Uche Cecil Izuora
Following significant progress by local refiners especially Dangote refinery, Nigeria recorded a major decline in petrol import volume and receipt in 2025.
According to report, downward trend accelerated in 2025, with fuel imports dropping further by $4.67 billion or 41 per cent, to $6.71 billion within the first nine months of the year, marking the steepest year-on-year contraction in the period analysed.
According to the figures Nigeria spent $7.87bn less on refined fuel imports in the first nine months of 2025 than it did in the corresponding period of 2023, underscoring a significant easing of foreign exchange outflows linked to petroleum product imports.
The report quoting CBN data also showed a 41 per cent year-on-year decline in refined petroleum product imports by the third quarter of 2025, signalling early signs of import substitution as new and rehabilitated refineries scale up operations.
According to report the amount spent on the importation of refined petroleum products has dropped sharply by 54 per cent in two years, from $14.58bn in the first nine months of 2023 to $6.71bn in the corresponding period of 2025.
It declined from $14.58bn in the first nine months of 2023 to $11.38bn in the corresponding period of 2024, before dropping further to $6.71bn within nine months of 2025.
This is according to a comparative analysis of the 2023 and 2024 full-year and the Q3 2025 Balance of Payments presentation, released by the CBN.
The figures showed a sustained moderation in fuel importation, with import bills declining year-on-year over the period under review.
The data revealed that Nigeria spent $11.38bn on refined petroleum product imports between January and September 2024, representing a $3.20bn or 21.9 per cent decline compared with $14.58bn recorded in the same period of 2023, pointing to a sharp contraction in foreign exchange outflows associated with refined petroleum products.