major trading partners, including China, which accounts for N3,574.79 billion (24.36% of total imports), India with N1,662.68 billion (11.33%), Belgium with N1,632.89 billion (11.13%), and the United States with N1,024.44 billion (6.98%).
The N766.81 billion recorded in Q3 2024 is the highest value of imports from Malta on record. This figure represents 74.1% of the total imports from Malta recorded in the first three quarters of 2023. The increase may partly be due to the devaluation of the naira, which raises the value of imports in naira terms.
In 2023, Nigeria’s total imports from Malta rise to approximately N1.03 trillion, a stark contrast to the zero imports in 2022. Imports from Malta represent only 2.87% of Nigeria’s total imports for the year, which amounts to N35.92 trillion. Imports from Malta also account for 8.41% of Nigeria’s total imports from Europe, valued at about N12.25 trillion in 2023.
In Q1 2023, there are no imports recorded from Malta. However, by Q2 2023, imports from Malta rise to N181.55 billion, making up 3.17% of total imports for the period. This figure climbs further to N561.37 billion in Q3 2023, representing 6.64% of total imports for that quarter, reflecting a 209.20% increase from the previous quarter. However, by Q4 2023, imports from Malta fall by 48.01% to N291.98 billion, contributing just 2.07% to total imports.
The sudden surge in imports from Malta, a country not typically associated with global oil markets, has raised several questions. Dangote has claimed that personnel from NNPCL, along with oil traders and terminal operators, have set up a blending facility in Malta. This facility, which lacks refining capabilities, produces motor gasoline by blending oxygenates with gasoline and other components.
Dangote claims that Nigeria’s potential for oil production is being undermined by the proprietors of the Malta blending plant. NNPCL CEO Mele Kyari, however, disputes any connection to the blending facility other than a small farming operation in Malta. The blending factory, according to Kyari, has no bearing on NNPCL’s operations or strategic choices, and neither the company nor its workers are associated with it.
