Nigeria’s petrol import invoice fell sharply within the first quarter of 2025, dropping to N1.76 trillion from N3.81 trillion recorded within the corresponding interval of 2024.
This represents a 54% year-on-year decline, in accordance with the newest international commerce statistics report from the Nationwide Bureau of Statistics (NBS).
The drop additionally marks a 47% discount from This autumn 2024, when the nation spent N3.3 trillion on petrol imports.
The decline is essentially attributed to elevated home provide from the Dangote Refinery, which has continued to scale up operations.
The report additional exhibits that petrol was Nigeria’s most imported product from ECOWAS international locations within the first quarter of 2025, accounting for N89.18 billion or 44.51% of complete imports from the subregion.
Petrol was additionally listed among the many high 5 most imported commodities nationwide in Q1 2025, alongside fuel oil, crude petroleum oils, cane sugar for refineries, and durum wheat.
The decline in petrol imports aligns with the rising affect of the Dangote Petroleum Refinery. With an put in capability of 650,000 barrels per day, the refinery is already supplying a good portion of Nigeria’s petrol demand, though it’s nonetheless working under full capability.
Nevertheless, the federal government has intervened to resolve the problems across the naira-for-crude deal. The ability continues to play a key function in narrowing the import hole.
