Nigeria’s petrol imports saw a dramatic increase in 2024, rising by 105.3% despite ongoing efforts to boost domestic refining capacity, according to a report by the National Bureau of Statistics (NBS).
The latest foreign trade statistics revealed that Nigeria’s petrol import bill surged to N15.42 trillion in 2024, up from N7.51 trillion the previous year.
This sharp rise in fuel import expenditure comes as the country had hoped for reduced dependence on imported fuel following investments in local refining. The Dangote Petroleum Refinery, with a capacity of 650,000 barrels per day, began operations in 2024, alongside ongoing revival efforts at Nigeria’s other refineries, which were expected to reduce import reliance.
Despite these efforts, the data shows that these refineries are still operating below full capacity and have yet to meet the country’s domestic fuel needs.
Over the past five years, the country’s petrol import expenditure has steadily increased. In 2020, Nigeria spent N2.01 trillion on petrol imports, which more than doubled to N4.56 trillion in 2021. The figure rose further to N7.71 trillion in 2022, before slightly dropping to N7.51 trillion in 2023. However, 2024 marked an unprecedented spike, with the import bill reaching an all-time high of N15.42 trillion.
Despite the commencement of petrol production by the Dangote refinery and the Port Harcourt Refining Company (PHRC), marketers continued to import and distribute petrol across the country. In fact, between September and December 2024, oil marketers imported a staggering 2.3 billion litres of petrol, contradicting earlier statements by some marketers who had promised to halt imports in favor of local supply.
Nigeria’s three major refineries—the Dangote Petroleum Refinery, the 210,000 bpd Port Harcourt Refining Company, and the Warri Refining and Petrochemical Company (WRPC)—are still not meeting domestic demand. PHRC, for example, is currently operating at just 60,000 bpd from its old plant, while the Warri refinery only began operations in December 2024. Both PHRC and WRPC are managed by the Nigerian National Petroleum Company Limited (NNPC).
Despite the country’s efforts to improve local refining capacity, major oil marketers continue to import refined petroleum products. In the past five months alone, marketers imported 6.38 billion litres of petrol and diesel, worth about N6 trillion, further increasing pressure on Nigeria’s foreign exchange reserves.
Clement Isong, the Executive Secretary of the Major Oil Marketers Association of Nigeria (MOMAN), defended the continued importation, stating that it helps promote competition in the market, which can keep fuel prices competitive. He emphasized that while the association supports local refining, imported fuel prices are essential in maintaining market dynamics that ensure lower pump prices for consumers.
“We want local refining, but to ensure the most competitive prices, locally refined fuels must compete with imported ones. This competition keeps pump prices as low as possible,” Isong said.
