Nigeria’s petrol imports surged in 2024, doubling to N15.42tn from N7.51tn in 2023, despite increased domestic refining capacity. Data from the National Bureau of Statistics show that this marks the country’s highest fuel import bill in history.

The rise in imports comes despite expectations that the Dangote Petroleum Refinery (650,000bpd) and revived state-owned refineries, such as the Port Harcourt (210,000bpd) and Warri refineries, would reduce dependence on foreign supply. However, these refineries have yet to reach full production capacity.

Between September and December 2024, oil marketers imported 2.3 billion litres of petrol, contradicting earlier commitments to shift to local supply. Over the past five months, 6.38 billion litres of petrol and diesel were imported, adding pressure on Nigeria’s forex reserves.

While independent marketers criticize continued imports, Major Energies Marketers Association of Nigeria (MEMAN) argues that importation fosters competition and helps regulate fuel prices. “What importation does for us is that it contributes to the market’s competitiveness,” MEMAN Executive Secretary Clement Isong stated.

Despite efforts to boost local refining, Nigeria remains heavily reliant on imported fuel, raising concerns over energy security and foreign exchange stability.