Nigeria’s total imports from Malta rise to N766.81 billion in the third quarter of 2024, according to the latest foreign trade statistics from the National Bureau of Statistics (NBS). This significant increase has drawn attention, given the earlier controversies surrounding the surge in imports.
While the NBS does not specify the exact products imported from Malta, the unexpected rise in trade has raised concerns. Aliko Dangote, chairman of Dangote Industries Limited, previously accused the Nigerian National Petroleum Company Limited (NNPCL) of being involved in activities related to Malta, further fueling speculation about the surge in imports from the small Southern European country.
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 accuses the owners of the Malta blending plant of undermining Nigeria’s oil production potential. However, Mele Kyari, the CEO of NNPCL, denies any involvement in the blending facility, aside from a minor agricultural venture in Malta. Kyari further asserts that neither NNPCL nor its employees are connected to the blending plant, which he states has no impact on NNPCL’s operations or strategic decisions.
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