Nigeria’s petrol imports up by 105% to N15.42tn, despite increased domestic refining
Nigeria’s petrol imports reached a record high of N15.42 trillion in 2024, marking a 105.3 percent increase from the N7.51 trillion recorded in 2023, according to the National Bureau of Statistics (NBS) Foreign Trade Statistics Report.
The surge in imports occurred despite growing domestic refining capacity, with Belgium accounting for over N3.69 trillion of the imported products.
Quarterly data shows imports valued at N2.63 trillion in Q1, N3.22 trillion in Q2, N3.32 trillion in Q3, and N3.3 trillion in Q4.
This sharp increase came when expectations were high for reduced reliance on foreign fuel following significant investments in local refining.
Despite the commencement of operations at the 650,000-barrel-per-day Dangote Petroleum Refinery, the 210,000bpd Port Harcourt Refining Company, and the Warri Refining and Petrochemical Company in December 2024, these facilities have yet to reach full production capacity to meet domestic demand.
Major oil marketers imported 6.38 billion litres of petrol and diesel in the past five months, with marketers bringing in 2.3 billion litres between September and December 2024 alone.
The Executive Secretary of the Major Energies Marketers Association of Nigeria, Clement Isong, defended importation, stating it “contributes to the market’s competitiveness” and helps drive down prices.
Overall, Nigeria conducted foreign trade worth N138 trillion in 2024, spending N60.5 trillion on imports while earning N77.4 trillion from exports, resulting in a trade surplus of N16.8 trillion. Crude oil dominated exports with sales of N55.28 trillion, accounting for 68.87 percent of total exports in Q4.
Agricultural goods imports increased by 53.35 percent in Q4 compared to the same period in 2023, while raw material imports rose by 118.17 percent.
Europe remained Nigeria’s major trading partner with goods worth N34.14 trillion, followed by Asia (N20.6 trillion) and America (N13.43 trillion).
