For the first time in years, Nigeria barely spent anything on petrol imports — and the numbers are jaw-dropping.
The country shelled out just N87.4 billion on Premium Motor Spirit (PMS) imports in the first quarter of 2026 — a collapse of 96.15 per cent compared to the N2.271 trillion spent in Q1 2025.
That is a drop of N2.184 trillion in a single year. For every N100 spent on petrol imports in Q1 2025, only N4 was spent in the same period of 2026.
Petrol Vanishes From Nigeria's Top Import List
The decline is so steep that petrol did not appear among Nigeria's top 19 traded products in Q1 2026 — not with the world, not with Africa, not even with West Africa.
The products that took its place tell their own story: crude petroleum, gas oil, durum wheat, used vehicles, medicaments, aircraft parts, and agricultural seeders.
Data from the National Bureau of Statistics (NBS) foreign trade report confirms this is the lowest quarterly petrol import figure recorded in at least four years.
How the Numbers Have Shifted
| Quarter | Petrol Import Spend |
|---|---|
| Q1 2022 | N2.694 trillion |
| Q1 2023 | N2.033 trillion |
| Q1 2024 | N3.813 trillion |
| Q1 2025 | N2.271 trillion |
| Q1 2026 | N87.4 billion |
The scale of the drop between 2025 and 2026 is without precedent in Nigeria's recent trade history.
Dangote Refinery: The Game Changer
The story behind the numbers has one clear protagonist — the Dangote Petroleum Refinery in Lekki, Lagos.
The 650,000 barrels-per-day facility began supplying petrol to the Nigerian market in 2024, and its ramp-up has been rapid and decisive.
By January 2026, the refinery was supplying an average of 40.1 million litres per day — accounting for 61.78 per cent of Nigeria's total petrol supply, according to the Nigerian Midstream Downstream Petroleum Regulatory Authority (NMDPRA).
By February, imports had nearly collapsed. Dangote supplied 36.5 million litres per day while imports dropped to just 3.1 million litres — meaning locally refined fuel covered more than 92 per cent of national demand.
April told an even stronger story. Dangote pushed output to 40.7 million litres per day, while imports fell further to 3.7 million litres daily — giving the refinery a domestic market share of approximately 92 per cent.
Monthly Supply Breakdown
| Month | Dangote Supply (mln litres/day) | Imports (mln litres/day) | Local Share |
|---|---|---|---|
| January 2026 | 40.1 | 24.8 | ~62% |
| February 2026 | 36.5 | 3.1 | ~92% |
| March 2026 | 34.2 | 5.9 | ~85% |
| April 2026 | 40.7 | 3.7 | ~92% |
What This Means for Nigeria's Economy
For decades, Nigeria — Africa's largest crude oil producer — paradoxically spent trillions annually importing refined fuel because its state-owned refineries operated far below capacity.
That structural weakness drained foreign exchange, pressured the naira, and widened the trade deficit year after year.
The Q1 2026 data signals a turning point. Reduced petrol imports mean less pressure on the naira, improved trade balance, and more foreign exchange retained within the domestic economy.
Our earlier report on Nigeria's trade surplus surging 341% to N7.55 trillion in Q1 2026 showed how lower petroleum imports directly contributed to that surplus — this is the fuel story behind those figures.
For broader context on Dangote's growing market dominance, see our coverage of the Dangote Refinery slashing diesel prices by N200.
The Bottom Line
Nigeria's petrol import bill has effectively evaporated in one year.
If domestic refining capacity continues to meet demand, the country may be permanently closing the chapter on its decades-long dependence on imported fuel — with far-reaching consequences for trade, forex, and economic sovereignty.
Comments (0)
No comments yet.