Nigeria’s Petrol Import Bill Surges 989% to ₦952bn in Q2

Nigeria’s petrol import bill surged by 989.4 per cent quarter-on-quarter to ₦952.15 billion in the second quarter of 2026, according to data from the National Bureau of Statistics (NBS). The figure represents a sharp increase from the ₦87.40 billion recorded in the first quarter of the year, translating to an additional ₦864.75 billion in petrol-import spending within three months. The increase has renewed attention on Nigeria’s continued reliance on imported petrol despite rising domestic refining capacity, particularly from the Dangote Petroleum Refinery. Import Bill Still Below Last Year’s Level Despite the dramatic quarterly increase, the latest figures do not necessarily indicate that Nigeria is importing more petrol than it did a year earlier. According to analysis of the NBS data, the ₦952.15 billion recorded in Q2 2026 was 59.9 per cent lower than the ₦2.38 trillion spent on petrol imports in Q2 2025. This distinction is important because the latest surge largely reflects the unusually low petrol-import base recorded in Q1 2026. Nigeria’s petrol import bill had fallen sharply in the first quarter, with NBS data showing a decline to ₦87.40 billion from ₦3.54 trillion in Q4 2025. The decline was linked to increased domestic refining and a changing import pattern. Dangote Refinery Changes Fuel Market The figures come amid a major transformation in Nigeria’s downstream petroleum sector. The Dangote Refinery, which currently has a capacity of about 700,000 barrels per day, has significantly increased domestic production of refined petroleum products. The refinery is also preparing a major expansion that would eventually double its capacity to about 1.4 million barrels per day. Its management has said the expansion is intended to strengthen Nigeria’s position in regional and international fuel markets. However, the latest import figures indicate that domestic refining has not eliminated the need for imported petrol. Market conditions, refinery output, product specifications, distribution arrangements and the economics of importing versus locally refining petroleum products can all influence import volumes from one quarter to another. What the Figures Mean for Nigeria The latest data present a mixed picture. On one hand, the 989.4 per cent quarterly increase highlights a renewed reliance on imported petrol compared with the exceptionally low Q1 figure. On the other hand, the 59.9 per cent year-on-year decline suggests that Nigeria's overall dependence on imported petrol remains significantly lower than it was during the corresponding period of 2025. The development is therefore likely to fuel further debate over Nigeria’s refining capacity, petrol pricing, import policy and the country's long-term goal of becoming less dependent on imported refined petroleum products. Source: National Bureau of Statistics (NBS), as reported by Nairametrics and Legit.ng — September 2026. Editorial note: The 989.4% figure refers specifically to the quarter-on-quarter increase from Q1 to Q2 2026. It should not be presented as a 989% year-on-year increase.