Nigeria’s Petrol Imports Double to ₦15.42tn in 2024 Despite Refinery Expansions
Nigeria’s petrol import bill surged by 105.3% in 2024, reaching ₦15.42tn from ₦7.51tn in 2023, despite increased domestic refining capacity, according to the National Bureau of Statistics.
The spike comes amid expectations that local refineries, including the 650,000bpd Dangote Refinery and the rehabilitated Port Harcourt and Warri refineries, would reduce dependence on imports. However, data suggests these facilities have yet to operate at full capacity.
Over the past five years, Nigeria’s fuel import costs have steadily risen:
- 2020: ₦2.01tn
- 2021: ₦4.56tn
- 2022: ₦7.71tn
- 2023: ₦7.51tn
- 2024: ₦15.42tn (highest ever)
Between September and December 2024, oil marketers imported 2.3 billion litres of petrol, contradicting earlier claims that they would shift to local supply.
In the past five months alone, 6.38 billion litres of petrol and diesel were imported, costing about ₦6tn and straining forex reserves.
The Major Energies Marketers Association of Nigeria defended continued imports, arguing they promote competition and keep pump prices in check. However, independent marketers criticized the reliance on foreign supply, calling for policies that prioritize domestic refining.
