June 9 (THEWILL) — Nigeria’s expenditure on petrol imports fell sharply to N87.40 billion in the first quarter of 2026, down from N2.27 trillion recorded in the corresponding period of 2025, according to data from the National Bureau of Statistics (NBS).
The figures represent a year-on-year decline of 96.15 per cent, translating to savings of about N2.18 trillion compared to the same period last year.
On a quarter-on-quarter basis, petrol imports dropped by 97.53 percent from N3.54 trillion in the fourth quarter of 2025, indicating a reduction of approximately N3.45 trillion.
The dramatic decline reflects Nigeria’s growing reliance on locally refined petroleum products, particularly output from the Dangote Refinery, which has significantly altered the country’s fuel supply dynamics and import profile.
For years, Premium Motor Spirit (PMS), commonly known as petrol, ranked among Nigeria’s largest import items.
In the fourth quarter of 2025, the NBS identified motor spirit as the country’s most imported product, valued at N3.54 trillion and accounting for 20.52 percent of total imports.
However, the latest data shows a sharp reversal. Petrol accounted for just 0.64 percent of Nigeria’s total imports in the first quarter of 2026, compared with 13.64 percent in the same period of 2025 and 20.52 percent in the preceding quarter.
Nigeria’s overall import bill also declined during the period, falling to N13.62 trillion in Q1 2026 from N16.64 trillion a year earlier, representing an 18.17 per cent drop. Compared with N17.25 trillion recorded in Q4 2025, total imports declined by 21.05 percent.
Despite the broader reduction in imports, the decline in petrol imports was considerably steeper, underscoring a major structural shift in Nigeria’s import basket.
The collapse was so significant that petrol dropped out of the country’s top 10 imported products for the quarter.
Within the fuels and lubricants category, petrol’s share also fell sharply, highlighting the growing impact of domestic refining on Nigeria’s trade balance and foreign exchange demand.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
