Nigeria's petrol import from Russia increases by 84% amid Ukraine invasion

According to data obtained from Argus West Africa Oil on Nigeria’s gasoline, the European trade overview, the recent figure represents an increase of 84% when compared to the petrol import figures from Russia in 2022.

According to the Argus report, a total volume of 265,000 barrels per day (BD) of petrol was imported into Nigeria between 2016 and July 2023 and approximately 228,000 BD came in from Europe within the same period.

According to the refined petroleum export data from the Observatory of Economic Complexity (OEC), as of 2021, Nigeria was the 18th largest importer of refined petroleum in the world with a combined import value of $11.3 billion.

The country’s major import destinations were the Netherlands ($3.62 billion), Belgium ($1.78 billion), Norway ($1.2 billion), India ($992 million), and United Kingdom ($760 million).

Russia’s invasion of Ukraine had led to sanctions and embargoes by the European Union (EU), UK and the United States which reduced the number of its major target markets for its oil exports.

The continuous isolation of Russia by the West has further led to its vast inward exploration of other willing markets.

Between January and June 2023, Russia emerged as China’s top crude supplier, accounting for one-fifth of China’s overall oil imports with exports of 52.6 million tons of crude.

A separate report by S&P Global has also revealed Russia’s petrol exports to Africa has increased significantly since the invasion of Ukraine began.

Another African country, Tunisia imported just 2,700 BD of Russian products in the first quarter of 2022. As of Q1 2023, the figures increased to 66,300 BD and for Nigeria, the import volume of 3,700 BD recorded last year spiked to 24,000 BD in 2023.

According to the S&P Global report, “While shipments to European countries, like France and Belgium, have cratered in recent months, shipments to African countries — particularly northerly ones — have skyrocketed, particularly after the EU embargo on product imports came into force."

Despite the seeming cold war between the West and Russia, the Organisation of Petroleum Exporting Countries (OPEC), of which Nigeria is a prominent member, has maintained its alliances with Russia, a non-OPEC member.