By Abiola Olawale
Nigeria’s reliance on imported petrol deepened in 2024 as the cost of imports surged by 105% to ₦15.42 trillion, up from ₦7.51 trillion in 2023, according to the latest data from the National Bureau of Statistics (NBS).
The rise comes despite increased domestic refining capacity. The NBS report highlights a persistent dependence on foreign fuel, even with operational advancements at the 650,000 barrels-per-day’s Dangote Refinery, and the reported rehabilitation of state-owned refineries such as the Port Harcourt Refining Company (PHRC) and Warri Refining and Petrochemical Company (WRPC), respectively.
According to the report, Nigeria spent N2.01trn on fuel imports in 2020. By 2021, this figure more than doubled, rising by 126.9% to N4.56trn, indicating a sharp increase in import dependence and global price fluctuations.
The upward trend continued in 2022, with import costs jumping by 69.1% to N7.71 trillion, driven by rising crude oil prices and Nigeria’s inability to refine a significant portion of its fuel needs locally.
In 2023, petrol import expenditure recorded a marginal decline of 2.6% to N7.51 trillion, suggesting a temporary easing, possibly due to factors such as forex adjustments and lower global oil prices.
