In a surprising twist that’s shaking Nigeria’s energy landscape, the Central Bank of Nigeria (CBN) has pumped a staggering $1.25 billion into fuel imports within just three months even as the Dangote Refinery continues to produce and export petrol in large volumes.
According to data obtained by The PUNCH from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), oil marketers imported nearly 70 percent of the petrol consumed nationwide between August 2024 and early October 2025 despite the local refinery’s growing capacity.
Figures from the CBN’s first-quarter 2025 statistical bulletin show that $1.259 billion was released to petroleum sector players for product importation. A month-by-month breakdown revealed that $457.83 million was disbursed in January, $283.54 million in February, and $517.55 million in March.
In total, 2.28 billion litres of petrol were imported between January and March 2025 one of the lowest quarterly figures in recent years, but still a significant drain on foreign reserves.
Analysts say the move contradicts expectations that local refining would drastically reduce import dependency. Instead, a fierce battle for market dominance has emerged between Dangote Petroleum Refinery and fuel importers, with price remaining the ultimate decider.
Speaking on the issue, Chinedu Ukadike, National Publicity Officer of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said marketers are guided purely by economics.
“Pricing is everything,” Ukadike explained. “If imported fuel is cheaper, we buy from importers. If Dangote’s price is better, we’ll buy locally. There’s no sentiment only survival.”
Meanwhile, the Major Energies Marketers Association of Nigeria (MEMAN) reported a decline in the import parity price of petrol to ₦805.46 per litre, as global oil prices and exchange rate volatility continue to pressure the sector.
The revelation has sparked widespread debate, with many questioning why billions in scarce foreign exchange are still being spent on imports — even as Africa’s largest refinery boasts the capacity to supply Nigeria and export abroad.
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