Nigeria Spent $1.32bn On Oil Imports In 2020 – CBN

Nigeria, Africa’s largest oil producer, spent a total of $1.32bn on oil imports in 2020, according to the Central Bank of Nigeria (CBN).

This is, however, lesser than the $2.10bn spent in 2019.

A breakdown of the $1.32bn, shows that $148.32m was utilised in January for oil imports; $145.23m in February, and $139.55m in March.

Forex for oil import transactions fell to $113.80m in April and $109.11m in May but rose to $114.57m in June.

It stood at $77.36m in July; $82.37m in August; $72.63m in September; $78.86m in October; $92.91m in November and $146.95m in December.

Although the apex bank did not specify the oil imported into the country, Nigeria’s oil imports consist mainly of petrol, diesel and kerosene.

Nigeria’s refineries remain dilapidated despite reports of repairs as the NNPC continues to import petroleum products into the country.

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