In 2024, Nigeria’s petrol imports rose in double despite an increase in domestic refining capacity, highlighting the country’s continued reliance on imported fuel, The PUNCH reports.
The latest data from the foreign trade statistics report of the National Bureau of Statistics showed revealed that the cost of petrol imports rose by 105.3 per cent to N15.42tn in 2024 from the N7.51tn recorded in 2023.
This sharp increase in fuel import expenditure came at a time when expectations were high for a decline in reliance on foreign supply following significant investments in local refining.
The commencement of operations at the 650,000-barrel-per-day capacity Dangote Petroleum Refinery last year and ongoing revival efforts at the other local refineries were expected to reduce import dependence.
However, existing data suggests that these refineries have yet to reach full production capacity to meet domestic demand.
Over the past five years, Nigeria’s petrol import bill has steadily risen. In 2020, the country spent N2.01tn on fuel imports, more than doubling to N4.56tn in 2021.
By 2022, the figure further increased to N7.71tn before slightly declining to N7.51tn in 2023. However, in 2024, fuel import expenditure surged to an all-time high of N15.42tn, marking the largest petrol import bill in Nigeria’s history.
Source: PUNCH
