Nigeria’s spending on imported refined petroleum products has dropped sharply over the past two years, falling by 54%, according to official data.
Figures from the Central Bank of Nigeria’s Balance of Payments report show fuel import costs declined from nearly $14.6 billion in the first nine months of 2023 to just over $6.7 billion in the same period in 2025.
The report points to a steady understanding of fuel imports, with bills falling year-on-year during the period under review.
Energy experts say the drop in foreign exchange spent on imports reflects a gradual expansion of domestic supply, particularly in the downstream oil sector.
They add that competition in the market has intensified as fuel marketers struggle to match supply from the $20 billion Dangote Petroleum Refinery in Lekki, which is increasingly reshaping Nigeria’s fuel market & reducing reliance on imports.
–ChannelAfrica–
