Nigeria's Petrol Imports Plummet to N87bn in Q1 2026

In the first quarter of 2026, Nigeria's expenditure on petrol imports plummeted by 96.15% to N87.4 billion, a stark decrease from N2.18 trillion in the same period in 2025, according to the National Bureau of Statistics. This shift marks a significant change in Nigeria's fuel supply landscape, indicating the growing impact of local refining capacity.

Petrol, which previously ranked among Nigeria's top import commodities, did not appear in the list of the top 19 trade products for the first quarter of 2026. Instead, leading imports included crude petroleum, durum wheat, and machinery.

The total import value for the quarter stood at N13.62 trillion, reflecting an 18.17% decrease compared to N16.64 trillion in Q1 2025. The decline in petrol import spending is attributed to increased contributions from domestic refining facilities, reducing Nigeria's reliance on foreign suppliers and helping conserve foreign exchange.

This trend follows a history of heavy reliance on petrol imports despite Nigeria being Africa's largest crude oil producer.