June 13, 2025
Nigeria’s petrol import bill has seen a significant decline, dropping by over ₦2 trillion in the first quarter of 2025, a development attributed to an increase in domestic refining capacity.
According to data from the National Bureau of Statistics (NBS), the country spent ₦1.76 trillion on petrol imports between January and March 2025, compared to ₦3.81 trillion in the same period of 2024. This marks a 53.8% reduction, reflecting improved self-sufficiency in fuel production.
Industry experts link the drop to the operationalization of key local refineries, including modular facilities and output from the Dangote Refinery, which began phased production in late 2024.
Reacting to the development, the Minister of Petroleum Resources, Heineken Lokpobiri, said the shift marks a “turning point” in Nigeria’s energy sector, noting that the country is on course to meet its domestic fuel demand without relying heavily on imports.
“This reduction in petrol imports is a direct result of President Bola Tinubu’s commitment to energy reform and the activation of local refining capacity,” the minister stated.
Economic analysts believe the drop in import expenditure will ease pressure on Nigeria’s foreign reserves and contribute to exchange rate stability.
The government says it will continue to support investments in the oil and gas downstream sector to consolidate these gains and work toward full energy independence.
