{"id":22397,"date":"2026-01-14T11:09:01","date_gmt":"2026-01-14T09:09:01","guid":{"rendered":"http:\/\/jhb-webdevelopers\/channelafrica\/news\/nigeria-fuel-imports-drop-54-in-two-years\/"},"modified":"2026-02-27T16:33:23","modified_gmt":"2026-02-27T14:33:23","slug":"nigeria-fuel-imports-drop-54-in-two-years","status":"publish","type":"news","link":"https:\/\/www.channelafrica.co.za\/channelafrica\/news\/nigeria-fuel-imports-drop-54-in-two-years\/","title":{"rendered":"Nigeria fuel imports drop 54% in two years"},"content":{"rendered":"<p>Nigeria\u2019s spending on imported refined petroleum products has dropped sharply over the past two years, falling by 54%, according to official data.<\/p>\n<p>&nbsp;<\/p>\n<p>Figures from the Central Bank of Nigeria\u2019s 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.<\/p>\n<p>&nbsp;<\/p>\n<p>The report points to a steady understanding of fuel imports, with bills falling year-on-year during the period under review.<\/p>\n<p>&nbsp;<\/p>\n<p>Energy experts say the drop in foreign exchange spent on imports reflects a gradual expansion of domestic supply, particularly in the downstream oil sector.<\/p>\n<p>&nbsp;<\/p>\n<p>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\u2019s fuel market &amp; reducing reliance on imports.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8211;ChannelAfrica&#8211;<\/p>\n","protected":false},"featured_media":20458,"template":"","meta":{"_acf_changed":false,"_links_to":"","_links_to_target":""},"news-type":[44],"class_list":["post-22397","news","type-news","status-publish","has-post-thumbnail","hentry","news-type-finance","entry"],"acf":{"short_description":"Nigeria\u2019s spending on imported refined petroleum products has dropped sharply","published_date":"2026-01-14 13:05:17","news_description":"Nigeria\u2019s spending on imported refined petroleum products has dropped sharply","form_embed":"","author":"","image_caption":""},"_links":{"self":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/22397","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news"}],"about":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/types\/news"}],"version-history":[{"count":1,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/22397\/revisions"}],"predecessor-version":[{"id":25711,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news\/22397\/revisions\/25711"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media\/20458"}],"wp:attachment":[{"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/media?parent=22397"}],"wp:term":[{"taxonomy":"news-type","embeddable":true,"href":"https:\/\/www.channelafrica.co.za\/channelafrica\/wp-json\/wp\/v2\/news-type?post=22397"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}