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A SaharaReporters’ review of Nigeria’s foreign trade statistics for the first three quarters of 2025, covering January to September, has shown that the country imported fuel worth N5.3 trillion.
According to data released by the National Bureau of Statistics (NBS), between January and March (Q1 2025), Nigeria spent N1.76 trillion on the importation of Motor Spirit Ordinary (fuel).
A further review of the recently released Q2 2025 foreign trade statistics shows that fuel importation rose to N2.37 trillion between April and June.
Between July and September, another N1.2 trillion was spent on petroleum importation.
In total, Nigeria spent N5.3 trillion on fuel importation in the first three quarters of 2025.
Earlier, a SaharaReporters’ review showed that between October and December 2024 (Q4 2024), the total value of imported refined petroleum stood at N3.303 trillion.
This represented an additional N1.496 trillion spent on refined petroleum imports in Q4 2024 compared to the same period in 2023.
The figure was also significantly higher than the amounts recorded in the last quarters of previous years: N1.558 trillion in Q4 2022, N1.443 trillion in Q4 2021, and N574.8 billion in Q4 2019.
This ongoing reliance on fuel imports contradicts the Bola Tinubu-led government’s promise to end fuel importation by February 2024.
Refined petroleum imports continue to be a major drain on Nigeria’s foreign exchange reserves, exerting pressure on the country’s currency.
Previously, SaharaReporters reported that the Nigerian National Petroleum Company Limited (NNPCL) financial statement for the year ended December 2024 shows that the country’s refineries despite not being operational are highly indebted.
For instance, Port Harcourt Refinery Company Limited owes N4.2 trillion, while Kaduna Refinery and Petrochemical Company Limited owes N2.3 trillion, and Warri Refinery and Petrochemical Company Limited owes N2.055 trillion.
