Nigeria's PMS imports increased by 55% from 2010 to 2022, with 245 billion litres imported in that period

Between 2010 and 2022, Nigeria imported 245 billion litres of Premium Motor Spirit (PMS), popularly called petrol, with the highest imports recorded in 2022. Here is the volume of PMS imported into the country in 13 years from 2010.

Source:

National Bureau of Statistics

Period:

2010-2022
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Africa's crude oil producers: Only 4 countries ever made it past 1 million barrels a day since 1965
  • Only 4 African countries ever crossed 1 million b/d:   Libya, Nigeria, Algeria, and Angola.
  • Libya was Africa’s top producer in the 1970s and 2000s. At its peak, Libya did over 3 million b/d. No other African country has touched that.
  • Nigeria peaked in 2005 with 2.5 million b/d. But since then, it’s been unstable due to theft and pipeline issues.
  • Angola and Algeria have stayed around or above 1 million b/d for long periods, especially post-2000.
  • Despite oil discoveries, most African countries never got close to 1 million b/d: countries like Chad, Sudan, and Gabon, while some peaked under 500k.

After the drop in 2020 due to COVID-19, Oando Plc's profit before tax has surpassed pre-COVID-19 levels
Key Takeaways:
  • Despite recent gains, Oando Plc's earnings before tax have declined by 222% over the past decade.
  • Major losses occurred in 2019 and 2020, with a rebound in 2021 and 2023.
  • The company demonstrated remarkable resilience by recovering to ₦103 billion profit in 2023.
  • The earnings before tax in 2024 fell by 54% from 2023.
  • The year-on-year growth rate from 2015 to 2024 was shown to be negative despite recording ₦47.8 billion in 2024, as against -₦39.1 billion in 2015.

In 50+ years of oil production, the top spot has rotated among only 4 countries
  • Only 4 countries have ever topped global oil production since 1973: the US, USSR, Saudi Arabia, and Russia.
  • The USSR and Saudi Arabia each led for 17 years, while Russia held 9 and the U.S. reclaimed the top with 8 years, mostly after the shale boom.
  • Top producers have peaked at 9–12 million barrels/day, but the US once dropped as low as 5 million in the 2000s.
  • Nigeria peaked at 2.5 million barrels/day in 2005 and 2011, but never reached the top five.
  • Global crude oil production grew by over 26 million barrels per day between 1973 and 2023—an increase of nearly 47% over 50 years.

Oando Plc achieved a revenue increase of 412% between 2021 and 2024, while profits declined by 181% from 2022 to 2024, despite a positive profit after tax in 2024
Key takeaways:
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  • Profit after tax fluctuated, with a notable improvement in 2024, reaching ₦65.49 million.
  • The year-on-year growth rate of 148% in 2022 indicates great market positioning.
  • From ₦477.1 billion in 2020 to ₦4.1 trillion in 2024, Oando Plc's revenues increased by 764%.

Seplat Energy's revenue surged by 137%, with profits increasing by 163% in 2024 compared to 2023
Key takeaways:
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  • In December 2023, the first crude supply of 1 million barrels arrived, marking the start of operations.
  • By 2024, the refinery began producing diesel and jet fuel, with 6 million barrels received for processing.

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