Petrol Imports Fall 96% to ₦87bn, NBS Report Shows
Nigeria’s spending on petrol imports plunged by over 96% in Q1 2026, dropping to just ₦87.4bn, according to the National Bureau of Statistics (NBS).
This marks the lowest quarterly figure in at least four years and reflects the growing impact of local refining capacity.
The figure represents a sharp decline from ₦2.27tn in Q1 2025, meaning that for every ₦100 spent on imports last year, only about ₦4 was spent this year. Petrol also disappeared from the list of Nigeria’s top 19 traded products in Q1 2026.
Instead, imports were dominated by crude petroleum oils, gas oil, wheat, telecom equipment, used vehicles, and agricultural machinery. Overall imports fell to ₦13.62tn, down 18.2% year-on-year and 21.1% quarter-on-quarter.
The NBS noted: “The merchandise trade balance for Q1 2026 remained positive… reflecting lower petroleum product imports and higher crude oil exports.”
The sharp decline in petrol imports coincides with rising output from the Dangote Petroleum Refinery, which began supplying the Nigerian market in 2024. By early 2026, the refinery was meeting over 90% of national petrol demand, according to the NMDPRA.
In January, Dangote supplied 40.1m litres daily (61.8% of supply). By February, imports collapsed to 3.1m litres per day, while Dangote provided 92% of total supply. In March and April, the refinery maintained dominance, supplying 34–41m litres daily, with imports contributing less than 10%.
This shift marks a turning point in Nigeria’s downstream sector, reducing dependence on foreign suppliers and easing pressure on foreign exchange reserves. Analysts say it could also improve Nigeria’s trade balance and strengthen the naira if local production continues to meet demand.
For decades, Nigeria relied heavily on imports due to underperforming state-owned refineries. The commissioning of the 650,000 bpd Dangote Refinery in Lekki has now reshaped the country’s fuel supply profile, positioning Nigeria closer to energy self-sufficiency.