Nigeria's petrol import bill has dropped significantly in the first quarter of 2026, as the Dangote Refinery increased domestic fuel supply, according to the National Bureau of Statistics (NBS).
Sharp Decline in Petrol Imports
Data from the NBS report titled 'Foreign Trade Statistics Q1 2026' showed that the total value of petrol imports fell from N2.271 trillion in Q1 2025 to N87.401 billion in Q1 2026, representing a 96.2 percent decrease. The report also revealed that petrol was absent from Nigeria's top 19 traded products during the period, indicating a major shift toward local refining.
Impact of Dangote Refinery
The sharp decline is largely attributed to increased domestic production from the Dangote Petroleum Refinery, which has boosted local supply of Premium Motor Spirit (PMS) and reduced the need for imports. This development is good news for the Central Bank of Nigeria (CBN) as it has helped cut foreign exchange demand for fuel imports.
Other Oil Import Trends
The NBS data also showed that the value of other oil products imported in Q1 2026 stood at N748.10 billion, reflecting an 85.05 percent decrease from N5,005.22 billion in Q1 2025 and an 81.38 percent decrease from N4,018.31 billion in Q4 2025. Nigeria spent N2.694 trillion on petrol imports in Q1 2022, which declined by 24.5 percent to N2.033 trillion in the same period of 2023.
Trade Surplus Recorded
Meanwhile, the NBS disclosed that Nigeria recorded a trade surplus of N7.55 trillion in Q1 2026 as exports exceeded imports. Exports grew to N21.17 trillion in Q1 2026 from N20.60 trillion in the same period in 2025, an increase of 2.77 percent. Compared to Q4 2025, exports rose by 11.63 percent from N18.96 trillion. Crude oil remained Nigeria's leading export commodity, though earnings from it dropped.
