The amount spent on importing refined petroleum products in Nigeria has dropped sharply by 54 percent over the past two years, falling from $14.58 billion in the first nine months of 2023 to $6.71 billion in the same period of 2025, according to the Central Bank of Nigeria’s (CBN) Balance of Payments report.
Fuel import spending declined from $14.58 billion in 2023 to $11.38 billion in 2024, before dropping further to $6.71 billion within nine months of 2025.
The figures indicate a sustained moderation in fuel imports, with import bills declining year-on-year during the period under review. Overall, Nigeria spent $7.87 billion less on refined fuel imports in the first nine months of 2025 compared to the same period in 2023.
The reduction is partly attributed to import substitution, as new and rehabilitated domestic refineries, including the Dangote Petroleum Refinery in Lekki, increase local supply. The removal of petrol subsidies in 2023 and stricter foreign exchange management by the CBN also contributed to the decline.
Despite the decrease, Nigeria still spent $6.71 billion on imported refined products in the review period, highlighting continued dependence on foreign fuel. Energy economist Professor Wumi Iledare cautioned that domestic refining has reduced but not eliminated reliance on imports, and importation continues as a risk-management tool for stock security, demand surges, logistics disruptions, and refinery operational risks.
The Dangote Refinery reportedly supplies over 50 million litres of petroleum products daily, helping to moderate imports and gradually strengthen Nigeria’s energy security.
Quarterly data show refined fuel imports fell steadily in 2025, from $3.26 billion in Q1 to $1.65 billion in Q3. Meanwhile, total imports continued to rise due to non-oil goods, while crude oil exports improved from $8.45 billion in Q1 to $13.05 billion in Q3.
Analysts note that Nigeria’s transition to full energy self-sufficiency will remain incomplete until domestic refineries consistently operate at scale to meet local demand, despite recent gains in local production.
