Nigeria’s spending on the importation of Premium Motor Spirit, popularly known as petrol, plunged by over 96 per cent in the first quarter of 2026, marking a dramatic shift in the fuel supply landscape of the country and signaling the growing impact of local refining capacity. Latest foreign trade statistics released by the National Bureau of Statistics on Monday showed that only N87.401bn was spent on the importation of Motor Spirit Ordinary, the official trade classification for petrol, between January and March 2026. The figure represents a sharp decline of N2.184tn, or 96.15 per cent, compared to the N2.271tn spent on petrol imports during the corresponding period of 2025. This development is particularly significant as petrol, which had consistently ranked among the most imported commodities in Nigeria for years, was completely absent from the list of the top traded products of the country in the first quarter of 2026.
An analysis of the data by correspondents showed that petrol did not feature among the top 19 traded products with the rest of the world, Africa, or West Africa during the review period. Instead, the leading traded products included crude petroleum oils and oils obtained from bituminous minerals, gas oil, durum wheat, machines for reception, conversion and transmission of data, used vehicles, motorcycles, agricultural seeders, medicaments, aircraft parts, butanes, petroleum bitumen, sugar cane, herbicides and fuel additives.
The report read, “The value of total imports stood at N13,619.33bn in the first quarter of 2026, representing a 18.17 per cent decrease from the value recorded in the corresponding quarter of 2025 (N16,644.42bn) and a 21.05 per cent decrease compared to the value recorded in Q4 2025 (N17,250.93bn).”
The document further noted, “Analysis of Nigeria’s import trade reveals that China remained the leading source of imports in the first quarter of 2026, followed by the United States of America, India, Germany, and the United Arab Emirates. 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.”
Regarding other downstream products, the publication stated, “The value of other oil products imported in Q1 2026 stood at N748.10bn, reflecting an 85.05 per cent decrease from N5,005.22bn in Q1 2025 and an 81.38 per cent decrease from N4,018.31bn recorded in Q4 2025.”
The latest import figure is also the lowest quarterly amount spent on petrol imports since at least 2022, according to available trade records. Data from previous years showed that Nigeria spent N2.694tn on petrol imports in the first quarter of 2022. The import bill declined by N661bn, or 24.5 per cent, to N2.033tn in the corresponding period of 2023. However, petrol import spending surged by N1.780tn in 2024 to N3.813tn, representing an increase of 87.6 per cent year-on-year. The figure later dropped by N1.542tn, or 40.4 per cent, to N2.271tn in the first quarter of 2025 before plunging by a massive N2.184tn, or 96.15 per cent, to N87.401bn in the first quarter of 2026. The latest figure means that for every N100 spent on petrol imports in the first quarter of 2025, only about N4 was spent during the same period in 2026.
The statistics also highlighted the changing structure of the petrol import trade profile of Nigeria over the years. The total trade value involving the petroleum product stood at N7.705tn in 2022. This declined marginally by N194bn, or 2.5 per cent, to N7.511tn in 2023. Trade value, however, more than doubled in 2024, rising by N7.907tn, or 105.3 per cent, to N15.418tn, the highest level during the period under review. The figure subsequently fell by N5.045tn, or 32.7 per cent, to N10.373tn in 2025, reflecting changing trade dynamics in the downstream petroleum sector of Nigeria.
The sharp reduction in petrol imports reflects the increasing contribution of domestic refining facilities to fuel supply, reducing the dependence of the country on foreign suppliers and helping conserve foreign exchange. For decades, Nigeria relied heavily on imported petrol despite being the largest crude oil producer in Africa, owing largely to the poor performance of state-owned refineries and inadequate domestic refining capacity. The trend began to change following investments in local refining and the gradual increase in output from domestic refineries, which have reduced the need for large-scale fuel imports.
This sharp decline in petrol imports in the first quarter of 2026 comes amid growing domestic refining capacity, particularly from the operations of the Dangote Petroleum Refinery, which began supplying petrol to the Nigerian market in 2024. The commissioning of the 650,000 barrels per day refinery in Lekki, Lagos, marked a turning point in the downstream petroleum sector. Since commencing petrol production, the refinery has steadily increased output, supplying marketers, industrial users and fuel distributors across the country. In January, the Nigerian Midstream Downstream Petroleum Regulatory Authority reported that Dangote refinery supplied an average of 40.1 million litres of petrol daily, accounting for 61.78 per cent of the petrol supply of the country, while imported fuel contributed 24.8 million litres per day during the month.
The local supply increased significantly in February as imports collapsed. The refinery supplied about 36.5 million litres per day, while imports dropped to roughly 3.1 million litres per day, meaning locally refined fuel accounted for more than 92 per cent of national supply. According to the March fact sheet of the authority, Dangote remained the sole domestic supplier of petrol, supplying 34.2 million litres per day, while imports rose slightly to 5.9 million litres daily, bringing total supply to about 40.1 million litres per day. Supply rebounded strongly in April when Dangote supplied 40.7 million litres per day to the domestic market, while imports declined further to 3.7 million litres daily. Total petrol supply stood at 44.4 million litres per day, giving the refinery a market share of approximately 92 per cent of locally consumed fuel and about 80 to 92 per cent of overall supply, depending on the methodology used. The disappearance of petrol from the list of top imported products is expected to strengthen arguments that local refining is beginning to alter trade patterns, lower import dependence and reshape the foreign exchange requirements of the country.
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