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| Malta becomes Nigeria’s fifth-largest import partner in Q3 2024 |
So, here’s a twist you perhaps didn’t expect: Malta, a small Southern European nation, has, for some reason, turned into one of Nigeria’s best friends in business. The National Bureau of Statistics (NBS) reported that imports from Malta alone were as high as ₦766.81 billion in the third quarter of 2024. That is 5.23% of Nigeria’s total imports for the quarter; Malta took the fifth position among the country’s largest partners in imports. And boom, everyone is talking about Malta.
What’s strange is how Malta seemingly appeared out of nowhere. There was no record of imports from the country in the first or second quarters of the year. Zero. Nada. But come Q3, they’re holding their own against giants like China and the U.S. Naturally, this unexpected leap has folks scratching their heads. What’s Malta selling, and why is Nigeria buying so much of it?
For instance, China remained at the top of the chart (or rather, at the top chart of did China? Again, China?) as the largest supplier... ₦3.57 to trillion Nigeria, which imports 24.36% of Nigeria's total imports. India Belgium and the U.S. came in the second, third, and fourth positions, respectively. There is Malta, which is slowly moving up the ladder and is now in the fifth position. The NBS did not state what exactly was imported, which is making people’s imaginations run wild.
Some are pointing fingers at recent controversies involving the Nigerian National Petroleum Company Limited (NNPCL). Earlier this year, Aliko Dangote accused NNPCL of shady practices, and now this Malta trade surge seems oddly timed. Could there be a connection? While no one’s saying it outright, the whispers are getting louder.
Of course, it could also be that what we are barter dealing with could be normal refined and petroleum rather products, unique heavy machinery, or even pharmaceuticals, among other things. Whatever it is, such actions are simply open to many speculations due to the lack of information.
But this is not to forget the fact that Nigeria’s total imports for Q3 2024 were ₦14.67 trillion. That is a lot of money being spent and moving out of the country. However, it is important to know what we are importing and the reasons behind such imports so that proper economic strategies can be made.
So, Nigeria’s what major is trading the partners lesson? This raises more questions about this than Malta’s unanticipated beginning provides growth of answers. Is one new approach to Nigeria’s trading time relations? In occurrence either or case, is it a story that needs to be told?