Nigeria’s imports from Malta surged to ₦766.81 billion in the third quarter of 2024, according to the National Bureau of Statistics (NBS). This figure accounts for 5.23% of Nigeria’s total imports, valued at ₦14.67 trillion for the quarter.
The NBS did not disclose the specific products imported, but the increase has sparked controversy. Earlier this year, Aliko Dangote, chairman of Dangote Industries Limited, accused the Nigerian National Petroleum Company Limited (NNPCL) of irregularities concerning the unexpected rise in trade with Malta, a small Southern European nation.
Notably, there were no records of imports from Malta during the first and second quarters of 2024. By Q3, however, Malta had emerged as Nigeria’s fifth-largest import trading partner, following China (₦3.57 trillion), India (₦1.66 trillion), Belgium (₦1.63 trillion), and the United States (₦1.02 trillion).
The NBS report highlighted Malta’s contribution, stating: “Imports from Malta were valued at ₦766.81 billion, representing 5.23% of total imports, making it the fifth-largest source of imports for Nigeria in Q3 2024.”
The ₦766.81 billion figure is the highest recorded for imports from Malta and accounts for 74.1% of total imports from the country in 2023. Analysts suggest that the naira’s devaluation may have contributed to the rise in import values in naira terms.
In 2023, imports from Malta totaled approximately ₦1.03 trillion, representing 2.87% of Nigeria’s overall imports of ₦35.92 trillion. However, no trade was recorded between the two nations in 2022.
Trade relations with Malta appeared to commence in Q2 2023, with imports valued at ₦181.55 billion, accounting for 3.17% of total imports for that quarter. This figure rose significantly to ₦561.37 billion in Q3 2023, representing 6.64% of imports for that period. However, Q4 2023 saw a sharp decline, with imports dropping to ₦291.98 billion, or 2.07% of total imports.
The Q3 2024 figures solidify Malta’s growing significance as a trading partner for Nigeria, despite ongoing concerns surrounding the nature of this trade relationship.