Nigeria’s oil imports dropped significantly in the second quarter of 2024, falling 35% to $2.79 billion, down from $4.31 billion in the previous quarter. This decrease is outlined in the Central Bank of Nigeria’s quarterly economic report for Q2 2024.
The reduction reflects shifting dynamics in Nigeria’s oil and gas sector, driven by structural and economic adjustments following the removal of fuel subsidies under President Bola Tinubu’s administration. The overall value of merchandise imports also contracted, declining 20.59% to $8.64 billion.
The report highlights that oil imports contributed significantly to this trend, with merchandise imports decreasing by 20.59% to $8.64 billion from $10.88 billion in Q1 2024. Non-oil imports also declined to $5.85 billion from $6.57 billion.
Domestic crude oil production faced challenges, falling 4.51% to 1.27 million barrels per day due to oil theft and vandalism in the Niger Delta. Despite this, global crude oil prices provided some relief, with Nigeria’s benchmark crude, Bonny Light, rising to $86.97 per barrel in Q2 2024.
