Nigeria’s imports from Malta surged to a record N766.81 billion in the third quarter of 2024, according to the latest foreign trade data from the National Bureau of Statistics (NBS). This represents a significant increase, positioning Malta as Nigeria’s fifth-largest import partner, accounting for 5.23% of the country’s total imports, which amounted to N14.67 trillion during the period.
Although the NBS report did not specify the exact products imported from Malta, the sharp rise in imports has raised questions, particularly following allegations from Aliko Dangote, Chairman of Dangote Industries Limited. Dangote accused the Nigerian National Petroleum Corporation (NNPC) of involvement with a blending facility in Malta, which he claimed was undermining Nigeria’s oil production capabilities. These allegations have added fuel to the controversy surrounding the unexpected spike in imports from the small Southern European nation.
Interestingly, there were no recorded imports from Malta in the first two quarters of 2024, making the Q3 surge particularly striking.
The NBS report also highlighted the leading sources of Nigeria’s imports in Q3 2024: China topped the list with N3,574.79 billion (24.36% of total imports), followed by 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 import figure from Malta in Q3 2024 represents 74.1% of the total value of imports from Malta in the entire 2023, which stood at N1.03 trillion. This increase could be partially attributed to the devaluation of the naira, which has inflated the value of imports in local currency terms.
In 2023, imports from Malta surged from zero to N1.03 trillion, contributing 2.87% to Nigeria’s total imports of N35.92 trillion. Malta’s share of total imports from Europe was 8.41%, with European imports for the year valued at N12.25 trillion.
The trend began in 2023 with no imports from Malta in Q1, but by Q2, imports rose to N181.55 billion (3.17% of total imports). By Q3, imports from Malta jumped to N561.37 billion, marking a 209.20% increase from the previous quarter. However, imports from Malta dropped by 48.01% in Q4 2023, falling to N291.98 billion.
The dramatic rise in imports from Malta has prompted speculation, especially considering that the country is not traditionally linked to global oil markets. Dangote’s allegations about a blending facility in Malta producing finished motor gasoline have sparked additional controversy. In response, Mele Kyari, Group CEO of NNPCL, denied any involvement with the plant, stating that the NNPCL had no connection to the facility beyond a minor agricultural venture.
