Nigeria spent ₦4.13 trillion on the importation of Premium Motor Spirit (PMS), commonly known as petrol, in the first half of 2025. This is according to data released by the National Bureau of Statistics (NBS).
According to the NBS data, Nigeria spent ₦1.76 trillion on the importation of Motor Spirit Ordinary (fuel) in the first quarter of 2025 (January and March). The country’s total spending on fuel imports rose to ₦2.37 trillion in the second quarter of 2025 (April to June).
In total, Nigeria spent N4.13 trillion on fuel importation in the first half of 2025.
Compared to Q1 2024, PMS import expenditure decreased in value (from ₦2.63 trillion to ₦1.76 trillion) and as a proportion of total imports (from 20.84 per cent to 11.42 per cent). Despite this decline, imports remain high. A report released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) revealed that Nigeria still relied on imports for 69 per cent of its daily premium motor spirit (PMS) consumption in June 2025, as local refineries supplied just 30.79 percent of petrol.
The ₦4.13 trillion spent on fuel imports in H1 2025 exacerbates pressure on foreign exchange reserves and contributes to naira volatility.
Analysts observed that if this trend continues, the 2025 fuel import bill could rival or exceed the ₦15.4 trillion recorded in 2024.
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Apart from pressure on FX reserves, there are also concerns that heavy reliance on imports undermines efforts to achieve energy independence and economic stability.
With the development, experts have called on the Nigerian government to support Dangote and other local refineries to boost domestic production and curb importation.
It would be recalled that the President of the Dangote Group, Aliko Dangote, had in July urged President Bola Tinubu to include refined petroleum products in the list of items banned under the ‘Nigeria First’ policy of the Federal Government.
He had argued that fuel importation into Nigeria is killing local refining and discouraging further investments in the sector and even the economy.
However, the Independent Petroleum Marketers Association of Nigeria (IPMAN), kicked against the call, cautioning that banning the importation of refined petroleum products at this stage was premature and could foster a monopoly, which would affect independent marketers and consumers.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
