Business

UK exports N499.9bn refined fuel to Nigeria in 1 year

  • As vessels jostle to offload 140,000 tonnes

 

The United Kingdom has exported some refined fuel valued at £1billion into Nigeria in the last one year.

The fuel export represents 63 per cent of all goods shipped into Nigeria from the UK between 2021 and June 2022. This month alone, Nigeria will take delivery of 140,000 metric tonnes of Premium Motor Spirit valued at N62.7billion as landing cost is estimated at N448 per litre.

Data from the Nigerian Port Authority (NPA)’s Shipping Position revealed that Calabar and Delta ports would berth nine vessels that will discharge the fuel.

At Calabar Port, Ayodeji will offload 15,000 tonnes of PMS; Savanna, 20,000 tonnes and African Marvel, 20,000 tonnes. Also, Delta Port will receive six vessels laden with 95,000 tonnes of the fuel with Mosunmola leading with 20,000 tonnes; Tornada 15,000 tonnes; Aremu, 15,000 tonnes; ST Walga, 15,000tonnes; Ostria, 15,000 tonnes and Vardar, 15,000 tonnes.

It was gathered that the fuel export to Nigeria would increase by 35.4per cent or £856 million as the Federal Government explained that N283 was being paid as a subsidy on every litre of PMS imported into the country by Nigerian National Petroleum Corporation (NNPC) Limited.

Report from the Office for National Statistics (ONS) and HM Revenue and Customs (HMRC) explained that of all UK exports to Nigeria in the four quarters of 2021 to the end of Q2’22, £1.7 billion (52.4per cent) were goods and £1.6 billion (47.6per cent ) were services.

The ONS and HMRC joint report listed top goods exported to Nigeria by UK in the period to include refined oil valued at £1billion or 60.3per cent of all UK goods exports; textile fabrics, £58.4 million or 3.4per cent; toilet & cleansing preparations, £49.9 million or 2.9per cent; vegetables & fruit, 37.1 million or 2.2per cent; medicinal & pharmaceutical products, £35.2 million or two per cent.

However, it listed top firm goods imported from Nigeria to UK to include crude oil, £1.2 billion or 76.8per cent; refined oil, £178.8 million or 11.2per cent; gas, £156.7 million or 9.8per cent; beverages, £4.7 million or 0.3per cent; mechanical power generators (intermediate), £2.7 million or 0.2per cent.

In the four quarters to the end of Q2’22, it the report added that UK exports of goods to Nigeria increased by 29.4per cent or £390 million compared to the four quarters to the end of Q2 2021, while UK exports of services to Nigeria increased by 42.7per cent or £466 million compared to the four quarters to the end of Q2 2021.

In the four quarters to the end of Q2’22, total UK imports from Nigeria were £2.2 billion, an increase of 101.4per cent or £1.1 billion compared to the four quarters to the end of Q2’21. Of all UK imports from Nigeria in the four quarters to the end of Q2’22, it noted that £1.6 billion or 72.2per cent were goods and £616 million or 27.8per cent were services.

Within the same period, UK imports from Nigeria increased by 109.6per cent or £836 million compared to the four quarters to the end of Q2’21, while UK imports of services from Nigeria increased by 82.8per cent or £279 million compared to the four quarters to the end of Q2’21.

The report added: “This means the UK reported a total trade surplus of £1.1 billion with Nigeria, compared to a trade surplus of £1.3 billion in the four quarters to the end of Q2’21.

In the four quarters to the end of Q2’22, the UK had a trade in goods surplus of £116 million with Nigeria, compared to a trade in goods surplus of £562 million in the four quarters to the end of Q2’21. “Meanwhile, in the four quarters to the end of Q2’22 the UK reported a trade in services surplus of £941 million with Nigeria, compared to a trade in services surplus of £754 million in the four quarters to the end of Q2’21.

“More timely data, for trade in goods only11, show that UK exports of goods to Nigeria increased by 24.5per cent in the 12 months to August 2022 compared to the same period the previous year. UK imports of goods from Nigeria increased by 109.9per cent over the same period

 

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