Nigeria’s petrol import bill has significantly decreased to N1.76 trillion in the first quarter of 2025, representing a 54% year-on-year decline from N3.81 trillion recorded in Q1 2024.
Gatekeepers News reports that the drop also marks a 47% reduction from Q4 2024, when the country spent N3.3 trillion on petrol imports.
The decline is largely attributed to the increased domestic supply from the Dangote Refinery, which has continued to scale up operations.
According to the National Bureau of Statistics (NBS), the data signals a structural shift in Nigeria’s petroleum trade, following decades of dependence on imported refined products due to the collapse of state-owned refineries.
Petrol imports from the ECOWAS region accounted for 44.51% of Nigeria’s total imports from the subregion, with the product being the most imported from ECOWAS countries in Q1 2025. Other major imports from the region included gas oil and petroleum bitumen.
The reduction in petrol imports suggests that domestic refining is beginning to displace foreign supply in a meaningful way. This development could potentially strengthen the naira and ease pressure on Nigeria’s foreign exchange reserves.
