Nigeria’s expenditure on importing kerosene-type jet fuel dramatically decreased by 87% in the first quarter of 2024, reaching ₦31 billion, down from ₦239.18 billion in the last quarter of 2023.
The National Bureau of Statistics (NBS) revealed this information in its Q1 2024 report on ‘Foreign Trade in Goods Statistics,’ highlighting jet fuel as one of the top-traded products in West Africa during this period.
Jet A-1, a kerosene-based fuel, is compatible with various aircraft types, including civil and military jets, helicopters, turboprops, and some piston engines.
According to Vanguard, earlier this year, in March 2024, Air Vice Marshal Edward Gabkwet, Director of Public Relations and Information, disclosed that Air Marshal Hassan Abubakar, Chief of Air Staff, expressed concern over the rising fuel prices and additional surcharges. Abubakar urged the National Assembly to allow the Air Force to import Jet A-1 fuel to maintain ongoing air operations.
Abubakar noted that Jet A-1 fuel was priced at about ₦1,200 per liter, significantly higher than the ₦360 per liter allocated in the service budget, impacting the Nigerian Air Force’s operational efficiency.
Amid these developments, Dangote Refinery has begun exporting jet fuel to Europe, sparking hopes among stakeholders that domestic distribution could help alleviate the high cost of jet fuel in Nigeria.
The refinery’s first shipment departed on May 27th aboard the “Doric Breeze” vessel from the Lekki Free Zone in Lagos, bound for Rotterdam, Netherlands, as reported by S&P Global Commodities at Sea.
The cargo contained 45,000 metric tons of jet fuel and was part of a 120,000-metric-ton tender awarded to BP. Spanish refiner Cepsa also secured a portion of this tender.
