Nigeria’s petrol import bill fell sharply in the first quarter of 2025, dropping to N1.76 trillion from N3.81 trillion recorded in the corresponding period of 2024.
This represents a 54% year-on-year decline, according to the latest foreign trade statistics report from the National Bureau of Statistics (NBS).
The drop also marks a 47% reduction from Q4 2024, when the country spent N3.3 trillion on petrol imports.
The decline is largely attributed to increased domestic supply from the Dangote Refinery, which has continued to scale up operations.
Import trend reverses after years of steady growth
- A five-year review of first-quarter petrol import figures shows that Nigeria had been on a steady upward trajectory until 2024. The country imported N732 billion worth of petrol in Q1 2020, rising to N1.29 trillion in Q1 2021, and doubling again to N2.69 trillion in Q1 2022. There was a moderate decline to N2.03 trillion in Q1 2023 before the value surged to an all-time high of N3.81 trillion in Q1 2024.
- With the Q1 2025 import bill dropping to N1.76 trillion, Nigeria’s petrol import value has now returned to pre-2022 levels, suggesting that domestic refining is beginning to displace foreign supply in a meaningful way.
- The NBS data signals a structural shift in Nigeria’s petroleum trade, following decades of dependence on imported refined products due to the collapse of state-owned refineries.
Petrol accounts for 44.51% of Nigeria’s imports from the ECOWAS region
The report further shows that petrol was Nigeria’s most imported product from ECOWAS countries in the first quarter of 2025, accounting for N89.18 billion or 44.51% of total imports from the subregion.
- The figure highlights the continued importance of regional trade routes in meeting domestic fuel demand, despite Nigeria’s ongoing efforts to boost local refining through facilities such as the Dangote Refinery.
- Within the broader West African region, petrol imports made up 41.86% of Nigeria’s trade inflow, while it contributed 11.63% of total imports from the entire African continent.
- This dominance by petrol shows the lingering supply gaps in Nigeria’s downstream petroleum sector.
- While local refining is gaining momentum, it has yet to fully replace the need for imported refined products.
- Other major imports from the ECOWAS region during the period included gas oil at N23.15 billion (11.55%) and petroleum bitumen at N20.58 billion (10.27%), indicating that petroleum-based products continue to shape Nigeria’s import profile from the subregion.
Petrol was also listed among the top five most imported commodities nationwide in Q1 2025, alongside gas oil, crude petroleum oils, cane sugar for refineries, and durum wheat.
What you should know
The decline in petrol imports aligns with the growing influence of the Dangote Petroleum Refinery. With an installed capacity of 650,000 barrels per day, the refinery is already supplying a significant portion of Nigeria’s petrol demand, although it is still operating below full capacity.
- The refinery, which is currently producing about 85 per cent of its 650,000 barrels per day capacity, has helped to reduce the volume of imported refined petrol substantially.
- This has introduced greater competition in the downstream market, with retail prices in Lagos dropping to as low as N860 per litre in early 2025.
- However, the refinery’s operations have faced early challenges. In March 2025, Dangote Industries halted local currency sales due to foreign exchange constraints, as it relies on dollar-denominated crude inputs but receives naira in return for local sales.
However, the government has intervened to resolve the issues around the naira-for-crude deal. The facility continues to play a key role in narrowing the import gap.
