Nigeria Cuts Petrol Import Bill to Under N90 Billion

The Nigerian government announced a drastic decrease in petrol import expenditures, which fell from N2.3 trillion in the first quarter of 2025 to under N90 billion a year later. Mr. Olu Verheijen, a special advisor to the president on oil and gas, disclosed this information during a presentation at an event organized by the Nigerian British Chamber of Commerce in Lagos.

He noted that this is the first time Nigeria has significantly increased its local petrol production, reaching 48 million liters per day, which has helped reduce the demand for dollar imports. The reduction in petrol imports is linked to the strengthening of the naira and the government's energy reforms aimed at restoring investor confidence.

Verheijen highlighted that crude oil and condensate production averaged 1.64 million barrels per day in 2025, with local refining capacity rising to approximately 400,000 barrels per day in 2023. He emphasized the need for fiscal credibility and the removal of fuel subsidies to stabilize the economy and enhance energy security.