Despite the Nigerian government’s promise to end fuel imports, the country spent a staggering N3.3 trillion on refined petroleum imports in the fourth quarter of 2024.
This figure is the highest in over five years, highlighting the country’s continued reliance on foreign fuel sources.
According to the National Bureau of Statistics (NBS), the value of imported motor spirit (ordinary) or petrol stood at N1.807 trillion in the fourth quarter of 2023. However, this figure increased significantly to N3.303 trillion in the last quarter of 2024, representing an additional N1.496 trillion spent on refined petroleum imports.
The Nigerian National Petroleum Company Limited (NNPCL) had announced in November 2024 that its Port Harcourt Refinery had commenced crude oil processing, operating at 60% capacity and processing 60,000 barrels per day. Despite this development, the country’s reliance on fuel imports remains unchanged.
The Dangote Refinery, with a production capacity of 650,000 barrels per day, is also operational in Nigeria. However, the refinery’s output is unclear due to reported pricing disagreements with the NNPCL.
The continued importation of refined petroleum products contradicts the Bola Tinubu-led government’s promise to end fuel importation by February 2024.
The Minister of State for Petroleum Resources, Heineken Lokpobiri, had stated that the country would be able to stop fuel importation by combining the output of the Port Harcourt Refinery, Warri Refinery, and Dangote Refinery.
