Nigeria’s petrol imports more than doubled in 2024 despite increased refining capacity, reaching N15.42 trillion, up 105.3% from N7.51 trillion in 2023. This surge defied expectations of reduced imports after major local refinery investments.Nigeria’s petrol import costs have surged over the past five years due to rising reliance on foreign supply and currency depreciation.
Spending jumped from N2.01 trillion in 2020 to N7.71 trillion in 2022, driven by global price fluctuations and limited local refining. After a slight dip in 2023, costs soared 105.3% to N15.42 trillion in 2024, largely due to a 40.9% naira depreciation.Despite the Dangote Refinery launch and PHRC’s partial restart, Nigeria still relies on fuel imports due to unmet local supply.
Nigeria’s domestic refining remains inadequate, forcing continued fuel imports. Delays, supply inefficiencies, and forex fluctuations worsen the reliance, straining finances and consumers.Nigeria’s rising fuel import costs highlight its vulnerability to forex fluctuations and delays in energy self-sufficiency.
Despite restarting the Warri refinery (125,000 bpd) and Port Harcourt’s phase one (60,000 bpd), fuel imports remain high. The country’s four state refineries and the Dangote refinery were expected to reduce imports, but local supply remains insufficient.
