Nigeria spent N1.28 trillion on fuel imports in the third quarter of 2025.
This is according to the latest data from the National Bureau of Statistics (NBS) released on Thursday.
The figure highlights the country’s sustained reliance on imported petroleum products despite ongoing efforts to expand local refining capacity.
The Q3 2025 expenditure represents a decline from the N2.3 trillion recorded in the previous quarter.
The trend reflects enduring supply shortfalls, elevated global oil prices, and Nigeria’s limited domestic refining output.
For broader context, Nigeria spent N15.4 trillion on fuel imports in 2024 alone — a figure that placed enormous strain on the country’s foreign exchange reserves and was a key driver of naira volatility throughout the year.
Petrol imports over the last five years
- In 2020, Nigeria spent N2.01 trillion on fuel imports.
- In 2021, this more than doubled, rising 126.9% to N4.56 trillion amid increased import dependence and global price volatility.
- The upward trend continued in 2022, with costs surging 69.1% to N7.71 trillion due to higher crude prices and weak domestic refining.
- In 2023, petrol import spending dipped slightly by 2.6% to N7.51 trillion, likely reflecting temporary market adjustments such as forex realignments and lower global oil prices.
- In 2024, import costs spiked 105.3% to N15.42 trillion — the highest on record, largely driven by a 40.9% depreciation of the naira, which sharply inflated local-currency import costs.
What you should know
In October, Dangote Refinery announced plans to expand its production capacity from 650,000 barrels per day to 1.4 million barrels per day, a move that will make it the largest refinery in the world once completed, surpassing India’s Jamnagar Refinery.
This development, analysts say, positions Nigeria to become a global refining powerhouse, capable of meeting not only its domestic fuel demand but also supplying refined petroleum products to other African and international markets.
The Federal Government declared its full support for Dangote Refinery’s plan to boost production capacity to 1.4 million barrels per day (bpd), describing the project as a “game-changer” for Nigeria, West Africa, and the entire continent.
Earlier, the Organisation of Petroleum Exporting Countries (OPEC) reported that Nigeria’s crude oil production climbed marginally to 1.436 million barrels per day (bpd) in November, up from 1.401 million bpd in October.
Latest FG’s data shows that Nigeria’s daily petrol consumption dipped to an average of 52.9 million litres per day in November 2025, reflecting a notable shift in national fuel demand patterns.
