Petrol Imports to Nigeria Drop 96% as Dangote Refinery Boosts Local Supply
- Nigeria’s petrol import bill has dropped significantly in Q1 2026, as Dangote Refinery increased domestic fuel supply
- NBS data showed petrol was absent from Nigeria’s top traded products during the period
- The reduction is good news for CBN, as it has helped cut foreign exchange demand for fuel imports
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The National Bureau of Statistics (NBS) has revealed that Nigeria's import bill for petrol decreased significantly by N87.401 billion in the first quarter of 2026.
Data obtained from the bureau report titled "Foreign Trade Statistics Q1 2026" showed that the total value for petrol imports fell from N2.271 trillion to N87.401 billion, showing a 96.2 per cent decrease when compared to the similar period in 2025.
Source: Getty Images
According to the data released, fuel did not feature among the top 19 traded products with the rest of the world, Africa, or West Africa during the review period, BusinessPost reports.
Breakdown of petrol import decline
The sharp fall in petrol imports was largely attributed to increased domestic production, particularly from the Dangote Petroleum Refinery, which has boosted the local supply of Premium Motor Spirit (PMS) and reduced the need for imports.
Nigeria's leading import partners in Q1 2026:
- China remained Nigeria’s leading source of imports, followed by:
- United States
- India
- Germany
- United Arab Emirates
Nigeria's leading imported commodities during Q1 2026:
- Crude petroleum oils
- Gas oil
- Durum wheat
- Machines for data reception and transmission
- Used vehicles
- Motorcycles
- Agricultural seeders
- Medicaments
- Aircraft parts
- Butanes
- Petroleum bitumen
- Sugar cane
- Herbicides
- Fuel additives
Source: Getty Images
Other oil import trends
The most imported commodities during the quarter were petroleum oils and oils obtained from bituminous minerals (crude), gas oil, durum wheat, machines for the reception, conversion, and transmission of voice, images, or data, and used vehicles with diesel or semi-diesel engines.
The report reads:
“The value of other oil products imported in Q1 2026 stood at N748.10 billion, reflecting an 85.05 per cent decrease from N5,005.22 billion in Q1 2025 and an 81.38% decrease from N4,018.31 billion recorded in Q4 2025.
“Nigeria spent N2.694 trillion on petrol imports in the first quarter of 2022. The import bill declined by N661 billion, or 24.5%, to N2.033 trillion in the corresponding period of 2023.”
NBS trade surplus
Earlier, Legit.ng reported that the National Bureau of Statistics (NBS) disclosed that Nigeria recorded a trade surplus of N7.55 trillion in the first quarter of 2026 as exports exceeded imports.
According to the NBS, exports grew to N21.17 trillion in Q1 2026 from N20.60 trillion in the same period in 2025. This represents an increase of 2.77% over the last quarter. Exports during the quarter also grew by 11.63% from N18.96 trillion in the fourth quarter of 2025.
A breakdown of export data further highlighted crude oil as Nigeria's leading export commodity, though earnings from it dropped.
Source: Legit.ng
