The 2020 Annual Statistical Bulletin released by the Organisation of the Petroleum Exporting Countries last July showed that the value of petroleum imports into Nigeria exceeded the value of exports by $58.5 billion within a five-year period. Petroleum imports from 2015 to 2019 were valued at $264.57 billion, while exports were $206.07 billion. It beggars belief that a country endowed with abundant crude oil and gas still depends heavily on imported petroleum products after over six decades of producing the natural resources. The over-reliance on fuel imports for many years has wreaked havoc on the economy. The NNPC said in its monthly report for May 2020 that no petroleum products had been produced by the refineries for the past 11 consecutive months.

Source: Punch August 18, 2020 23:26 UTC