Nigeria’s reliance on foreign sources for petroleum products remains high, with the nation importing ₦9.18 trillion worth of petrol (Premium Motor Spirit) between January and September 2024, according to the National Bureau of Statistics (NBS). This marks a continued dependence on imports, despite increased activity in Nigeria’s domestic refining sector.
The Dangote Refinery, which began production earlier this year, was anticipated to reduce the country’s fuel imports significantly. Additionally, the federal government has been investing heavily in the rehabilitation of the Port Harcourt Refinery to boost local refining capacity. However, the latest import figures suggest that these facilities have yet to meet domestic demand fully.
Diesel (gas oil) imports accounted for the second-largest share, valued at ₦3.22 trillion, while kerosene imports reached ₦250.2 billion, further underscoring the country’s dependence on foreign refined products.
Experts attribute the persistent importation to challenges faced by local refineries, including infrastructure delays, operational bottlenecks, and limited capacity. While local refineries show potential, experts emphasize the need for sustained investment and effective management to ensure these facilities operate at full capacity and reduce the import burden.
The findings also highlight the critical need for a cohesive energy policy that aligns with efforts to boost local refining. By reducing import dependence, saving foreign exchange, and creating jobs, stakeholders are hopeful that the increased output from refineries like Dangote and Port Harcourt will eventually lead to lower import volumes and costs.
In addition to petroleum products, Nigeria’s top imports for the period also included butanes (₦0.6 trillion), sugar cane (₦581.36 billion), and used vehicles (₦284.46 billion). Other notable items on the list were motorcycles (₦245.01 billion), machines (₦242.73 billion), and medicaments (₦227.9 billion), contributing significantly to the nation’s import bill.
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