Premium Motor Spirit, also known as petrol, used vehicles and gas oil, are Nigeria’s largest imports in the second quarter of 2023.
The National Bureau of Statistics’ latest Foreign Trade in Goods Statistics disclosed.
Accordingly, petrol represented 21.50 per cent of Nigeria’s imports in Q2 2023, valued at N1,230.95 billion.
Meanwhile, ‘Used Vehicles, with diesel or semi-diesel engine of cylinder capacity >2500cc’ represented 12.82 percent of imports valued at N733.92 billion.
Likewise, ‘Gas oil’ comprised 4.03 per cent of the country’s imports, valued at N230.83 billion.
The implication is that Nigeria spent N2.194.87 billion on petrol imports, used vehicles and gas oil in Q2 2023.
Recall that Nigeria spent N5,726.25 billion on imports in Q2 2022.