The Central Bank of Nigeria (CBN) has released a total sum of $1.26 billion to oil sector players for the importation of petroleum products and other related items into the country in first quarter (Q1) of 2025.
The amount released Q1 2025 is against the backdrop of the insistence of marketers to continue fuel import despite the availability of petrol from Dangote Refinery.
According to fresh data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Petroleum marketers imported 69 per cent of the 21 billion litres of petrol Nigerians consumed between August 2024 and the first 10 days of October 2025.
Between January and March 2025, a total of 2.28 billion litres of petrol were imported despite improved refined product output from the Dangote refinery.
Fuel imports, a significant consumer of foreign exchange, impact the country’s foreign reserves and the naira-to-dollar rate. The volume represents one of the lowest quarterly import figures in recent years, reflecting the gradual shift towards local refining and blending of petroleum products.
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