Nigeria’s expenditure on petrol imports surged by 105% in 2024, reaching N15.4 trillion, up from N7.5 trillion in 2023, according to the National Bureau of Statistics (NBS).
This significant increase occurred despite the commencement of operations at local refineries, including the Dangote Refinery, and the reactivation of the Port Harcourt and Warri refineries in 2024.
Over the past five years, Nigeria’s petrol import bill has experienced substantial growth:
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In 2020, the country spent N2.01 trillion on fuel imports.
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This figure more than doubled to N4.56 trillion in 2021.
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By 2022, it further increased to N7.71 trillion.
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There was a slight decline to N7.51 trillion in 2023.
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However, in 2024, fuel import expenditure surged to an all-time high of N15.42 trillion, marking Nigeria’s largest petrol import bill.
