The National Bureau of Statistics (NBS) has revealed that Nigeria spent N2.7 trillion to import Premium Motor Spirit (PMS), diesel and jet fuel in the third quarter of 2023.

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According to NBS, PMS imported during the period stood at N1.9 trillion, while diesel was N736.7 billion. Jet fuel was N135.8 billion.

Although Nigeria is a major crude oil producer and a member of Organisation of Petroleum Exporting Countries (OPEC), has has over the decades been importing refined protroleum products.

The country’s publicly owned crude oil refineries located in Port Harcourt, Warri and Kaduna have all remained moribund for so many years which has made importation of refined products lucrative.

Only recently, the Federal government announced the mechanical completion of turn around maintenance work on the Port Harcourt refinery with a promise to re-start production shorty.

Also, the Dangote refinery owned by Nigeria business man, Aliko Dangote, is expected to start churning out products this month.