Nigeria’s petrol imports surged in 2024, more than doubling despite increased domestic refining capacity, highlighting the country’s persistent reliance on imported fuel.
The latest foreign trade statistics report from the National Bureau of Statistics (NBS) revealed that petrol import costs rose by 105.3% to N15.42 trillion in 2024, up from N7.51 trillion in 2023.
The development comes despite current increasing domestic refining capacity, and the ongoing rehabilitation of state-owned refineries.
In December 2024, the Nigeria National Petroleum Company Limited (NNPCL) announced the restart of the 125,000 barrels per day (bpd) Warri Refinery and Petrochemical Company (WRPC), which was approved for rehabilitation in 2021 for $897 million.
The Port Harcourt Refining Company (PHRC), with a total installed capacity of 210,000bpd, recently restarted operations at its old plant, which currently produces 60,000bpd.
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Nigeria spent N2.01trn on fuel imports in 2020. By 2021, this figure more than doubled, rising by 126.9% to N4.56trn, indicating a sharp increase in import dependence and global price fluctuations.
The upward trend continued in 2022, with import costs jumping by 69.1% to N7.71 trillion, driven by rising crude oil prices and Nigeria’s inability to refine a significant portion of its fuel needs locally.
In 2023, petrol import expenditure recorded a marginal decline of 2.6% to N7.51 trillion, suggesting a temporary easing, possibly due to factors such as forex adjustments and lower global oil prices.
However, riding on the back of a 40.9% depreciation of the naira, 2024 saw a 105.3% increase to N15.42 trillion, the highest on record.
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