Nigeria’s petrol imports surged in 2024, doubling in value despite increased domestic refining capacity, according to data from the National Bureau of Statistics (NBS). The country’s petrol import bill rose by 105.3% to 15.42 trillion Naira (£8.2 billion) in 2024, up from 7.51 trillion Naira in 2023.
This increase comes despite the commencement of operations at the Dangote Petroleum Refinery and efforts to revive other local refineries, which were expected to reduce Nigeria’s reliance on imported fuel. However, data suggests these refineries have yet to reach full production capacity to meet domestic demand.
The rise in imports has occurred over the past five years, with a notable jump in 2024. Oil marketers continue to import fuel, with 2.3 billion litres brought in between September and December 2024, despite some marketers previously stating they would focus on domestic supply. The Dangote Refinery, the Port Harcourt Refining Company, and the Warri Refining and Petrochemical Company are among Nigeria’s domestic refineries. Major oil marketers have also imported significant amounts of petrol and diesel in recent months, adding pressure to the country’s foreign exchange reserves.
The Executive Secretary of the Major Energies Marketers Association of Nigeria (MEMAN), Clement Isong, said that fuel importation promotes competition and helps to keep prices down. He argued that locally refined fuel prices need to compete with imported prices to ensure competitive prices at the pump.
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