Nigeria’s spending on imported refined petroleum products fell sharply over the past two years, according to data from the Central Bank of Nigeria.
This reflects a notable contraction in foreign exchange outflows linked to fuel imports.
Figures from the bank’s Balance of Payments report show that the country spent $6.71 billion on refined fuel imports in the first nine months of 2025, down 54 percent from $14.58 billion in the same period of 2023.
The decline followed a more moderate reduction in 2024, when import spending fell to $11.38 billion over the first nine months of the year.
The downward trend is attributed in part to a moderation in fuel import volumes, combined with structural shifts in the downstream petroleum sector.
Analysts point to an expansion of domestic supply capacity, including from newly commissioned and rehabilitated refineries as one factor in the reduced reliance on imported fuel.
Despite the drop, Nigeria continues to depend on imports for a significant portion of its refined fuel needs.
The latest data indicate that refined petroleum still accounted for billions of dollars in import expenditure during the period under review.
Energy economists caution that while the reduction in import spending may ease pressure on foreign exchange reserves.
Dependence on imported fuel remains, and sustainable energy security will require consistent operations from domestic refining capacity and broader market adjustments.
Experts also note that broader economic and policy factors, including foreign exchange management practices and changes in fuel consumption, have influenced import dynamics in recent years.
