Nigeria’s expenditure on importing premium motor spirit (PMS) and other petroleum products soared to N15.4 trillion in 2024, more than doubling from N7.5 trillion in the previous year, despite the restart and commencement of local refinery operations.
According to data from the National Bureau of Statistics (NBS) on foreign trade, petrol imports surged by 105% in the first three quarters of 2024, continuing a five-year trend of rising fuel import costs.
In 2020, Nigeria spent N2.01 trillion on fuel imports, which more than doubled to N4.56 trillion in 2021. The figure further increased to N7.71 trillion in 2022, before slightly declining to N7.51 trillion in 2023. However, in 2024, the cost of fuel imports jumped to a historic N15.42 trillion, the highest in Nigeria’s history.
Local Refineries Yet to Meet Demand
Despite the commencement of operations at the Dangote Refinery and the resumption of activities at Port Harcourt and Warri Refineries in 2024, Nigeria has not significantly reduced its reliance on imported petrol.
In February 2025, oil marketers imported petrol worth approximately N935 billion, while between October 2024 and January 2025, petrol imports totaled N5.5 trillion, according to data from the NBS and the Nigerian Ports Authority (NPA).
Industry Leaders Weigh In
Reacting to the situation, Clement Isong, Executive Secretary of the Major Energy Marketers Association of Nigeria (MEMAN), defended the continued importation of petrol, stating that it fosters competition and helps regulate prices.
“Importation contributes to market competitiveness. The price stability and competition we see today are results of fuel importation,” he said.
However, Aliko Dangote, President of Dangote Refinery, has strongly opposed continued petrol imports. In February 2025, he emphasized that his 650,000 barrels-per-day refinery has the capacity to fully meet Nigeria’s petrol demand.
Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) revealed that local refineries, including Dangote Refinery, met only 50% of Nigeria’s petrol demand in February 2025, contradicting Dangote’s claim.
Speculation remains that the Nigerian National Petroleum Company Limited (NNPC) is still importing petrol, despite its denial of fuel imports in 2025.
Currently, Nigerians pay between N860 and N970 per litre of petrol, depending on their location.
