Petrol imports in Nigeria surged by 105.3% in 2024, reaching ₦15.42 trillion, up from ₦7.51 trillion in 2023, according to the latest foreign trade data from the National Bureau of Statistics (NBS).
This sharp increase comes despite growing domestic refining capacity, particularly with the 650,000 barrels-per-day Dangote Refinery and ongoing rehabilitation of state-owned refineries. In December 2024, the Nigerian National Petroleum Company Limited (NNPCL) restarted operations at the 125,000 barrels-per-day Warri Refinery, which had been under rehabilitation since 2021 at a cost of $897 million. Additionally, the Port Harcourt Refining Company (PHRC) recently resumed operations at its old plant, contributing 60,000 barrels per day to national output.
Nigeria’s spending on fuel imports has seen a steady increase over the years, rising from ₦2.01 trillion in 2020 to ₦4.56 trillion in 2021—an increase of 126.9%. In 2022, import costs jumped by 69.1% to ₦7.71 trillion due to soaring crude oil prices and Nigeria’s continued reliance on imports. While 2023 recorded a slight decline of 2.6% to ₦7.51 trillion, 2024 saw a dramatic spike, largely driven by a 40.9% depreciation of the naira.
Despite advancements in local refining, production remains insufficient to meet demand, making Nigeria heavily dependent on imports. Supply chain inefficiencies, foreign exchange fluctuations, and persistent demand-supply imbalances continue to strain government finances and impact consumer purchasing power.
Nigeria operates four state-owned refineries—one in Kaduna, one in Warri, and two in Port Harcourt—yet the country remains one of the world’s largest importers of refined petroleum products.