Nigeria’s petrol imports hit a record high in 2024, more than doubling from the previous year, despite increased refining capacity. Data from the National Bureau of Statistics (NBS) shows that fuel import costs surge by 105.3%, rising from N7.51 trillion in 2023 to N15.42 trillion in 2024.
Nigeria’s spending on imported petrol continues to climb over the past five years, reflecting a mix of currency depreciation and ongoing reliance on foreign fuel supply.
- 2020: N2.01 trillion spent on fuel imports.
- 2021: A sharp increase of 126.9% to N4.56 trillion.
- 2022: A 69.1% rise to N7.71 trillion.
- 2023: A slight decline of 2.6% to N7.51 trillion.
- 2024: A record-breaking jump of 105.3% to N15.42 trillion, largely due to a 40.9% depreciation of the naira, which inflates import costs.
Despite the launch of the 650,000 barrels-per-day Dangote Refinery and the rehabilitation of state-owned refineries, local production still falls short of demand.
- The Port Harcourt Refinery, with a 210,000 bpd capacity, has only restarted partial operations, refining 60,000 bpd.
- The Warri Refinery, with a 125,000 bpd capacity, resumes operations in late 2024 after years of rehabilitation.
- The Kaduna Refinery and the newer Port Harcourt plant remain under refurbishment.
Even with these efforts, Nigeria’s fuel demand outpaces local supply, making large-scale imports necessary. Delays in refinery upgrades, supply chain inefficiencies, and high fuel consumption contribute to this continued dependence.
The heavy reliance on imported petrol, combined with currency fluctuations, puts pressure on government finances and increases costs for businesses and consumers. Higher import expenses drive up fuel prices, affecting transportation, inflation, and the cost of living nationwide.
While efforts to expand domestic refining continue, Nigeria is still far from fuel independence. Until local production meets national demand, high import bills will persist, leaving the economy vulnerable to global oil price fluctuations.
 shows that fuel import costs surge by 105.3%, rising from N7.51 trillion in 2023 to N15.42 trillion in 2024.){kind=link}