Nigeria’s expenditure on petrol imports recorded a historic decline in the first quarter of 2026, highlighting the growing influence of local refining capacity on the nation’s downstream petroleum sector. According to the latest foreign trade statistics released by the National Bureau of Statistics (NBS), the country spent only N87.4 billion on importing Premium Motor Spirit (PMS), commonly known as petrol, between January and March 2026.
This represents a dramatic drop of N2.184 trillion, or 96.15 percent, compared to the N2.271 trillion spent during the same period in 2025. The sharp decline signals a significant transformation in Nigeria’s fuel supply chain. For years, petrol ranked among the nation’s most imported commodities. However, in a remarkable shift, PMS failed to appear on the list of Nigeria’s top traded products in the first quarter of 2026.Instead, major imports included crude petroleum oils, gas oil, durum wheat, data transmission equipment, used vehicles, motorcycles, agricultural machinery, pharmaceuticals, aircraft parts, and fuel additives.
This development underscores the changing dynamics of Nigeria’s trade profile and the increasing role of domestic fuel production. Furthermore, the NBS reported that total imports stood at N13.62 trillion in the first quarter of 2026, reflecting an 18.17 percent decline from the corresponding period in 2025. Imports of other oil products also dropped sharply to N748.1 billion, representing an 85.05 percent decrease year-on-year.Historical data reveals the scale of the shift.
Petrol imports stood at N2.694 trillion in the first quarter of 2022, fell in 2023, surged in 2024, and then declined steadily before reaching the current record low.Industry analysts believe the reduction reflects improved local refining output and a gradual reduction in Nigeria’s dependence on imported fuel. As a result, the country could conserve foreign exchange, strengthen energy security, and create a more sustainable petroleum sector in the years ahead.
