In 2023, the Nigeria Bureau of Statistics reported that the country imported 20.30 billion liters of Premium Motor Spirit (PMS), down 13.77 percent from 23.54 billion liters in 2022.
See the publication titled "Petroleum Products Distribution Statistics Full Year 2023" for more details on this.
The report stated that once the Nigerian government removed the petroleum subsidy, indigenous production of oil products increased significantly in the year under review.
The report also noted that the local production of Automotive Gas Oil (AGO) was 109.39 million liters in 2023, which was higher than the 102.47 million liters reported in 2022. This yields an annual growth rate of 6.76 percent.
"There was a 16.96% decrease relative to 24.35 billion liters recorded in 2022, with PMS truck out standing at 20.22 billion liters in 2023," it stated.
In addition, "local production of Household Kerosene (HHK) increased by 56.02% from 44.68 million liters in 2022 to 69.71 million liters in 2023."
Still, "4.94 billion litres of Automotive Gas Oil were imported in 2023, indicating an increase of 23.66% compared to 4.00 billion litres in the previous year," the research noted.
Thanks for reading: Petroleum Imports Fall by 13.77 Percent Due to Subsidy - NBS