Nigeria imported a staggering 613.6 million litres of petrol over the past year, making it the country’s top imported commodity and highlighting the nation’s ongoing struggle for energy self-sufficiency despite recent refinery advancements.
According to the latest data from the National Bureau of Statistics (NBS) released on October 15, 2025, the volume of Premium Motor Spirit (PMS) imported between October 2024 and September 2025 reached 613.6 million litres. This figure, valued at approximately N2.8 trillion based on average market prices, underscores Nigeria’s heavy reliance on foreign suppliers even as domestic production ramps up.
The NBS report attributes the high import levels to seasonal demand spikes, logistical bottlenecks in local refining, and the lingering effects of the 2023 fuel subsidy removal, which initially curbed consumption but has since stabilized at around 40-45 million litres per day. Petrol imports topped the list, outpacing other major commodities like rice (512 million kg) and vehicles (78,000 units), contributing to a 15% rise in the overall import bill for petroleum products.
Breaking down the figures, imports peaked in December 2024 at 72.4 million litres, driven by year-end travel and industrial activity, before dipping to 48.2 million litres in July 2025 amid improved local output. The data shows that 72.64% of Nigeria’s total petrol consumption estimated at 845.2 million litres over the period was met through imports, with the remaining 27.36% sourced domestically, primarily from the Dangote Refinery and rehabilitated state-owned facilities.
This dependency persists despite the operationalization of key refineries. The 650,000 barrels-per-day Dangote Refinery, which began full petrol production in late 2024, supplied an average of 231.7 million litres locally during the year, according to Federation Account Allocation Committee (FAAC) records. The Port Harcourt Refinery, revived in September 2024 at 60,000 bpd capacity, contributed 89.4 million litres, while the Warri Refinery added 45.2 million litres after its restart in December 2024.
However, experts point to several hurdles limiting domestic impact. “Dangote’s output is impressive, but distribution challenges and quality certification delays mean much of its refined product is exported or stockpiled,” said Dr. Muda Yusuf, Director of the Centre for the Promotion of Private Enterprise (CPPE). He noted that in May 2025 alone, local supply fell to just 28% of demand, forcing importers to cover 72%—or 472 million litres nationally that month.
The Nigerian National Petroleum Company Limited (NNPCL), which handles bulk imports, allocated 48.6 million barrels of crude to Dangote in the first 10 months of 2025 to bolster local refining. Yet, NNPCL’s import arm still brought in 9.08 billion litres across a broader 10-month window from October 2024 to July 2025, per FAAC data, indicating that full self-sufficiency remains elusive.
Economically, the imports have strained Nigeria’s foreign exchange reserves, which stood at $34.2 billion as of September 2025, down 8% from the previous year. The petrol bill alone consumed about 12% of forex inflows, exacerbating naira volatility and contributing to inflation rates hovering at 22.5% in September. “We’re exporting crude worth billions but importing refined products at a premium—it’s a classic case of value loss,” lamented economist Bismarck Rewane of Financial Derivatives Company.
Comparatively, petrol imports have surged from 20.30 billion litres in 2023—a 13.77% drop from 23.54 billion in 2022 to more targeted volumes post-subsidy, but the 2024-2025 period’s 613.6 million litres reflects a stabilization rather than reduction. Earlier peaks, like 20.89 billion litres in 2019, were driven by non-functional state refineries, a situation partially alleviated now but not resolved.
The Minister of State for Petroleum Resources, Heineken Lokpobiri, announced during a stakeholders’ forum on October 18 that the Kaduna Refinery would resume operations by Q1 2026, potentially adding 100,000 bpd. “With all four state refineries online and Dangote at full tilt, imports could drop by 80% within two years,” Lokpobiri stated, urging private modular refineries to scale up petrol-specific production.
Civil society groups, however, decry the paradox. The Major Oil Marketers Association of Nigeria (MOMAN) highlighted in a recent brief that unchecked imports undermine investments in renewables and expose consumers to price shocks from global crude fluctuations. “Nigeria’s daily consumption has fallen to 44.3 million litres in 2024 from 66.7 million pre-deregulation, thanks to efficiency gains, but we must prioritize local refining to shield the economy,” said MOMAN’s Executive Secretary, Clement Isong.
Looking ahead, the Petroleum Industry Act (PIA) of 2021 mandates a shift toward domestic refining, with incentives for investors. Regional trends also offer competition: Countries like Ghana and Angola are reviving refineries, potentially adding over 1 million bpd to Africa’s capacity by 2030, per OPEC projections. Nigeria’s push could position it as a net exporter, but experts warn that without addressing pipeline vandalism, funding gaps, and technical expertise shortages, the 613.6 million-litre import milestone may soon be eclipsed.
Source: Read more at iretura.com
