Nigeria Spends N4 Trillion on Fuel Imports in H1 2025, Straining Reserves

Nigeria spent a staggering N4 trillion on fuel imports in the first half of 2025, with NBS data revealing a total of N4 trillion spent on fuel imports in the period. The country's fuel import bill for Q2 2025 alone was N1 trillion, contributing to foreign reserve strain and naira volatility.

Despite efforts to boost local refining capacity, Nigeria imported N1 billion worth of petrol from the ECOWAS region in Q2 2025. The continued dominance of energy products in Nigeria's import basket highlights the country's ongoing dependence on fuel imports, prompting concerns about the need for import substitution and domestic refining capacity completion.