Escalating Nigeria-Malta Oil Trade: Petrol Imports Soar to $2.08 Billion Amid Dangote’s Revelation

Nigeria’s oil imports from Malta are set to increase 43-fold to $2.08 billion in 2023. The development comes against the backdrop of an ongoing dispute between the Dangote Group and the Nigerian National Petroleum Corporation (NNPC).
According to data from Trademap, a global database of international trade statistics, Nigeria will import $2.8 billion worth of petroleum and bituminous oil in 2023, up 342 percent from $47.5 million in 2013. The value of imports fluctuated between 2013 and 2016. It peaked at $117.01 million in 2015 before dropping significantly to $13.32 million in 2016.
For six consecutive years from 2017 to 2022, there were zero oil imports from Malta. Oil imports increased significantly in 2023 to reach US$2.08 billion. This represents a significant increase compared to the previous year and the year when there were no imports.
“Some of the terminals, some of the NNPC people, and some traders have opened a blending plant somewhere off Malta,” Mr Dangote said in the House of Representatives on Monday, noting that the blending plant area was well known to all concerned.
Oil blending plants do not have refining capacity but can be used to blend refined oil (used motor oil that has been treated to remove dirt, fuel, and water) with additives to produce finished lubricants.
“Someone who doesn’t know how SPVs work with shares warehoused in trusts that have unknown permanent beneficiaries will think Alhaji doesn’t know what he’s saying,” said Kelvin Emmanuel, co-founder and CEO of Daily Hills and an energy expert on X.
Reacting to the allegations, Mele Kyari, the NNPC Group Chief Executive Officer, denied owning any blending plants other than those from local small-scale agribusinesses.
He said, “To clarify the allegations regarding the blending plant, I do not own or operate any business directly or by proxy anywhere in the world with the exception of a local mini Agric venture.”
“Neither am I aware of any employee of the NNPC, that owns or operates a blending plant in Malta or anywhere else in the world.”
He added that blending plants in Malta or anywhere else in the world have no operational and strategic impact on any action taken by NNPC. He, however, promised to ensure sanctions against all NNPC employees involved.
“For further assurance, our compliance sanction grid shall apply to any NNPC employee who is established to be involved in doing so if availed and I strongly recommend that such individuals be declared public and be made known to relevant government security agencies for necessary actions in view of the grave implications for national energy security, ” he concluded.