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Nigeria – Nigeria spent a huge ₦930 billion on fuel imports in February 2025. This is surprising because local refineries are making more fuel.
The big question: Why is Nigeria still so reliant on buying fuel from other countries? Official numbers show that oil companies brought in 701.75 million litres of petrol and 265.88 million litres of diesel just in February.
This is part of a worrying trend. Between October 2024 and January 2025, Nigeria spent a massive ₦5.5 trillion on fuel imports.
Ogbugo Ukoha, a top official at NMDPRA, explains that local refineries aren’t making enough. He says they produce less than half of what Nigeria needs each day.
“We use about 50 million litres of fuel daily. Local refineries supply less than half of that amount,” Ukoha stated.
Why This Matters
Experts are worried about Nigeria’s continued fuel imports. They warn that it could damage the economy. One major concern is the impact on the naira, Nigeria’s currency.
Business consultant Dan Kunle points out that buying fuel with dollars could wipe out recent gains in Nigeria’s foreign exchange reserves. This could destabilize the economy.
The Refinery Puzzle
“Nigeria’s refineries are improving, but problems persist. Getting fuel where it needs to be, increasing production, and fixing supply chains are all challenges,” Kunle said.
So, even with plants like the Dangote Refinery and the revived Port Harcourt and Warri refineries, Nigeria remains heavily dependent on foreign fuel. This is a puzzle that needs solving for the sake of Nigeria’s economic future.
