Petrol imports rose by 105% to ₦15.42tn in 2024 — NBS

This marks a sharp rise from the ₦7.51 trillion recorded in 2023.

The increase comes despite ongoing efforts to boost domestic refining capacity, particularly with the 650,000 barrels-per-day (bpd) Dangote Refinery and the rehabilitation of state-owned refineries.

In December 2024, the Nigerian National Petroleum Company Limited (NNPCL) announced the restart of operations at the 125,000 bpd Warri Refinery and Petrochemical Company (WRPC), which had been undergoing rehabilitation since 2021 at a cost of $897 million.

Additionally, the Port Harcourt Refining Company (PHRC) resumed production at its old plant, contributing 60,000 bpd to the national supply.

Nigeria’s reliance on imported petrol has been on an upward trajectory for years:

2020: ₦2.01 trillion spent on fuel imports

2021: Increased by 126.9% to ₦4.56 trillion

2022: Jumped 69.1% to ₦7.71 trillion, driven by rising crude oil prices

2023: Slight decline of 2.6% to ₦7.51 trillion

2024: Surged 105.3% to ₦15.42 trillion, the highest on record

The sharp increase in 2024 however, was largely driven by the 40.9% depreciation of the naira, supply chain inefficiencies, and ongoing demand-supply imbalances.

Despite progress in refining capacity, local production remains insufficient to meet national demand, forcing continued reliance on imports.

Foreign exchange fluctuations, logistical bottlenecks, and delays in refinery upgrades have further complicated efforts to reduce import dependency.

Nigeria currently operates four national refineries: one in Kaduna, one in Warri, and two in Port Harcourt.

However, until full-scale refining is achieved, petrol imports are expected to remain a significant financial burden on the government and consumers.