Nigeria's Fuel Import Spending Hits $1.26bn in 3 Months, Dangote's Refinery Faces Challenges

Nigeria spent $1.26 billion on fuel imports in the first quarter of 2025, despite efforts to boost local refining capacity. Dangote's refinery, a key player in the oil and gas sector, faced competition from importers, leading to continued high import volumes.

The Central Bank of Nigeria (CBN) disbursed significant amounts to support the sector, while the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) oversaw the market. The Independent Petroleum Marketers Association of Nigeria (IPMAN) highlighted slim profit margins due to price differentials.