Nigeria’s Petrol Imports Surge by 105% to N15tn, Raising Economic Concerns
Written by Olakunle Oke on March 10, 2025
A recent report by the National Bureau of Statistics (NBS) has revealed a staggering 105% increase in petrol imports in 2023, with the total value of imports reaching N15.04 trillion. This significant surge in petrol imports has raised concerns about Nigeria’s dependence on foreign fuel sources and the impact on the economy.
The NBS report indicates that the total value of petrol imports in 2023 was N15.04 trillion, up from N7.33 trillion in 2022. This represents a 105% increase in just one year, highlighting the growing demand for petrol in the country. Furthermore, petrol imports accounted for 21.4% of Nigeria’s total imports in 2023, making it one of the largest import categories.
Several factors contribute to the increase in petrol imports, including:
– Growing demand for fuel in the country
– Inadequate domestic refining capacity
– Reliance on imported fuel to meet local demand
Nigeria’s four refineries have been operating below capacity, forcing the government to rely on imports to meet the demand for petrol. This reliance on imported petrol has significant implications for the economy, including:
– Depletion of foreign exchange reserves
– Increased dependence on foreign fuel sources
– Impact on the local refining industry
Experts warn that Nigeria’s dependence on imported petrol poses significant risks to the economy, including exposure to fluctuations in global oil prices and the impact on the country’s trade balance. They advocate for a more sustainable approach to meeting Nigeria’s fuel needs, including:
– Increasing domestic production
– Investing in alternative energy sources
– Rehabilitating the country’s refineries
In conclusion, the significant increase in petrol imports in 2023 highlights the need for a more sustainable approach to meeting Nigeria’s fuel needs. The government must prioritize efforts to increase domestic production, rehabilitate the country’s refineries, and invest in alternative energy sources to reduce Nigeria’s dependence on imported petrol.
