Nigeria’s petrol import bill surges 989.4% to N952.15 billion in Q2 2026

Nigeria’s petrol import bill surged by 989.4% quarter-on-quarter to N952.15 billion in the second quarter of 2026, up sharply from N87.40 billion recorded in the first quarter.

The increase was revealed in an analysis of the newly released foreign trade statistics by the National Bureau of Statistics (NBS).

Despite the quarterly surge, the value of petrol imports was 59.9% lower than the N2.38 trillion recorded in Q2 2025, indicating a significant decline in annual import expenditure.

What the data is saying

Nairametrics’ analysis showed that petrol imports accounted for 6.6% of Nigeria’s total imports in Q2 2026, compared with just 0.64% in Q1 2026.

• Nigeria’s total imports stood at N14.42 trillion during the quarter, meaning petrol accounted for nearly one in every 15 naira spent on imported goods.
• The sharp quarter-on-quarter increase comes after petrol imports fell to N87.40 billion in Q1 2026, significantly below the N2.38 trillion recorded a year earlier.
• The latest data point to a substantial rebound in petrol importation during Q2, even as the annual import bill remained well below its 2025 level.

The decline from Q2 2025 may reflect the changing structure of Nigeria’s petrol supply, particularly the growing role of domestic refining capacity, while the quarterly increase suggests that imported petrol continued to play a significant role in meeting domestic demand during the period.

Get up to speed

Earlier, Nairametrics reported that Nigeria’s petrol imports rose by 59.5% in May from the previous month despite growing output from domestic refineries.

• The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reported that average daily imports of Premium Motor Spirit (PMS) increased to 5.9 million litres per day in May from 3.7 million litres per day in April.

Analysis of NMDPRA supply data for the first five months of 2026 shows that petrol imports generally declined as domestic refining capacity strengthened, despite some month-to-month fluctuations.

• In January, imports averaged 24.8 million litres per day, while local refineries supplied 40.1 million litres per day. Imports then fell sharply to 3 million litres per day in February, although domestic refinery output also dropped to 29.4 million litres per day.
• By March, imports rebounded to 5.9 million litres per day, but local refining improved more significantly to 34.2 million litres per day. The upward trend in domestic production continued in April, when local supply rose to 40.7 million litres per day, and imports eased to 3.7 million litres per day.
• In May, domestic refinery output increased further to 41.5 million litres per day, while imports edged up to 5.9 million litres per day.

Nairametrics earlier reported that Nigeria’s oil refining sector recorded its strongest quarterly growth in expanding by 43.94% year-on-year in the second quarter of 2026.

The increase comes as the Dangote refinery continues to scale up operations. Maintenance and expansion work completed in February 2026 increased the facility’s crude oil distillation capacity from 650,000 barrels per day (b/d) to 700,000 b/d.

What you should know

Nairametrics earlier reported that Nigeria’s petrol import bill fell to $10 billion in 2025, down from $14.06 billion in 2024.

• As refining capacity grows, Nigeria is expected to further reduce its import dependency and enhance trade balances.
• In December 2025, Nairametrics reported that Nigeria spent N1.28 trillion on fuel imports in the third quarter of 2025.

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.