Nigeria’s petrol import bill surged by 989.4% quarter-on-quarter to N952.15 billion in the second quarter of 2026, up sharply from N87.40 billion recorded in the first quarter.
The increase was revealed in an analysis of the newly released foreign trade statistics by the National Bureau of Statistics (NBS).
Despite the quarterly surge, the value of petrol imports was 59.9% lower than the N2.38 trillion recorded in Q2 2025, indicating a significant decline in annual import expenditure.
What the data is saying
Nairametrics’ analysis showed that petrol imports accounted for 6.6% of Nigeria’s total imports in Q2 2026, compared with just 0.64% in Q1 2026.
The decline from Q2 2025 may reflect the changing structure of Nigeria’s petrol supply, particularly the growing role of domestic refining capacity, while the quarterly increase suggests that imported petrol continued to play a significant role in meeting domestic demand during the period.
Get up to speed
Earlier, Nairametrics reported that Nigeria’s petrol imports rose by 59.5% in May from the previous month despite growing output from domestic refineries.
Analysis of NMDPRA supply data for the first five months of 2026 shows that petrol imports generally declined as domestic refining capacity strengthened, despite some month-to-month fluctuations.
Nairametrics earlier reported that Nigeria’s oil refining sector recorded its strongest quarterly growth in expanding by 43.94% year-on-year in the second quarter of 2026.
The increase comes as the Dangote refinery continues to scale up operations. Maintenance and expansion work completed in February 2026 increased the facility’s crude oil distillation capacity from 650,000 barrels per day (b/d) to 700,000 b/d.
What you should know
Nairametrics earlier reported that Nigeria’s petrol import bill fell to $10 billion in 2025, down from $14.06 billion in 2024.
- As refining capacity grows, Nigeria is expected to further reduce its import dependency and enhance trade balances.
- In December 2025, Nairametrics reported that Nigeria spent N1.28 trillion on fuel imports in the third quarter of 2025.
In 2024, import costs spiked 105.3% to N15.42 trillion, the highest on record, largely driven by a 40.9% depreciation of the naira, which sharply inflated local-currency import costs.
Source: Nigeria’s petrol import bill surges 989.4% to N952.15 billion in Q2 2026 - Nairametrics