Nigeria has spent a complete of N4 trillion on gas imports in simply the primary six months of 2025.
In keeping with the Nationwide Bureau of Statistics (NBS) figures, the nation spent N2.3 trillion on gas imports in Q2 2025, following N1.76 trillion recorded in Q1. This brings the half-year whole to N4 trillion.
That is $2.58 billion at N1550/$1 trade fee.
For perspective, in the entire of 2024, Nigeria reported N15.4 trillion in gas import payments, a determine that strained international reserves and contributed considerably to naira volatility.
Petrol tops Nigeria’s imports from ECOWAS nations
In keeping with the NBS information, Nigeria imported N208.76 billion value of petrol from the ECOWAS area in Q2 2025.
The determine exhibits the continued significance of regional commerce routes in assembly home gas demand, regardless of Nigeria’s ongoing efforts to spice up native refining by way of amenities such because the Dangote Refinery.
- This dominance by petrol exhibits the lingering provide gaps in Nigeria’s downstream petroleum sector.
- Whereas native refining is gaining momentum, it has but to totally change the necessity for imported refined merchandise.
- Different main imports from the ECOWAS area embrace materials containing 85% or extra by weight of silk value N69.3 billion.
- Petrol was additionally listed among the many prime 5 most imported commodities nationwide in Q2 2025, alongside durum wheat, fuel oil, crude petroleum oils, and cane sugar for refineries.
This rating exhibits how vitality merchandise proceed to dominate Nigeria’s import basket, reinforcing considerations concerning the nation’s persistent gas import dependence.
Specialists need extra authorities assist for Dangote Refinery
A number of specialists have weighed in on the event.
Chatting with Nairametrics, CEO of Centre for Promotion of Personal Enterprises (CPPC) Dr. Muda Yusuf stated, “The info speaks for itself. It exhibits that we’re nonetheless importing.
Our dedication to finish domestication of our refining capability and to finish import substitution just isn’t but whole. It is a sign that there are nonetheless forces throughout the financial system which might be nonetheless bent on importation [of fuel]. Not everyone seems to be pleased with the truth that we wish to produce domestically.
“What I feel the federal government ought to do is provide you with applicable fiscal coverage to curb importation of gas.
“Now that we’ve home capability coming Dangote Refinery or some other refinery, there may be … we have to promote backward integration,” he stated.
One other financial professional, Bola Akani stated, “Till Nigeria achieves constant native refining, gas imports will stay a heavy burden on the financial system. The N4 trillion spent in simply two quarters is proof that our downstream reforms are shifting slower than anticipated.”
If the present development continues, analysts warn that 2025’s whole import invoice may rival or surpass the N15.4 trillion recorded in 2024, except native refining capability scales up considerably within the coming months.
What it’s best to know
- In July, Nigeria, for the primary time, imported extra crude oil from the USA than it exported, marking a historic reversal in petroleum movement between the 2 nations.
- In keeping with the U.S. Vitality Data Administration (EIA), this improvement occurred in February and March 2025, pushed by operational adjustments inside Nigeria’s refining panorama and diminished crude demand on the U.S. East Coast.
- The shift is attributed primarily to the rise in crude demand from the Dangote Refinery, which started processing oil in January 2024 and is on monitor to achieve its full capability of 650,000 barrels per day (b/d) later this 12 months.
- Dangote Refinery introduced plans to assemble gas storage tanks in Namibia, aiming to provide as much as 1.6 million barrels of gasoline and diesel to southern African nations.
