Nigeria’s Petroleum Import Bill Plummets 75% as Domestic Refining Capacity Surges
Nigeria has achieved a remarkable milestone in reducing its dependence on imported petroleum products, with import values dropping dramatically to ₦3.786 trillion in the first quarter of 2025, according to the National Bureau of Statistics.
The latest Foreign Trade in Goods Statistics reveal a substantial 21.21% decline from ₦4.805 trillion recorded in Q4 2024, and an impressive 75.55% drop from ₦15.48 trillion in Q1 2024. This dramatic reduction coincides with increased domestic output from refineries, particularly the massive 650,000 barrels-per-day Dangote refinery.
Despite rising global crude prices that typically translate to higher local fuel costs, the surge in domestic refining capacity has created a buffer against international price volatility. Currently, petrol sells for between N870 and N1,100 per liter in urban centers, with diesel priced at approximately N970 to N1,100.
The NBS data also shows mixed results in other sectors. Crude oil exports fell to ₦12.95 trillion in Q1 2025, representing a 16.35% decline from the previous year. However, other oil product exports surged by 134.24% to ₦4.47 trillion, demonstrating the growing strength of Nigeria’s downstream petroleum sector.
Agricultural exports experienced substantial growth, reaching ₦1.7 trillion – a 64.65% increase from the previous year. Raw material exports also climbed significantly to ₦1.04 trillion, marking a 196.12% surge from Q1 2024. However, solid mineral exports declined by 7.17% to ₦58.87 billion.
Source: orientalnewsng.com
