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 country’s fuel supply landscape and signaling the growing impact of local refining capacity.
Latest foreign trade statistics released by the National Bureau of Statistics (NBS) on Monday showed that only ₦87.401 billion 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 ₦2.184 trillion, or 96.15 per cent, compared to the ₦2.271 trillion spent on petrol imports during the corresponding period of 2025. The development is particularly significant as petrol, which had consistently ranked among Nigeria’s most imported commodities for years, was completely absent from the list of the country’s top traded products in the first quarter of 2026.
An analysis of the NBS data by our correspondent 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).
“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.
“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 reviewed by our correspondent.
Data from previous years showed that Nigeria spent ₦2.694 trillion on petrol imports in the first quarter of 2022. The import bill declined by ₦661 billion, or 24.5 per cent, to ₦2.033 trillion in the corresponding period of 2023.
However, petrol import spending surged by ₦1.780 trillion in 2024 to ₦3.813 trillion, representing an increase of 87.6 per cent year-on-year. The figure later dropped by ₦1.542 trillion, or 40.4 per cent, to ₦2.271 trillion in the first quarter of 2025 before plunging by a massive ₦2.184 trillion, or 96.15 per cent, to ₦87.401 billion in the first quarter of 2026.
The latest figure means that for every ₦100 spent on petrol imports in the first quarter of 2025, only about ₦4 was spent during the same period in 2026. The NBS data also highlighted the changing structure of Nigeria’s petrol import trade profile over the years.
According to the report, the total trade value involving petroleum products stood at ₦7.705 trillion in 2022. This declined marginally by ₦194 billion, or 2.5 per cent, to ₦7.511 trillion in 2023.
Trade value, however, more than doubled in 2024, rising by ₦7.907 trillion, or 105.3 per cent, to ₦15.418 trillion, the highest level during the period under review. The figure subsequently fell by ₦5.045 trillion, or 32.7 per cent, to ₦10.373 trillion in 2025, reflecting changing trade dynamics in Nigeria’s downstream petroleum sector.
The sharp reduction in petrol imports reflects the increasing contribution of domestic refining facilities to fuel supply, reducing Nigeria’s dependence on foreign suppliers and helping conserve foreign exchange.
For decades, Nigeria relied heavily on imported petrol despite being Africa’s largest crude oil producer, 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.
The 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.
For decades, Nigeria relied heavily on imported Premium Motor Spirit despite being Africa’s largest crude oil producer. The country’s state-owned refineries operated far below capacity for years, forcing marketers and the Nigerian National Petroleum Company to spend trillions of naira annually importing fuel to meet domestic demand.
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 Nigeria’s petrol supply. Imported fuel contributed 24.8 million litres per day during the month.
It 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 NMDPRA March fact sheet, Dangote remained the sole domestic supplier of petrol, supplying 34.2 million litres per day. 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. 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 80–92 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 Nigeria’s trade patterns, lower import dependence and reshape the country’s foreign exchange requirements.
The sustained reductions in fuel imports could improve Nigeria’s trade balance, reduce pressure on the naira and retain more value within the domestic economy, provided local production continues to meet demand.
The first-quarter data therefore represents one of the clearest indications yet of a major shift in Nigeria’s downstream petroleum sector, with petrol imports falling to levels not seen in more than four years.
The PUNCH