The Central Bank of Nigeria (CBN) has disbursed $1.259 billion to oil sector operators for the importation of petroleum products and related items between January and March 2025, according to data obtained by newsmen.
The allocation comes despite increased output from the Dangote Petroleum Refinery and the federal government’s push for self-sufficiency in local refining.
Fresh figures from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) revealed that petroleum marketers accounted for 69% of the 21 billion litres of petrol consumed in Nigeria between August 2024 and early October 2025.
Within the first quarter of 2025, 2.28 billion litres of petrol were imported, showing a gradual decline in import dependency but underscoring the continued dominance of foreign-sourced fuel in the local market.
A breakdown of the CBN’s quarterly foreign exchange disbursement showed:
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January 2025: $457.83 million (36.2%)
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February 2025: $283.54 million (22.5%)
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March 2025: $517.55 million (41.3%)
While January imports stood at 724.5 million litres, 760 million litres and 803.7 million litres were brought in during February and March, respectively.
Fuel importation continues to place pressure on Nigeria’s foreign reserves and the naira, as petroleum remains one of the country’s largest forex-consuming commodities.
Industry analysts say the current import trend reflects the market tension between Dangote Refinery and independent importers, both of whom are competing to dominate the downstream petroleum sector.
Although Dangote Refinery — with a capacity of 650,000 barrels per day — has repeatedly affirmed its ability to meet domestic demand, it has also exported petrol to markets such as the United States amid pricing concerns at home.
Speaking on the issue, Chinedu Ukadike, National Publicity Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said pricing remains the key factor determining marketers’ supply choices.
“In this business, pricing is everything,” Ukadike explained. “Marketers will always buy from the cheapest source because our margins are thin. If imported products are cheaper, we have no choice but to patronise importers. But if Dangote offers a better price, we’ll buy locally.”
He noted that the price difference between locally refined and imported fuel is influenced by global oil prices, exchange rates, and fiscal policies.
Meanwhile, a report from the Major Energies Marketers Association of Nigeria (MEMAN) indicated a continued drop in the import parity price of petrol, now estimated at ₦805.46 per litre, reflecting sustained global oil price volatility and currency market pressures.
