Despite efforts by the Nigerian government to increase the refining capacity of the country, the importation of petrol into Nigeria has risen by 105.3%.
A report by the National Bureau of Statistics shows that in 2024, the importation of fuel surged to N15.4 trillion from the N7.51 trillion which was recorded in 2023.
The NBS’ latest data from the foreign trade statistics showed that this cost of importation doubled in the past year despite the revamping of two refineries in the country and the commencement of operations at the Dangote Refinery.
This sharp increase remains confusing even as some Nigerians feel there should have been a drop in the consumption of petrol by motorists following the removal of subsidy and subsequent increase in the pump price.
However, the data from NBS depicts Nigeria’s overreliance on foreign supply of the product irrespective of the massive ongoing local refining.
In addition, for the past years, the nation’s import bill for petrol has continued to rise although it hit an all-time high in 2024.
In 2020, Nigeria N2.01 trillion on petrol importation and N4.56 trillion in 2021.
By 2022, the figure jumped to N7.71 trillion and witnessed a slight drop to N7.51 trillion in 2023.
However, in 2024, the figure doubled to N15.42 trillion, marking Nigeria’s largest petrol import bill.
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