The Central Bank of Nigeria has allocated a total of $1.259 billion to participants in the oil industry for the influx of petroleum products and related goods into the country.
This financing, made available in the first quarter of 2025, has occurred even though marketers continue to push for fuel imports, despite the availability of petrol from the Dangote Refinery.
Recent statistics from the Nigerian Midstream and Downstream Petroleum Regulatory Authority show that petroleum marketers accounted for 69 per cent of the 21 billion litres of petrol consumed in Nigeria from August 2024 to early October 2025.
Between January and March of 2025, 2.28 billion litres of petrol were imported, despite the increased output of refined products from the Dangote refinery.
An analysis from the Central Bank of Nigeria’s statistical bulletin for the first quarter of 2025 indicates that a total of $1.26 billion was dedicated to import transactions during this timeframe.
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A detailed month-by-month breakdown shows that in January, $457.83 million was allocated, which was 36.2 per cent of the total.
This figure saw a significant drop to $283.54 million in February, making up 22.5 per cent, before rising again to $517.55 million in March, which represented the highest portion at 41.3 per cent of the total foreign exchange issued for the quarter.
The rivalry for market leadership has intensified recently between the Dangote Petroleum Refinery and fuel-importing marketers, as both compete for dominance in Nigeria’s downstream sector.
However, pricing remains the key factor driving marketers’ decisions regarding suppliers, amid growing competition between the refinery and fuel importers. Many operators in the downstream sector switch their preferences based on cost efficiency rather than the origin of the supply.
