Nigeria’s imports from Malta has 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 marks a substantial rise, making Malta Nigeria’s fifth-largest import partner for the period, contributing 5.23% to Nigeria’s total imports, which were valued at N14.67 trillion.
Although the NBS report did not specify the exact products imported from Malta, the sharp increase in imports has raised concerns, particularly after Aliko Dangote, the chairman of Dangote Industries Limited, accused the Nigerian National Petroleum Company Limited (NNPCL) of being involved in a blending facility in Malta. Dangote claimed the facility was undermining Nigeria’s oil production potential, intensifying the controversy surrounding the rise in imports from the small Mediterranean nation.
Interestingly, there were no recorded imports from Malta during the first two quarters of 2024, but by the third quarter, the country became a significant trading partner for Nigeria. According to the NBS report, imports from China led the list, amounting to N3,574.79 billion, representing 24.36% of Nigeria’s total imports. This was followed by India at N1,662.68 billion (11.33%), Belgium at N1,632.89 billion (11.13%), and the United States at N1,024.44 billion (6.98%). Imports from Malta reached N766.81 billion, or 5.23% of the total.
The N766.81 billion in imports from Malta in Q3 2024 represents the highest amount recorded from the country, making up 74.1% of Malta’s total exports to Nigeria for the first three quarters of 2024. The surge may partly be attributed to the devaluation of the naira, which has inflated the cost of imports in local currency.
In 2023, Nigeria’s imports from Malta increased sharply from zero to N1.03 trillion, accounting for about 2.87% of Nigeria’s total imports of N35.92 trillion. Malta made up 8.41% of Nigeria’s total imports from Europe, which were valued at N12.25 trillion that year. Imports from Malta were minimal in Q1 2023 but rose to N181.55 billion (3.17% of total imports) in Q2, and surged further to N561.37 billion in Q3, marking a 209.2% increase from the previous quarter. However, imports from Malta fell by 48.01% to N291.98 billion in Q4 2023.
The unexpected increase in imports from Malta has fueled speculation, especially as the country is not typically linked to the global oil market. Dangote’s allegations about a blending plant in Malta producing finished motor gasoline, which he claimed was negatively impacting Nigeria’s oil industry, have stirred further controversy. In response, Mele Kyari, Group CEO of NNPCL, denied any involvement with the facility, clarifying that NNPCL had no ties to the plant except for a minor agricultural venture.
