Nigeria spent about N4 trillion on fuel imports in the first half of 2025, according to data from the National Bureau of Statistics (NBS). The figure includes N1.76 trillion in the first quarter and N2.3 trillion in the second, translating to roughly $2.58 billion at an exchange rate of N1,550 to the dollar.
The expenditure already represents more than a quarter of the N15.4 trillion spent on fuel imports in the whole of 2024, a burden analysts say continues to weaken foreign reserves and fuel naira volatility.
Petrol remained the country’s top import from the ECOWAS region, valued at N208.76 billion in Q2, highlighting Nigeria’s reliance on regional supply routes despite efforts to boost domestic refining. Other key imports include wheat, gas oil, crude petroleum oils, and sugar.
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Experts say the figures expose the slow pace of reform in the downstream sector. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprises, noted that vested interests still drive import dependence.
“The government needs to back local refineries like Dangote with fiscal policies that discourage fuel importation and promote backward integration,” he said. Another analyst, Bola Akani, warned that unless refining capacity ramps up, Nigeria’s 2025 fuel bill could surpass last year’s record.
The situation comes as the Dangote Refinery, which began operations in January 2024, gradually increases capacity toward its target of 650,000 barrels per day.
The refinery has also announced plans to build storage facilities in Namibia to serve southern African markets. While progress is visible, experts insist Nigeria must urgently achieve consistent local refining to ease the pressure of ballooning import costs.
