Nigeria’s Petrol Imports Plunge 96% to ₦87 Billion as Local Refining Gains Momentum

Nigeria’s reliance on imported petrol has dropped dramatically, with the country’s spending on fuel imports falling by more than 96 percent in the first quarter of 2026. The sharp decline highlights a major shift in Nigeria’s energy landscape and reflects the growing impact of domestic refining capacity on the nation’s fuel supply chain.

According to the latest foreign trade statistics released by the National Bureau of Statistics, Nigeria spent just ₦87.4 billion on the importation of Premium Motor Spirit (PMS), commonly known as petrol, between January and March 2026. This represents a staggering reduction of ₦2.184 trillion compared to the ₦2.271 trillion spent during the same period in 2025.

The figures mark one of the most significant developments in Nigeria’s downstream petroleum sector in recent years. For decades, petrol imports have accounted for a substantial portion of the country’s import bill despite Nigeria being one of Africa’s largest crude oil producers. However, the latest data suggests that the trend may be changing.

The decline is so significant that petrol no longer appears among Nigeria’s top imported or traded commodities. Traditionally one of the country’s most heavily imported products, petrol was absent from the list of the top traded goods with global markets, Africa, and the West African region during the first quarter of 2026.

Instead, the country’s leading imports included crude petroleum oils, gas oil, durum wheat, telecommunications equipment, used vehicles, motorcycles, agricultural machinery, pharmaceuticals, aircraft parts, sugar products, herbicides, and industrial fuel additives.

The broader import data also revealed a decline in Nigeria’s overall import expenditure. Total imports during the first quarter of 2026 stood at ₦13.62 trillion, representing a notable decrease compared to both the corresponding period in 2025 and the previous quarter.

Meanwhile, imports of other petroleum-related products also recorded a substantial drop. Spending in that category fell by more than 85 percent year-on-year, signaling wider changes across the nation’s fuel import profile.

Trade experts believe the decline is closely linked to increased local refining activities and efforts to reduce dependence on foreign fuel supplies. The emergence of large-scale refining projects and investments in domestic energy infrastructure have gradually transformed the market, reducing the need for costly imports.

Historical trade records further underscore the scale of the shift. Nigeria spent approximately ₦2.69 trillion on petrol imports during the first quarter of 2022, followed by ₦2.03 trillion in 2023. The import bill surged to ₦3.81 trillion in 2024 before declining to ₦2.27 trillion in 2025. The latest figure of ₦87.4 billion in 2026 represents the lowest quarterly petrol import expenditure recorded in at least four years.

Put differently, for every ₦100 spent on petrol imports during the first quarter of 2025, Nigeria spent only about ₦4 during the same period in 2026.

The data also reveals how Nigeria’s petrol trade has evolved over time. Total trade value involving petrol stood at ₦7.7 trillion in 2022 before dipping slightly in 2023. It then surged to over ₦15.4 trillion in 2024 amid rising import costs and market adjustments, before falling again in subsequent years as local refining capacity expanded.

Industry observers see the latest figures as evidence that Nigeria’s long-standing ambition to reduce dependence on imported fuel may finally be gaining traction. If the trend continues, the country could benefit from lower foreign exchange pressure, improved energy security, increased domestic investment, and stronger economic resilience.

While challenges remain within the broader petroleum sector, the dramatic decline in petrol imports represents a significant milestone for Africa’s largest economy and could signal the beginning of a new era in Nigeria’s energy independence journey.