Stronger Naira and Lower Prices Reduce Nigeria's Petrol Imports

Analysts, including Emmanuel Addeh and Peter Uzoho, credit the drop in petrol imports into Nigeria to lower offshore prices at Lome and a stronger Naira. The Dangote Petroleum Refinery has successfully increased its daily petrol supply from a baseline of 32 million liters in December 2025 to a record 40.1 million liters in February 2026.

Data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) indicates that while the offshore price at Lome was assessed at 669 per metric ton on February 12, 2026, the average price from January 1 to February 12 was 647.75 per metric ton. The stronger Naira has improved the competitiveness of local products, allowing Dangote Refinery to lower diesel prices and compete effectively.

However, a lack of import permits has kept volumes trapped offshore. The NMDPRA has noted that fewer licenses granted in the first quarter of the year aim to support local refineries.

The increase in local supply is expected to stabilize the Naira and benefit the economy.