Nigeria recorded a sharp drop in petrol import volumes and costs in 2025 as local refineries, led by the Dangote Petroleum Refinery, increased domestic fuel production.
The Central Bank of Nigeria (CBN), in its latest Balance of Payments data, shows that the country spent $6.71 billion on refined petroleum product imports in the first nine months of 2025. This represents a $4.67 billion, or 41 per cent, decline from the same period in 2024.
The figures also show that Nigeria spent $7.87 billion less on fuel imports in the first nine months of 2025 than in the corresponding period of 2023, reflecting a major reduction in foreign exchange outflows linked to petrol and other refined products.
According to the CBN data, imports of refined petroleum products fell by 41 per cent year-on-year by the third quarter of 2025. The drop points to early gains from import substitution as new and rehabilitated refineries expand operations across the country.
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In 2023, Nigeria spent $14.58 billion on refined fuel imports between January and September. This figure dropped to $11.38 billion in the same period of 2024, before falling further to $6.71 billion in the first nine months of 2025. Over two years, the import bill declined by 54 per cent.
The CBN report shows a steady fall in fuel import costs over the three-year period, highlighting improved local supply and reduced dependence on foreign refineries.
Industry analysts say the trend supports Nigeria’s drive to strengthen energy security, ease pressure on the naira and conserve foreign exchange, while encouraging investment in domestic refining capacity.
